Mo. fiscal tax collections bolstered by November bump

Bolstered by a 9 percent bump in November, Missouri’s net general revenue collections rose to $3.4 billion for the first five months of fiscal 2016.

Year-to-date collections through November beat last year’s $3.2 billion total in the same time period by roughly 4 percent. Collections during November were $690.4 million, up from $633.2 million in the same month of 2014, according to a news release.

Fiscal 2016 gross collections by tax type:
    •    Individual income tax collections increased 7.8 percent to $2.5 billion through November.
    •    Sales and use tax collections ticked up 2.8 percent to $847 million.
    •    Corporate income and franchise tax collections decreased 5.9 percent to $163.2 million.
    •    All other collections dropped 3.2 percent to $135 million.
    •    Refunds jumped 23.3 percent to $275.2 million.

Compared to November 2014, last month’s individual income tax collections grew 14.2 percent; sales and use tax collections increased 7.7 percent; corporate income and franchise tax collections rose 38.4 percent; all other collections fell 21.6 percent; and refunds moved up by 48.8 percent, according to the release.