Mo. tax collections rise in August

Missouri collected $751.3 million in net general revenue in August, a 9.6 percent increase compared to $685.4 million in the same month last year.

With the latest collections, the Show-Me State brought in $1.3 billion for the first two months of fiscal 2016, a 5 percent increase compared to the same period a year earlier, according to a news release.

Fiscal 2016 gross collections by tax type:
    •    Individual income tax collections increased 6.7 percent to $907.3 million.
    •    Sales and use tax collections moved up 5.1 percent to $361.1 million.
    •    Corporate income and franchise tax collections rose 16.4 percent to $34 million.
    •    All other collections decreased 1.9 percent to $64 million.
    •    Refunds jumped 20.5 percent to $108.2 million.

Compared to August 2014, last month’s individual income tax collections increased 8 percent; sales and use tax collections bumped up 10.6 percent; corporate income and franchise tax collections rose 12 percent; all other collections grew 8.5 percent; and refunds decreased 5.4 percent, according to the release.