Missouri tax collections rise through March

The Show-Me State’s fiscal 2017 year-to-date net general revenue collections moved up 4.3 percent to $6.5 billion from $6.2 billion at the same time a year earlier.

Individual income tax collections — the largest portion of the general revenue report — rose 4.1 percent to $5.1 billion for the fiscal year, according to a Missouri Department of Economic Development news release.

Other gross collections by type:
    •    Sales and use tax collections increased 2.2 percent to $1.6 billion.
    •    Corporate income and franchise tax collections fell 26 percent to $235.7 million.
    •    All other collections jumped 15.3 percent to $359.1 million.
    •    Refunds declined by 7.8 percent to $813.1 million.

March collections dipped by 0.2 percent to $755.6 million from the same month of 2016, according to the release.

Compared with March 2016, last month’s individual income tax collections were up 4.4 percent; sales and use tax collections ticked up 1.7 percent; corporate income and franchise tax collections fell 27.5 percent; and all other collections dropped 0.6 percent. Refunds rose 11.2 percent.

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