Missouri revenues under limit requiring refunds - KAIT-Jonesboro, AR-News, weather, sports

Missouri revenues under limit requiring refunds

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JEFFERSON CITY, MO (AP) - 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.

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