State ends fiscal year with 8.8% tax bump

Missouri ended fiscal 2015 with net general revenue collections of $8.7 billion, an 8.8 percent increase compared to $8 billion a year earlier, according to a news release.

Gross collections by tax type:

• Individual income tax collections rose 8.5 percent for the fiscal year to $6.9 billion.
• Sales and use tax collections increased 2.3 percent to $2 billion.
• Corporate income and franchise tax collections moved up 3.3 percent to $558.6 million.
• All other collections jumped 11.6 percent to $468.1 million.
• Refunds dropped 4.4 percent to $1.2 billion.

Compared to June 2014, last month’s individual income taxes increased 5.1 percent; sales and use taxes decreased 3.6 percent; corporate income and franchise tax collections bumped up 2.4 percent; all other collections hit a 131.1 percent jump; and refunds fell 39.5 percent, according to the release.[[In-content Ad]]