COLUMBIA, Mo. (AP) — Missouri’s state budget director says plummeting revenues amid the coronavirus pandemic are unlike anything he’s ever seen.
Budget Director Dan Haug on Thursday announced net revenue collections dropped more than 54% in April compared to the same time last year. Haug says delaying Tax Day until July took a significant hit on April revenue. So far this year overall revenues decreased more than 6%. Haug says when the virus hit, the state economy “turned off like a faucet.”
He says May tax collections probably will be more reflective of the state of Missouri’s economy in the wake of the virus.