Monday, August 6, 2007
For Immediate Release

Contact: Michael Keathley,
(573) 751-1851

State Releases July 2007 General Revenue Report

JEFFERSON CITY - Commissioner of Administration Mike Keathley announced today that 2008 fiscal year-to-date net general revenue collections compared to 2007 fiscal year-to-date collections increased by 6.4 percent, from $453.2 million last year to $482.3 million this year. July is the first month of Fiscal Year 2008 for the State of Missouri.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 10.7 percent for the month and year-to-date, from $132.8 million last year to $147.0 million this year.

Individual income tax collections

• Increased 3.9 percent for the month and year-to-date, from $310.7 million last year to $322.7 million this year.

Corporate income and corporate franchise tax collections

• Increased 32.3 percent for the month and year-to-date, from $20.8 million last year to $27.5 million this year.

All other collections

• Increased 5.0 percent for the month and year-to-date, from $24.0 million last year to $25.2 million this year.

Refunds

• Increased 14.4 percent for the year-to-date, from $35.1 million last year to $40.1 million this year.

Keathley said that July collections represented a good start to Fiscal Year 2008, but observed that July is typically the smallest month of the year for gross collections. Keathley noted that the outlook for Fiscal Year 2008 is moderately optimistic, and because of healthy collections in FY 2007, only 2.6 percent growth is needed to reach the revenue estimate upon which the Fiscal Year 2008 budget is based.

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