Wednesday, June 4, 2008
For Immediate Release

Contact: Larry Schepker
573-751-1851

State Releases May 2008 General Revenue Report

JEFFERSON CITY - Commissioner of Administration Larry Schepker announced today that 2008 fiscal year-to-date net general revenue collections increased by 3.6 percent compared to fiscal year 2007, from $6.93 billion last year to $7.18 billion this year.

Net general revenue collections for May 2008 increased 18.7 percent compared to those for May 2007.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Decreased 2.6 percent for the year, from $1.88 billion last year to $1.83 billion this year.
• Decreased 15.5 percent for the month.

Individual income tax collections

• Increased 6.9 percent for the year, from $5.21 billion last year to $5.57 billion this year.
• Increased 29.9 percent for the month.

Corporate income and corporate franchise tax collections

• Decreased 1.0 percent for the year, from $528.4 million last year to $523.0 million this year.
• Decreased 16.8 percent for the month.

All other collections

• Increased 1.9 percent for the year, from $445.1 million last year to $453.5 million this year.
• Increased 0.1 percent for the month.

Refunds

• Increased 5.4 percent for the year, from $1.13 billion last year to $1.19 billion this year.
• Decreased 22.1 percent for the month.

Schepker noted the strong growth in May individual income taxes resulted as taxpayers granted flood-related extensions settled their accounts. Collections for this fiscal year are once again on track to meet the revised consensus revenue estimate. Schepker remains optimistic that revenue growth will support the estimate for fiscal year 2009, but national economic trends are concerning. The state budget office will carefully monitor the trends of revenues and expenditures to maintain balance.

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