Corporate tax collections boost MO general revenue

Corporate income and franchise taxes played a key role in boosting Missouri's general revenue collections during November. Revenue from the business taxes jumped 134.3 percent last month compared to November 2012.

Other collections did not perform as well. Missouri's general revenue collections last month were $625.1 million, a 1 percent increase from $618.7 million in November 2012. Compared to the same month of fiscal 2013, November individual income tax collections decreased 1.9 percent; sales and use tax collections dropped 3.1 percent; all other collections increased 0.8 percent; and refunds dropped by 24.4 percent, according to a state news release.

Through November, fiscal 2014 collections totaled $3.11 billion, up 2.2 percent from $3.04 billion at the same time in fiscal 2013, according to the release. Fiscal 2014 began July 1.

Fiscal 2014 collections by tax type through November:

• Individual income tax collections increased 2.6 percent to $2.19 billion compared to the same time a year ago.
• Sales and use tax collections rose 2.9 percent to $803.2 million.
• Corporate income and franchise tax tax collections jumped 31.9 percent to $180.6 million.
• All other collections decreased by 30.2 percent to $141.2 million.
• Refunds dropped 3.2 percent to $203.8 million.