State tax revenue remains steady despite economy lag

JEFFERSON CITY, Mo. -- Missouri state government's tax revenue for the first quarter of Fiscal Year 2002 remained surprisingly steady, even recording some increases in the last three months as Jefferson City braced for a downturn.

The General Revenue fund, which finances most state programs, currently stands 3.7 percent ahead of last year's first-quarter collections, although losses have been recorded in some categories.

The greatest shortfall has occurred in the corporate income tax levy, which slipped 11.2 percent last month and has recorded a three-month 13.7 percent year-to-date decline. That, however, is not a major source of money -- it yielded $83.4 million for the FY 2002 quarter compared to last year's $96.7 million.

Missouri's largest source of tax revenue -- individual income taxes -- dipped a bare 0.7 percent in September; the fund still has increased 1.7 percent for FY 2002's first three months. Total collections in this category now stand at $972.1 million for the first quarter, up from last year's $956.2 million.

Missouri's second largest revenue source -- sales and use taxes -- showed a 2.3 percent increase for September. Revenue from sales and use tax levies brought in $457.9 million during the first fiscal quarter, compared to $449.9 million in the same period in 2000.