Missouri ends fiscal year with increased tax revenue

The Show-Me State collected 2.6 percent more tax revenue in fiscal 2017 compared with the prior year.

Through June, net general revenue collections equaled $9.02 billion, up from $8.79 billion in fiscal 2016, according to a news release.

Fiscal 2017 gross collections by tax type:
    •    Individual income tax collections increased 2.3 percent to $7.3 billion.
    •    Sales and use tax collections moved up 2.1 percent to $2.2 billion.
    •    Corporate income and franchise tax collections decreased 7.1 percent to $435.1 million.
    •    All other collections jumped 14.4 percent to $529.3 million.
    •    Refunds ticked up 0.8 percent to $1.4 billion.

Collections during the month of June were $666.4 million, a 2.5 percent increase, according to the release.

Compared with June 2016, last month’s individual income tax collections rose 4.2 percent; sales and use tax collections increased 5.3 percent; corporate income and franchise tax collections climbed 14.9 percent; and all other collections grew 21.6 percent. Refunds shot up 16.4 percent.


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