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Wed. May 29th, 2024

 

Net General Revenue Continues Trending Up Despite Some Decreases

Missouri State Budget Director Dan Haug has released the net general revenue collections report for the month of April.

The report reflects good news, for the most part, with increases being shown across the board with the exception of a 7.3 percent decrease for the year in individual income tax collections and a 28.9 percent decrease for the month, compared to April of 2023.

March Net general revenue collections for Fiscal-2024 to date increased by 2.7 percent from $10.42 billion in 2023 to $10.70 billion this year.

 

Full Report:

State Budget Director Dan Haug announced today that net general revenue collections for April 2024 increased 20.3 percent compared to those for April 2023, from $1.15 billion last year to $1.38 billion this year.

Net general revenue collections for 2024 fiscal year-to-date increased 2.7 percent compared to April 2023, from $10.42 billion last year to $10.70 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Decreased 7.3 percent for the year, from $7.96 billion last year to $7.38 billion this year.
  • Increased 10.6 percent for the month.

Pass Through Entity tax collections

  • Increased from $0 to $537.2 million this year.

Sales and use tax collections

  • Increased 10.2 percent for the year, from $2.42 billion last year to $2.67 billion this year.
  • Increased 22.1 percent for the month. 

Corporate income and corporate franchise tax collections

  • Increased 2.2 percent for the year, from $795.2 million last year to $812.6 million this year.
  • Increased 4.5 percent for the month.

All other collections

  • Increased 21.2 percent for the year, from $634.6 million last year to $769.1 million this year.
  • Decreased 28.9 percent for the month.

Refunds

  • Increased 5.5 percent for the year, from $1.40 billion last year to $1.47 billion this year.
  • Increased 2.0 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