Individual income tax collections boost state revenues by 5 percent

Monday, July 9, 2007 | 2:00 p.m. CDT; updated 9:19 p.m. CDT, Sunday, July 6, 2008

JEFFERSON CITY, Mo. — State revenues grew 5.2 percent during Missouri’s recently concluded fiscal year, due largely to a strong increase in individual income tax collections.

Net general revenues topped $7.7 billion during the 2007 fiscal year, which ended June 30, State Treasurer Sarah Steelman’s office said.

The 5.2 percent revenue growth was above the roughly 4 percent increase state officials had projected, meaning Missouri should have more money than expected as it starts the 2008 fiscal year.

Individual income tax collections rose by 7 percent during the 2007 fiscal year, compared with the previous year, while corporate taxes rose by 4.1 percent, the treasurer’s office said. State sales and use taxes increased 2.5 percent, compared with the previous year.

The state started its new fiscal year with nearly $823 million in its general revenue fund, the treasurer’s office said, and it appears growth in the U.S. economy should be able to sustain a reasonable level of state revenue growth in the new fiscal year.

June appeared to be a particularly good tax month for the state, with net general revenues up by more than 8.1 percent, compared with June 2006, the treasurer’s office said.

Individual income tax collections were up 14.2 percent last month, compared with June 2006, and corporate income and franchise taxes rose by 12.7 percent for the month. Sales and use tax collections were up 3.2 percent in June, compared with the same month in 2006.

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