Mo. Revenues Up 2.5 Percent So Far For Fiscal Year 2014
Missouri's revenue picture continues to improve for the current fiscal year.
As of July 1st, Missouri's tax collections have increased by 2.5 percent over what they were at this time a year ago, from $2.42 billion to $2.48 billion. Individual income tax collections are up by 3.8 percent, while corporate and franchise tax collections have risen by 26.4 percent. Sales tax collections since July 1st have increased to nearly $645 million.
The new figures will aid the Nixon Administration and House and Senate leaders next month as they put together their annual revenue estimate for the 2014 legislative session. The Democratic Governor also beat back efforts by Republican lawmakers this year to cut state income taxes.
Follow Marshall Griffin on Twitter: @MarshallGReport