Mo. revenue from tax collections up 3.4 percent
Monday, May 2, 2011
JEFFERSON CITY, Mo. (AP) — Missouri’s tax revenues are up 3.4 percent through the first 10 months of the fiscal year compared with the same period last year.
The state Office of Administration reported Monday that collections of individual and corporate income taxes are both up, while sales taxes have increased 0.2 percent from the same point in fiscal 2010.
Tax refunds this year are 1.5 percent higher than last year. The state paid almost 85 percent more in refunds last month than in April 2009.
State Budget Director Linda Luebbering said Monday that $150 million borrowed from the state’s budget reserve fund also now has been repaid. The Missouri Constitution requires money borrowed from that fund to be repaid by May 15.