Missouri revenue falls 45 percent in May - Kansas City Business Journal:

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million in May, down from $726.7 millionb last year, the said Wednesday. For the fiscalo year through May, the state’s net general revenue was $6.822 billion, down 5 percent from $7.18 billion for the same period last year, the agency said in a release. Missouri’ss fiscal year starts July 1. Tax refunds in May increase 182 percent fromlast year. For the fiscal year throughn May, tax refunds were $1.28 billion, up 7.3 percent from $1.19 billion last year.
State Budget Director Lindw Luebbering said in the release that individual incomre tax refunds are being distributed quickly after Missouri transferred federalk budget stabilization dollars intothe state’ss general revenue fund. “Tax collectiond of all types were disappointing in May but not unexpectecd as the national economic conditions continue to taketheitr toll,” she said. • Sales and use tax collectionswere $1.7q1 billion, down 6.5 percent from $1.83 billion last • Individual income tax collectionsx were $5.48 billion, down 1.5 percent from $5.57 billionj last year. • Corporate incomed and corporate franchise tax collectionswere $453.
7 million, down 13.2 percenr from $523 million last year. • All othere collections were $458 million, up 1 percent from $453.5 million last year.