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



Commissioner's Office

Friday May 2, 2008
For Immediate Release

Contact: Larry Schepker
573-751-1851

State Releases April 2008 General Revenue Report

JEFFERSON CITY - Commissioner of Administration Larry Schepker announced today that 2008 fiscal year-to-date net general revenue collections compared to fiscal year 2007 have increased by 2.2 percent, from $6.31 billion to $6.45 billion.

Net general revenue collections for April declined by 9.8 percent compared to those for April 2007, from $1.13 billion to $1.02 billion.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

  • Decreased 0.9 percent for the year, from $1.66 billion last year to $1.65 billion this year.
  • Increased 5.8 percent for the month.

Individual income tax collections

  • Increased 4.8 percent for the year, from $4.78 billion last year to $5.01 billion this year.
  • Decreased 8.2 percent for the month.

Corporate income and corporate franchise tax collections

  • Decreased 0.2 percent for the year, from $502.7 million last year to $501.6 million this year.
  • Decreased 11.4 percent for the month.

All other collections

  • Increased 2.1 percent for the year, from $391.0 million last year to $399.3 million this year.
  • Decreased 25.7 percent for the month.

Refunds

  • Increased 8.3 percent for the year, from $1.02 billion last year to $1.11 billion this year.
  • Increased 2.8 percent for the month.

 

Schepker noted that net collections were disappointing in April.  Individual income tax payments were not as strong as anticipated, were likely impacted by the sharp decline in equity indices late in 2007. There may be some taxpayers in flooded counties in eastern Missouri, who were granted extensions by the IRS and the Missouri Department of Revenue, that have yet to file their taxes. Despite a strong third quarter, it is possible the state may not achieve the consensus revenue estimate adopted last fall. Because of responsible budget planning in past years, this fiscal year’s budget will not be negatively impacted. Uncertainties in the national economy may be a factor in revenue collections over the next several months.

 

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