Missouri tax revenues lag behind budget

9:37 PM, Mar 2, 2012   |    comments
Jefferson City. (AP File Photo)
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JEFFERSON CITY, Mo. (AP) - Missouri revenues through the first eight months of this fiscal year remain below what's needed to balance the state budget.

The state Office of Administration reported Friday that net revenues from July through February increased about 2.4 percent over the same period a year earlier. The governor's office says the budget is based upon a 2.7 percent growth rate.

Most of Missouri's general revenue comes from individual income and sales taxes.

Sales taxes are up 4.4 percent compared to last year and individual income tax collections are up about 3.5 percent. However, corporate income taxes have decreased 11.9 percent.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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