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



Commissioner's Office

Friday, September 7, 2007
For Immediate Release

Contact: Michael Keathley,
573-751-1851

State Releases August 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 have increased by 2.4 percent, from $1.10 billion to $1.13 billion.

Net general revenue collections for August 2007 decreased by 0.4 percent compared to those for August 2006, from $649.7 million to $647.1 million.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

  • Increased 5.8 percent for the year, from $353.9 million last year to $374.4 million this year.
  • Increased 2.9 percent for the month.

Individual income tax collections

  • Increased 4.8 percent for the year, from $701.5 million last year to $735.0 million this year.
  • Increased 5.5 percent for the month.

Corporate income and corporate franchise tax collections

  • Increased 12.5 percent for the year, from $39.0 million last year to $43.9 million this year.
  • Decreased 10.1 percent for the month.

All other collections

  • Decreased 12.9 percent for the year, from $80.5 million last year to $70.1 million this year.
  • Decreased 20.6 percent for the month.

Refunds

  • Increased 30.7 percent for the year, from $71.9 million last year to $94 million this year.
  • Increased 46.1 percent for the month.

Keathley noted that $224.5 million was collected in regular sales tax in August, a single-month record. The Governor is pleased with the continued strength of Missouri’s consumer economy. However, the national economy is clouded by uncertainty resulting from the struggles of financial markets the last several weeks. Should these difficulties spill over into the broader economy, Missouri’s revenue growth may slow. The expansion of the Quality Jobs program and the creation of new programs like the New Markets Equity Investment program will help to ensure continued employment expansion in Missouri in the months and years ahead.

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