Growth Expected in State Income Taxes
JEFFERSON CITY - State leaders said Monday they expect growth in Missouri's revenue for the next fiscal year. Projected growth is now predicted to be about four percent over the current year. Revenue decreased about four percent between the 2009 and 2010 fiscal years.
Missouri Budget Director Linda Luebbering also said individual incomes are up this year. That means more people are employed or working more hours. Luebbering said individual income and sales tax make up more than 90 percent of Missouri's tax collections.
She said income tax has been a stable source of income for the state of Missouri.
Money collected from the taxes due Monday at midnight will go into both the Fiscal Year 2011 and Fiscal Year 2012 budgets.