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State tax collections down in May from previous year

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Missouri's net general revenue collections dropped 3.9 percent to $589.7 million during May, compared to $613.8 million in the same month the previous year.

Net general revenue collections for April were $878.4 million.

Fiscal 2011 year-to-date net general revenue collections have increased 2.7 percent to $6.45 billion, up from $6.28 billion at the same time in fiscal 2010, according to a news release from State Budget Director Linda Luebbering.

The state's fiscal year ends in June.

Gross tax collections in fiscal 2011:
  • Individual income tax collections rose 2.5 percent to $5.15 billion, up from $5.03 billion at the same time last year.
  • Sales and use tax collections increased 0.3 percent to $1.64 billion, compared to $1.63 billion.
  • Corporate income and franchise tax collections were up 10.1 percent to $459.5 million from $417.3 million.
  • All other collections bumped up 18.9 percent to $486.4 million, compared to $409.1 million.
  • Refunds increased 6.5 percent to $1.28 billion from $1.21 billion last year.
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