Missouri general revenue rising despite May dip

Despite a dip in May tax collections, Missouri’s general revenue remains on the positive side for the fiscal year with only a month left.

Through May, fiscal 2017 gross collections totaled $8.35 billion, a 2.6 percent increase compared with $8.14 billion at the same time a year earlier. Compared with May 2016, last month’s collections were down 2 percent to $713.4 million, according to a news release.

For the fiscal year ending June 30, gross collections by tax type:
    •    Individual income tax collections moved up 2.1 percent to $6.7 billion.
    •    Sales and use tax collections increased 1.8 percent to $2 billion.
    •    Corporate income and franchise tax collections dropped 11.1 percent to $351.5 million.
    •    All other collections rose 13.3 percent to $454.9 million.
    •    Refunds were down 2.7 percent to $1.12 billion.

Compared with May 2016, last month’s individual income tax collections decreased 3.6 percent; sales and use collections increased 1.1 percent; corporate income and franchise tax collections jumped 90.4 percent; and all other collections were up 6.6 percent. Refunds rose 7.9 percent, according to the release.