Mo. revenue up 6.2 percent over previous year
Missouri budget officials say higher collections of sales and income taxes helped fuel a 6.2 percent increase in state revenue through the first eight months of the fiscal year.
The Office of Administration reported Thursday that:
- Tax collections totaled $4.48 billion from July through February, compared with $4.22 billion at the same point a year ago.
- Corporate income tax collections are up 8.1 percent, bolstered by a 16 percent increase last month over February 2010.
- Individual income taxes are up 3 percent and sales taxes are up 1.5 percent.
- Meanwhile, tax refunds for the current fiscal year are down nearly 10 percent from the same point last year.
Budget Director Linda Luebbering says the increases are about what officials had expected.