State revenue up $55 mil in October

Year-to-date collections for fiscal year 2006 also are up, by 6.4 percent to $2.2 billion.

Sales and use tax collections were up 3.8 percent for the month and 1.8 percent for the year, from $627.8 million last year to $639.1 million this year.

Year-to-date individual income tax collections increased to $1.4 billion, while October figures were up 6.4 percent.

Corporate income and corporate franchise tax collections had the largest jump -– 50.1 percent for the year – from $131.9 million to $198.1 million. Those collections for October were up 65.9 percent.

Missouri Commissioner of Administration Mike Keathley in a news release said increases in revenue can be attributed to the addition of high-paying jobs in the state, but he fears high fuel and gas prices will have a negative impact on consumer spending in coming months.

Additionally, refunds were up 23.4 percent for the year to date, up from $135.1 million last year to $166.8 million this year, and refunds for October were down 33.7 percent for the month.

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