Missouri revenue up nearly 5% for year

Sales and use tax collections were up 2.4 percent for the year to $1.88 billion compared to $1.83 billion for the same period last year. May collections, however, decreased 2.7 percent from May 2006.

Individual income tax collections increased 6.3 percent for the year to $5.2 billion, compared to $4.9 billion in 2006. Revenue from income tax increased 2.2 percent for the month.

Both year-to-date and monthly corporate income and corporate franchise tax collections increased. Those collections were up 2.6 percent from a year ago to $528.4 million and were up 0.8 percent for the month.

All other collections increased 3.9 percent for the year to $445.1 million and increased 18.4 percent for May.

Refunds rose 5.6 percent for the year to $1.13 billion and increased 24.5 percent for the month.

“Over the next several months our revenues may begin to reflect the slowdown in certain sectors of the national economy, plus the effects of higher energy costs,” Missouri Commissioner of Administration Mike Keathley said in a news release. “However, we currently expect a return to moderate growth before the end of the calendar year.”

This story originally appeared in SBJ’s June 8 free e-news Daily Update. Click here to register.[[In-content Ad]]