State revenue growth in line to meet budget projections

Wednesday, June 4, 2008 | 4:36 p.m. CDT; updated 2:34 a.m. CDT, Monday, July 21, 2008

JEFFERSON CITY — State revenue growth is back on track to meet budget projections.

The state collected $7.2 billion in May, which is 3.6 percent higher than a year ago and also higher than the 3.1 percent growth rate anticipated by the budget.

That’s a turnaround from April, when total revenue growth dwindled to just less than 2 percent.

Individual income tax collections for May rebounded partly because taxpayers in 35 Missouri counties approved for federal flood disaster assistance had been given a tax filing extension.

But sales and use taxes declined sharply in May, down more than 15 percent compared with a year ago.

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