State revenue collections take dive in December

The Missouri Budget Office announced December revenue figures Tuesday, and the numbers are not promising.

Net general revenue collections for December 2009 totaled $615.2 million, down 21.7 percent from the $785.6 million collected in December 2008. For fiscal 2010 to date, net general revenue totals $3.3 billion, down 10.6 percent from the first six months of fiscal 2009. The state's fiscal year runs July 1 - June 30.

In specific tax categories:

• Individual income tax collections decreased 26.5 percent for the month to $400 million, and are down 10.4 percent for the fiscal year.

• Sales and use tax collections decreased 1.8 percent for the month to $170 million and are down 6.8 percent in fiscal 2010.

• Corporate income and corporate franchise tax collections decreased 13.5 percent for the month to $77.3 million, mirroring the 13.1 percent drop so far this fiscal year.

• All other collections decreased 16.1 percent for the month and 5.4 percent for the fiscal year.

Compounding the issue, refunds increased 2.4 percent for the month to $80.9 million and are up 2.6 percent for the year.[[In-content Ad]]