Corporate collections drive up state revenues

For April, net collections compared to April 2005 were up 15.8 percent, from $892 million to $1.03 billion.

Corporate income and corporate franchise tax collections experienced the largest increase, jumping 29.4 percent for the year to $489.6 million. Those collections also increased 11.9 percent for the month.

Individual income tax collections are up 10.1 percent for the year to date, from $4.07 billion to $4.48 billion, and increased 17.4 percent for the month. That growth included an increase in individual withholding tax revenue, indicating that salaries and wages are growing at a healthy pace, according to Mike Keathley, Missouri’s commissioner of administration, in a news release.

Refunds also rose by 9.2 percent for the year, from $900.3 million to $982.6 million, but decreased 7.2 percent for the month.

The sharpest decrease was in all other collections, down 20.8 percent for April. All other collections are down 0.5 percent for the year, from $384.7 million to $382.9 million.

This story originally appeared in SBJ’s May 8 free e-news Daily Update. Click here to register.