Friday, November 3, 2006
For Immediate Release

Contact: Michael Keathley,
573-751-1851

State Releases October 2006 General Revenue Report

Jefferson City - Commissioner of Administration Mike Keathley announced today that 2007 fiscal year-to-date net general revenue collections compared to 2006 fiscal year-to-date net collections increased by 5.1 percent, from $2.23 billion last year to $2.34 billion this year.

The Commissioner also announced that October 2006 net general revenue collections compared to October 2005 collections increased by 0.2 percent, from $499.3 million last October to $500.3 million this October.

GROSS COLLECTIONS BY TAX TYPE

Sales and use tax collections

• Increased 3.7 percent for the year, from $639.1 million last year to $662.6 million this year.
• Increased 18.6 percent for the month.

Individual income tax collections

• Increased 6.5 percent for the year, from $1.43 billion last year to $1.52 billion this year.
• Increased 4.5 percent for the month.

Corporate income and corporate franchise tax collections

• Decreased 17.4 percent for the year, from $198.1 million last year to $163.6 million this year.
• Decreased 51.3 percent for the month.

All other collections

• Increased 6.1 percent for the year, from $128.9 million last year to $136.7 million this year.
• Increased 35.5 percent for the month.

Refunds

• Decreased 14.0 percent for the year, from $166.8 million last year to $143.4 million this year.
• Increased 60.3 percent for the month.

            Keathley noted that the continued strength of individual income tax collections is a positive sign for Missourians and the state’s economy. He noted that ongoing increases in collections reflect increased job numbers and higher earnings.

            Keathley also said he will continue to monitor corporate income and franchise tax collections, which have declined despite national economic data pointing to record profits over the summer.

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