Missouri revenues up 3 percent from last fiscal year
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.