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Missouri tax revenues lag behind budget

Missouri tax revenues lag behind budget

March 2nd, 2012 in News

JEFFERSON CITY, Mo. (AP) - Missouri revenues through the first eight months of this fiscal year remain below what's needed to balance the state budget.

The state Office of Administration reported Friday that net revenues from July through February increased about 2.4 percent over the same period a year earlier. The governor's office says the budget is based upon a 2.7 percent growth rate.

Most of Missouri's general revenue comes from individual income and sales taxes.

Sales taxes are up 4.4 percent compared to last year and individual income tax collections are up about 3.5 percent. However, corporate income taxes have decreased 11.9 percent.