JEFFERSON CITY, Mo. (AP) – Missouri so far has brought in about $460 million
less in net revenue this fiscal year compared to last year.
The latest data available show that’s mostly attributable to a dip in
individual income tax collections, which are down about $476 million compared to
the same time last year.
The St. Louis Post-Dispatch reports Missouri Department of Revenue Director Joel Walters blamed the drop on a mistake in tax withholding tables.
Top House and Senate budgeters on Thursday said they expect the state to make
up the difference once more people begin filing their taxes. That’s because the
withholding table error will likely mean people see smaller refunds this year or
will have to write the state a bigger check.
WebReadyTM Powered by WireReady® NSI