CHICAGO – With his veto of a tax cut package sustained, Missouri Gov. Jay Nixon released $215 million of $400 million in budgeted funds he had withheld, but said he won’t free up the remaining dollars due to other fiscal concerns including the impact of the state’s loss in tobacco master settlement arbitration.

Nixon in June announced he was withholding funds from the fiscal 2014 budget as the legislature prepared to attempt to override his veto of a tax cut package during its annual veto session. The package was estimated to shave $700 million to $800 million off state revenues annually and could have resulted in a total $1.2 billion loss of revenues if federal legislation involving internet sales taxes passed.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.