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Wed. Apr 24th, 2024

 

State Budget Director Says Net General Revenue In Missouri Up Compared To Last Year

All News RSS Feed Business Politics State News Thursday, April 6th, 2023

Missouri State Budget Director Dan Haug says net general revenue for the month of March and year-to-date are both up compared to a year ago.

For the month of March, figures showed an increase of 3.5 percent to $959-point-7 million this year and an increase of 11.9 percent year-to-date up to $9-point-27 billion.

Broken down…collections from individual income tax, sales and use taxes, corporate income and franchise taxes and all other collections were up compared to the same time last year.

 

*****Details

State Budget Director Dan Haug announced today that net general revenue collections for March 2023 increased 3.5 percent compared to those for March 2022, from $926.9 million last year to $959.7 million this year.

Net general revenue collections for 2023 fiscal year-to-date increased 11.9 percent compared to March 2022, from 8.29 billion last year to $9.27 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Increased 11.2 percent for the year, from $6.22 billion last year to $6.92 billion this year.
  • Increased 3.0 percent for the month.

Sales and use tax collections

  • Increased 7.9 percent for the year, from $2.05 billion last year to $2.22 billion this year.
  • Decreased 2.5 percent for the month. 

Corporate income and corporate franchise tax collections

  • Increased 22.6 percent for the year, from $511.9 million last year to $627.9 million this year.
  • Increased 49.7 percent for the month.

All other collections

  • Increased 40.8 percent for the year, from $395.9 million last year to $557.4 million this year.
  • Increased 36.9 percent for the month.

Refunds

  • Increased 17.0 percent for the year, from $895.3 million last year to $1.05 billion this year.
  • Increased 15.4 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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All News RSS Feed Business Politics State News Thursday, April 6th, 2023

Reporter Mike Anthony