Missouri revenue down 2.9 percent through first half of year
JEFFERSON CITY, Mo. (AP) – Missouri tax revenues were down 2.9 percent through the first half of the fiscal year, but budget officials expect that to rebound in the coming months.
Missouri took in $4.3 billion in net general revenue from July through December, which covered the first six months of the 2019 budget year. That was down $128 million from the previous fiscal year.
Individual income tax collections were down 3.7 percent, which offset 4.1 percent growth in state sales taxes.
State Budget Director Dan Haug says income tax collections likely will rise in the coming months, as people file tax returns for the first time since the state corrected an error in withholding tax tables.
Budget officials project state general revenue will end the fiscal year with 1.7 percent growth.