MO general revenue collections up 2.5% in November

Missouri's November net general revenue collections increased 2.5 percent to $583.6 million, compared to $569.5 million in the same month last year.

General revenue collections for fiscal 2012 are up 2 percent at $2.84 billion, compared to $2.78 billion by the same time in the prior fiscal year, according to a news release from State Budget Director Linda Luebbering.

Fiscal 2012 gross revenue collections by tax type:

• Individual income tax collections have increased 2.7 percent to $2.06 billion, compared to $2.01 billion at the same time last year.
• Sales and use tax collections have risen 3.4 percent to $776.2 million from $750.4 million.
• Corporate income and corporate franchise tax collections fell 10.7 percent to $144.8 million, compared to $162.2 million.
• All other collections dropped 21.8 percent to $138.4 million from $176.9 million.
• Refunds decreased by 10.1 percent to $281.5 million from $313 million.

In November, individual income tax collections increased 3.1 percent compared to the same month in fiscal 2011; sales and use tax collections decreased 3 percent; corporate income and corporate franchise tax collections jumped 97.2 percent; all other collections fell 63.3 percent; and refunds decreased by 29.6 percent.

In the release, Luebbering announced that fiscal 2011 collections have been revised to $7.11 million, reflecting $66.6 million less than the initial figure, representing certain federal monies that were counted but should have been excluded. Previously, the department had reported that fiscal 2011 collections were $7.18 billion.

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