Office of Administration
 Matt Blunt, Governor - Larry Schepker, Commissioner
 
 
 



Commissioner's Office
Friday, February 3, 2006
For Immediate Release		 Contact: Michael Keathley ,
573-751-1851

State Releases January 2006 General Revenue Report

Jefferson City - Commissioner of Administration Mike Keathley announced today that 2006 fiscal year-to-date net general revenue collections compared to 2005 fiscal year-to-date collections have increased by 5.7 percent, from $3.84 billion last year to $4.06 billion this year.
The Commissioner also announced that January 2006 net general revenue collections compared to January 2005 collections increased by 4.3 percent, from $604.4 million last January to $630.5 million this January.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

  • Increased 1.8 percent for the year, from $1.12 billion last year to $1.14 billion this year.
  • Increased 3.7 percent for the month.

Individual income tax collections

  • Increased 8.4 percent for the year, from $2.5 billion last year to $2.7 billion this year.
  • Increased 8.3 percent for the month.

Corporate income and corporate franchise tax collections

  • Increased 41.3 percent for the year, from $226.3 million last year to $319.6 million this year.
  • Increased 20.4 percent for the month.

All other collections

  • Decreased 2.8 percent for the year, from $251.1 million last year to $244 million this year.
  • Decreased 17.6 percent for the month.

Refunds

  • Increased 37.3 percent for the year-to-date, from $259.6 million last year to $356.5 million this year.
  • Increased 27.3 percent for the month.
            Keathley said the Governor continues to be encouraged by the strength of income tax collections, which are indicative of good economic growth for the state.   Consumer spending forecasts remain optimistic, but high energy prices could still put pressure on sales and other tax collections.  Employment growth is forecast to remain steady over the next several months, despite the challenging energy prices many industries face.   Keathley further noted that the growth of refunds this month was largely due to an increase in electronic filing of income tax returns, which allows for quicker processing and disbursement at the Department of Revenue.

 

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