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Mon. Jun 24th, 2024

 

General Revenue Collections Down For The Month Of December Compared To 2022

General revenue across Missouri for the month of December reflected a zero-point-6 percent growth compared to December-2022.

That’s according to figures from the Office of Administration which also reports individual income tax collections were down by more than 50-percent for December for an overall decrease on the year.

Showing collection increases for the year were Pass-Through Entity, sales and use, and corporate income taxes along with refunds and all other collections.

Net general revenue collections for 2024 fiscal year-to-date also decreased in December by 1.7 percent from $6.24 billion in 2022 to $6.13 billion so far this fiscal year.

 

Here’s the full report:

State Budget Director Dan Haug announced today that net general revenue collections for December 2023 grew 0.6 percent compared to those for December 2022, from $1.08 billion last year to $1.09 billion this year.

Net general revenue collections for 2024 fiscal year-to-date decreased 1.7 percent compared to December 2022, from $6.24 billion last year to $6.13 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Decreased 22.7 percent for the year, from $4.34 billion last year to $3.36 billion this year.
  • Decreased 50.5 percent for the month.

Pass-Through Entity tax collections

  • Increased from $0 to $648.9 million this year.

Sales and use tax collections

  • Increased 10.5 percent for the year, from $1.50 billion last year to $1.65 billion this year.
  • Decreased 1.4 percent for the month.

Corporate income tax collections

  • Increased 2.4 percent for the year, from $483.9 million last year to $495.4 million this year.
  • Decreased 2.6 percent for the month.

All other collections

  • Increased 28.4 percent for the year, from $338.2 million last year to $434.3 million this year.
  • Increased 110.7 percent for the month.

Refunds

  • Increased 8.6 percent for the year, from $419.9 million last year to $455.8 million this year.
  • Increased 12.4 percent for the month.

Pass-Through Entity tax collections were previously reported within Individual Income, which makes growth in Individual Income tax collections appear artificially low.

The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.

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Reporter Mike Anthony