Mo. general revenue collections falter in August

Missouri recorded $740.6 million in August net general revenue collections, a 1.4 percent decrease compared with $751.3 million in the same month a year earlier.

However, collections for the first two months of the state’s fiscal year are up 2 percent to $1.28 billion, according to a news release. The state’s fiscal year begins July 1.

Fiscal 2017 gross collections by tax type:
    •    Individual income tax collections moved up 5.6 percent to $958 million.
    •    Sales and use tax collections ticked down 0.8 percent to $358.1 million.
    •    Corporate income and franchise tax collections fell 28.7 percent to $24.3 million.
    •    All other collections dropped 36 percent to $41 million.
    •    Refunds decreased 9.7 percent to $97.7 million.

Compared with the same month of 2015, August individual income tax collections increased 5.4 percent; sales and use tax collections decreased 4.3 percent; corporate income and franchise tax collections dropped 16.5 percent; and all other collections fell 28.6 percent. Refunds rose 33.9 percent, according to the release.