Capital gains tax refunds hit Missouri revenue as Senate tries to plug budget holes
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Missouri's general revenue collections fell due to a surge in tax refunds tied to the state's capital gains tax cut. The Senate Appropriations Committee is working to finalize the state budget, making changes to the House-passed budget.
Missouri's general revenue collections have fallen below last year's pace due to a surge in tax refunds tied to the state's capital gains tax cut. The state expects $13.1 billion in revenue for the current fiscal year, down from $13.4 billion collected last year. The Senate Appropriations Committee is finalizing the state budget, using $200 million from the Capitol renovation fund to replace school funding typically covered by lottery revenue. The committee reversed some House decisions, including using surplus funds from the Blind Pension Fund for public schools. The state began the current fiscal year with $4.3 billion on hand, projected to be under $300 million by June 30, 2027. The Senate will debate the budget next week.
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