State Releases March 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 6.8 percent, from $4.63 billion last year to $4.95 billion this year.

The Commissioner also announced that March 2006 net general revenue collections compared to March 2005 collections increased by 13.6 percent, from $443.0 million last March to $503.3 million this March.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 1.9 percent for the year, from $1.46 billion last year to $1.49 billion this year.
• Decreased 1.3 percent for the month.

Individual income tax collections

• Increased 8.4 percent for the year, from $3.27 billion last year to $3.55 billion this year.
• Increased 8.0 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 34.9 percent for the year, from $288.1 million last year to $388.5 million this year.
• Increased 16.4 percent for the month.

All other collections

• Increased 2.3 percent for the year, from $338.0 million last year to $345.9 million this year.
• Increased 25.1 percent for the month.

Refunds

• Increased 13.0 percent for the year-to-date, from $729.3 million last year to $824.0 million this year.
• Decreased 3.9 percent for the month.

            Keathley said the Governor continues to be encouraged by general revenue collections, which are indicative of good economic growth for the state. In fact, individual withholding tax revenue, one component of individual income tax, grew a robust 8.0 percent over the third quarter. This is the fastest growth since FY 2002 and suggests salaries and wages continue to grow at a healthy pace in Missouri, demonstrating the positive impact of the governor's economic development policies.

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