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MO revenues up 5% for year

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Missouri’s 2011 fiscal year-to-date net general revenue collections are up 4.6 percent, largely due to a 9.37 percent increase in December, according to State Budget Director Linda Luebbering.

December general revenue collections were $672.9 million, up from $615.2 million in December 2009. On the year, the state has collected $3.48 billion, up from $3.32 billion at this time in fiscal 2010.

After a November revenue increase of 3.3 percent, fiscal year-to-date collections were up 3.5 percent.

State officials have projected $7.3 billion in general revenue in fiscal 2012, which begins July 1.

Midway through fiscal 2011, the state is on pace to collect $7 billion.

Here is a breakdown of gross collections by tax type:
  • Individual income tax collections increased 8 percent for the month and 3 percent for the year to $2.44 billion.
  • Sales and use tax collections decreased 13 percent in December and are up 0.2 percent for the year to $898.3 million.
  • Corporate income and corporate franchise tax collections grew 7 percent for the month and 11 percent for the year to $244.6 million.
  • All other collections decreased 0.8 percent in December and are 15 percent higher for the year to $245.5 million.
  • Refunds decreased 53 percent for the month and 4.3 percent for the year to $351 million.
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