State revenue up $55 million in October

Missouri Commissioner of Administration Mike Keathley said in a news release that 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.

Year-to-date collections for fiscal year 2006 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.

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.

This story originally appeared in SBJ’s Nov. 7 e-news Daily Update. Click here to register.