The state of Missouri’s general-revenue income in March dropped slightly compared to a year ago, which could ignite legislative concerns as lawmakers craft a budget.
March’s decline was just under 1 percent. It was fueled by a continued drop in state corporate tax collections, which were down almost 24 percent compared to March 2017. The decline is linked to business tax cuts approved by lawmakers several years ago.
In contrast, Missouri’s state income tax collections appear to be healthy, increasing by just over 10 percent in March, compared to March 2017.
The numbers also are strong for the overall fiscal year, which ends June 30. The state’s general-revenue income is up 3.8 percent. That’s roughly in line with the estimates used to draw up the budget last year.
The state’s budget division declined to provide any details.
General revenue makes up about one third of Missouri’s overall budget, but pays for the bulk of state programs and services, including education.
The General Assembly is in the midst of assembling a budget for the next fiscal year that begins July 1. The state constitution requires a balanced budget.
