State & Local Tax Blog

Another State with a Surplus

Here's the headline and story from the Missouri newspaper the Columbia Tribune:

State tax income higher than expected

JEFFERSON CITY (AP) – Missouri’s tax revenue is coming in ahead of what was budgeted.

The state Office of Administration says November’s net general revenue was up more than 6 percent compared to November 2006. Missouri’s annual budget takes effect in July. Through the first five months of its fiscal year, net general revenue was up about 4.5 percent compared to last year. The state budget was built on an assumption that revenue would grow by 3.8 percent this year.

The larger-than-projected increase is largely because of income taxes. Individual income tax revenue was up more than 7.5 percent during the first five months of the budget year. Sales tax collections were up barely 1 percent over last year.

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