Missouri's year-to-date tax collections on the rise

Halfway through fiscal 2007, net general revenue collections are up 4.4 percent to $3.58 billion, compared to $3.43 billion during the first six months of 2006. Collections in December were up 1 percent to $653.6 million from December 2005.

Slight increases were seen in most collection categories, with the largest bump in individual income tax collections, up 5.5 percent for the year to $2.33 billion. Those collections also were up 3 percent for December.

The rise in individual income tax collections was largely driven by an increase in withholding tax collections, indicating growth in employment, according to a DED news release.

Sales-and-use tax collections were up 1.2 percent for the year to $994.9 million from $983.3 million last year. They fell 0.8 percent for the month.

Corporate income and corporate franchise tax collections saw a drop of 6.7 percent for the year to $275.3 million, although they increased 13.3 percent in December.

All other collections rose 0.2 percent for the year to $219.2 million but fell 27.2 percent for the month.

Refunds for the fiscal year so far are down 12.9 percent to $240.6 million, from $276.4 million last year. They also fell 0.7 percent for the month.

For the first half of the year, gross receipts have grown an average of 3.1 percent, which is slightly below the average of the past 10 years.

DED officials say the revenue outlook for fiscal 2007 remains positive, though uncertainties remain in the housing and manufacturing sectors.

This story originally appeared in SBJ’s Jan. 8 free e-news Daily Update. Click here to register.