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State’s fiscal tax collections rise to nearly $5B

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Missouri’s fiscal tax collections increased 3.4 percent to nearly $5 billion through January from $4.8 billion at the same time a year earlier, according to a news release.

Gross collections by tax type for the state’s fiscal year, which started July 1:
    •    Individual income tax collections increased 6.5 percent to $3.7 billion.
    •    Sales and use tax collections edged up 2.7 percent to $1.2 billion.
    •    Corporate income and franchise tax collections decreased 5.2 percent.
    •    All other collections moved up 4 percent to $204 million.
    •    Refunds jumped 25.3 percent to $439.2 million.

In January, collections were $791.6 million, a 7.7 percent boost from $734.8 million in the same month of 2015, according to the release.

Compared to January 2015, last month’s individual income tax collections moved up 9.8 percent; sales and use tax collections inched up 0.4 percent; corporate income and franchise tax collections rose 55.9 percent; all other collections increased 4 percent; and refunds gained 17.7 percent.

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