Missouri general revenue up for first half of budget year

1 year 6 months 2 weeks ago January 05, 2016 Jan 5, 2016 Tuesday, January 05 2016 Tuesday, January 05, 2016 5:32:00 PM CST in News
By: The Associated Press

JEFFERSON CITY (AP) — Missouri revenues for the fiscal year so far are more than $100 million higher than last year. That's a 2.6 percent increase, but the state budget is based on a 2.8 percent growth estimate.

State budget director Dan Haug said Tuesday that while the collection numbers are slightly concerning, "at this point there's no reason to panic."

Individual income taxes, which comprise the largest portion of Missouri's revenues, were up 5.8 percent through the first half of the 2016 fiscal year, which started July 1. Sales and use tax collections grew 3.1 percent.

Those increases were partially offset by a 9.1 percent decline in corporate taxes and a 27.6 percent increase in tax refunds. Haug says his staff hasn't yet determined the reason for the large growth in tax refunds.

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