Missouri tax revenues still lagging behind budget
Friday, February 3, 2012
JEFFERSON CITY, Mo. (AP) — Missouri’s revenues continue to lag behind what’s needed to balance the budget.
Figures from January show that net state revenues grew 2 percent over the same month last year. For the first seven months of the 2012 fiscal year, which began last July, Missouri’s general revenues were up 1.3 percent.
That’s about half the 2.7 percent growth rate that the governor’s budget office says is needed to meet the budget.
Missouri gets most of its general revenues from individual income and sales taxes. Both of those categories are up about two-and-a-half percent for the fiscal year. But corporate taxes are down nearly 11 percent.