State Releases End of Year 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 increased by 9.2 percent, from $6.71 billion last year to $7.33 billion this year.

The Commissioner also announced that June 2006 net general revenue collections compared to June 2005 collections increased by 9.0 percent, from $671.0 million last June to $731.1 million this June.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 1.8 percent for the year, from $1.96 billion last year to $1.99 billion this year.
• Decreased 2.9 percent for the month.

Individual income tax collections

• Increased 10.1 percent for the year, from $4.86 billion last year to $5.35 billion this year.
• Increased 7.3 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 28.0 percent for the year, from $473.8 million last year to $606.7 million this year.
• Increased 17.0 percent for the month.

All other collections

• Increased 3.6 percent for the year, from $491.8 million last year to $509.3 million this year.
• Increased 24.8 percent for the month.

Refunds

• Increased 5.4 percent for the year-to-date, from $1.07 billion last year to $1.13 billion this year.
• Decreased 7.5 percent for the month.

            Keathley said the Governor is pleased with the unprecedented growth in revenues that have followed the changes in the state’s entrepreneurial climate. The state has not realized revenue growth of this magnitude without major changes in tax law in over twenty years. Continued economic growth, albeit tamer, in the national economy is expected over the next several months, though dynamic energy prices, higher interest rates, and the impact on consumer spending remain a concern.

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