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Tue. Feb 27th, 2024

 

Revenues Are Up In Missouri Despite Decreases In Collections

Revenues are up in the show me state.

Net general revenue collections across Missouri grew by 3.1 percent for August of this year compared to August-2022.

That’s according to State Budget Director Dan Haug who released the figures this week which also show decreases being reported for individual income tax collections, corporate income and franchise tax collections and 34.8 percent for August in the area of refunds.

At the same time, overall increases are reported in sales and use tax collections, refunds and all other collections.

The State Budget Office also shows net general revenue collections for fiscal-2023 were down 2.0 percent…from $1.98 billion in 2022 down to $1.94 billion this year.

 

Release:

State Budget Director Dan Haug announced today that net general revenue collections for August 2023 grew 3.1 percent compared to those for August 2022, from $1.01 billion last year to $1.04 billion this year.

Net general revenue collections for 2024 fiscal year-to-date declined 2.0 percent compared to August 2022, from $1.98 billion last year to $1.94 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Decreased 10.3 percent for the year, from $1.38 billion last year to $1.24 billion this year.
  • Decreased 1.2 percent for the month.

Sales and use tax collections

  • Increased 17.2 percent for the year, from $539.9 million last year to $632.9 million this year.
  • Increased 0.1 percent for the month.

Corporate income and corporate franchise tax collections

  • Decreased 13.2 percent for the year, from $70.8 million last year to $61.5 million this year.
  • Decreased 1.4 percent for the month.

All other collections

  • Increased 26.2 percent for the year, from $113.4 million last year to $143.2 million this year.
  • Increased 19.1 percent for the month.

Refunds

  • Increased 10.1 percent for the year, from $123.9 million last year to $136.4 million this year.
  • Decreased 34.8 percent for the month.

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