JEFFERSON CITY, Mo. (AP) __ Missouri tax revenue is higher than
last year, but a dip in individual income tax collections last
month has prompted some concern.
Eleven months through the current budget year, revenue has
increased from last year by 2.7 percent to $6.5 billion. However,
the state Office of Administration reported Thursday that
individual income tax collections were down 1.4 percent from May
2011 to May 2010.
Budget Director Linda Luebbering says the decline in individual
income tax collections is causing concern. She says it is
inconsistent with what officials thought is an improving economy.
Revenue from individual income taxes for the entire year is 2.5
percent greater than last year.
For the entire budget year, corporate tax revenue has increased
10 percent and revenue from sales and use taxes is slightly higher.
Copyright 2011 by The Associated Press.