Mo. tax revenues increased in August

Sep 4, 2013

Credit KBIA/file photo

Missouri tax revenues rose slightly last month, thanks to growth in income tax collections.

The state Office of Administration said Wednesday that net general revenues were up 2.2 percent in August compared to the same month last year.

That includes a 4.6 percent growth rate in individual income taxes and 10.2 percent growth in corporate income tax collections.

Sales tax collections, though, were down by 1.8 percent compared to August 2012.

State budget director Linda Luebbering (LOO'-ber-ing) says Missouri borrowed $150 million from its cash-reserve fund in August to ensure it had enough money to make school payments. Despite that, Lueberring says she's not worried.

"We'll make sure that we have sufficient revenue in order to repay that no later than that May 15 deadline," she said.

The reserve fund must be replenished by mid-May.