Missouri’s general revenue collections mixed

Missouri’s general revenue collections were on a roller coaster ride in November.

The Show-Me State’s year-to-date general revenue collections rose 2.6 percent through November to $3.5 billion. However, collections were down 0.5 percent to $687.2 million during the month, according to a news release.

The ride continued for the state’s fiscal 2017 that began July 1. Gross collections by tax type:
    •    Sales and use tax collections increased 4.2 percent to $882.5 million.
    •    Individual income tax collections ticked up 4.2 percent to $2.6 billion.
    •    Corporate income and franchise tax collections fell 27.6 percent to $118.2 million.
    •    All other collections moved up by 10.1 percent to $148.7 million.
    •    Refunds increased by 7.1 percent to $294.8 million.

Compared with the same month last year, November sales and use tax collections moved up 12.2 percent; individual income tax collections inched up 1.1 percent; corporate income and franchise tax collections dropped 54.8 percent; and all other collections decreased 14.3 percent. Refunds rose by 29.7 percent, according to the release.