As September comes to a close, Missouri’s fiscal 2016 year-to-date net general revenue collections have risen 3.6 percent.
For the three-month period ended Sept. 30, collections came to $2.1 billion, up from $2 billion at the same time a year earlier. September collections increased 1.6 percent to $842.1 million from $828.5 million in the same month last year. The state’s fiscal year began July 1, according to a news release.
Fiscal 2016 gross collections by tax type:
• Individual income tax collections moved up 6.2 percent to $1.5 billion through September.
• Sales and use tax collections increased 2.2 percent to $523.9 million.
• Corporate income and franchise tax collections decreased 3.6 percent to $126.3 million.
• All other collections grew 2.1 percent to $92.1 million.
• Refunds jumped 17.8 percent to $147.1 million.
Compared to September 2014, last month’s individual income tax collections climbed 5.4 percent; sales and use tax collections dropped 3.9 percent; corporate income and franchise tax collections decreased 9.4 percent; all other collections moved up by 12.3 percent; and refunds rose 10.9 percent, according to the release.
Tobacco ruling
Dan Haug, acting director for the State of Missouri Office of Administration, indicated in the release an anticipated $50 million settlement for which the Show-Me State had budgeted will not be received this fiscal year.
In
May 2014, Missouri Attorney General Chris Koster won a ruling taking away the state’s annual payments under the 1998 Master Settlement Agreement with major tobacco companies. The companies alleged several states, including Missouri, failed to diligently enforce state tobacco laws in 2003, and were thus entitled to less.
According to Haug, the Missouri Court of Appeals overturned that ruling last month, meaning unless Koster appeals, Missouri won’t receive the funding.
