State's net general revenue drops in July

For the first month of Missouri’s fiscal 2011, net revenue collections dropped 4.2 percent compared to the same month a year ago, State Budget Director Linda Luebbering announced this morning.

Net general revenue collections in July were $449.3 million, down from $469.1 million in July 2009, according to a news release from the state Office of Administration.

By collection type:

• Individual income tax collections dropped 0.6 percent to $323.9 million;
• Sales and use tax collections dropped 9.7 percent to $127.8 million;
• Corporate income and corporate franchise tax collections increased 14.7 percent to $26.3 million; and
• All other collections increased 41.8 percent to $35 million.

Refunds also increased and were up 38.5 percent to $63.7 million for the month, the release said.[[In-content Ad]]