Missouri budget director says state revenues up 3 percent
JEFFERSON CITY, Mo. (AP) – Missouri’s budget director says revenue is up 3.4 percent compared to the same time last year.
Director Dan Haug on Thursday announced that the state brought in about $8.1 billion in the current fiscal year through May. At the same time last year, the state had $7.8 billion.
Revenue in May was up 12 percent compared to May 2015.
Individual income tax collections increased more than 4 percent so far this year and more than 12 percent last month. The state’s collected roughly $6.6 billion.
Sales tax revenue also has increased more than 5 percent, from $1.8 billion last year to $1.9 billion this year.
Corporate income taxes have decreased 15 percent this year. The state collected $465 million last year but has brought in only $395 million this year.