State revenues under cap that sparks tax refunds
Tue, 03 Jun 2014 17:05:18 GMT —
The Missouri auditor's office says state revenues are under a cap that triggers refunds to taxpayers.
A state constitutional provision, commonly known as the Hancock Amendment, triggers a refund after state revenues hit a certain cap. The auditor's office reported Monday that revenues for the budget year that ended last June 30, 2013, fell about $3.6 billion below that limit.
The last time Missouri's revenues exceeded the cap was for the budget year ending June 30, 1999. During the past five years, revenues have ranged from $2.7 billion to $4.4 billion under the revenue cap.