MO August tax revenue up 6.9%

Missouri net general revenue collections increased by 6.9 percent in August to $634.8 million, compared to $594 million in the same month last year.

For the fiscal year that started in July, the state has collected $1.09 billion, a 4.2 percent increase from $1.04 billion at this point in fiscal 2011, according to data released Friday by the Office of Administration.

The release noted:

• individual income tax collections are up 3 percent for the year to $773.8 million but were down 1.6 percent in August;
• sales and use tax collections have increased by 5.2 percent for the year to $321 million and were up 9.6 percent during the month;
• corporate income and corporate franchise tax collections are down 21.6 percent to $28.8 million for the year but are up 28.5 percent for the month;
• all other are $72.9 million for the year, an 11.3 percent decrease, while up for 6 percent for the month; and
• refunds have fallen 17.1 percent for the year to $109.5 million and decreased 36.7 percent in August.

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