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Wed. May 29th, 2024

 

Mixed Bag Of Numbers For March 2024 General Revenue Report

The Missouri Office of Administration has released its March-2024 General Revenue Report which, again, shows a mixed bag of numbers.

State Budget Director Dan Haug says, overall, net general revenue for March declined by 6.4 percent compared to a year ago from $959.7 million to $898.6 million dollars.

At the same time, the revenue report shows a 0.5 percent increase for fiscal year-to-date this year.

The gross collections by tax types can be found below:

 

State Budget Director Dan Haug announced today that net general revenue collections for March 2024 declined 6.4 percent compared to those for March 2023, from $959.7 million last year to $898.6 million this year.

Net general revenue collections for 2024 fiscal year-to-date increased 0.5 percent compared to March 2023, from $9.27 billion last year to $9.32 billion this year.

 GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Decreased 10.0 percent for the year, from $6.92 billion last year to $6.22 billion this year.
  • Decreased 14.5 percent for the month.

Pass Through Entity tax collections

  • Increased from $0 to $439.4 million this year.

Sales and use tax collections

  • Increased 9.1 percent for the year, from $2.22 billion last year to $2.42 billion this year.
  • Decreased 10.0 percent for the month. 

Corporate income and corporate franchise tax collections

  • Increased 1.6 percent for the year, from $627.9 million last year to $637.7 million this year.
  • Decreased 3.6 percent for the month.

All other collections

  • Increased 28.1 percent for the year, from $557.4 million last year to $714.3 million this year.
  • Increased 17.5 percent for the month.

Refunds

  • Increased 6.6 percent for the year, from $1.05 billion last year to $1.12 billion this year.
  • Decreased 2.4 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