Missouri revenues up 3 percent from last fiscal year

3 years 1 week 3 days ago Tuesday, November 03 2015 Nov 3, 2015 Tuesday, November 03, 2015 6:53:00 PM CST November 03, 2015 in News
By: The Associated Press

JEFFERSON CITY (AP) — Missouri officials said revenues for the fiscal year that started July 1 are about 3 percent higher than they were in 2015.

Acting Budget Director Dan Haug said individual income tax collections are up 6.2 percent for the July-through-October period this year, going from $1.8 million in FY 2015 to $2 billion this year.

Sales and use taxes are up 1.6 percent, from $666 million last year to $676.6 this year, while all other collections were 2.9 percent higher.

The only area where revenues declined was in corporate income and corporate franchise tax collections, which fell 9.4 percent, from $160.7 million last year to $145.7 million now.

Tax refunds rose 18.2 percent for the year, from 185.9 million last year to $219.7 million in fiscal year 2016.

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