State revenue climbs 4.2% in March

For the fiscal year-to-date, revenues are up 4.8 percent to $5.18 billion, compared to $4.95 billion in the same period the previous year. Revenues in March also were up 4.2 percent to $524.5 million, from $503.3 million in March 2006.

Corporate income and corporate franchise tax collections saw the greatest increase for the month – up 13.6 percent – but fell 3.5 percent to $374.8 million for the year.

Individual income tax collections, which make up the bulk of total collections, were up 5.6 percent for the year to $3.74 billion and up 4.9 percent for the month.

Sales tax and use tax collections increased marginally, up 2.6 percent to $1.53 billion for the year and up 3.9 percent for the month.

All other collections were down overall – 1.8 percent for the year, to $339.6 million, and 13 percent for the month.

Missouri Commissioner of Administration Mike Keathley says he expects continued revenue growth for the rest of the fiscal year, though weakness in the national housing market and volatility in equity markets could affect the state's employment and revenue, according to the report.