Year-to-date state revenue up 6 percent

The Missouri Office of Administration released its December 2005 revenue report Jan. 6.

Net general revenue collections for FY 2006 so far total $3.43 billion, up from $3.23 billion last year. December collections in 2005 compared to December 2004 also were up 10.7 percent to $646.9 million.

Corporate income and corporate franchise tax collections jumped 43.3 percent for the year to date, from $206 million to $295.2 million. Corporate collections also increased 31.2 percent for December.

Individual income tax collections were up 8.5 percent for the year, from $2 billion to $2.2 billion, and also increased 12.2 percent for the month.

Sales and use tax collections increased 1.4 percent for 2006 from year-to-date FY 2005, from $969.2 million to $983.3 million. The same collections decreased 3.1 percent in December.

All other collections decreased 0.8 percent for the year, from $220.5 million to $218.8 million, but increased for the month by 24.9 percent.

Refunds increased 40.5 percent for the year-to-date, from $196.7 million to $276.4 million, and increased 17.8 percent for the month.

Commissioner of Administration Mike Keathley said in a news release that the continued strength of income tax collections indicates good economic growth for the state. Consumer spending forecasts remain optimistic, despite the pressure on sales tax from high energy costs, he said.