Mo. general revenue collections up 4.9%

Missouri’s fiscal 2015 general revenue collections rose 4.9 percent through January, according to the state Office of Administration.

For the seven months ended Jan. 31, tax collections were $4.8 billion, a bump from 4.6 billion in the same period of fiscal 2014, according to a news release. The state’s fiscal year began July 1.

Fiscal 2015 gross collections by tax type:

• Individual income tax collections rose 6.5 percent to $3.5 billion.
• Sales and use tax collections increased 2.5 percent to $1.2 billion.
• Corporate income and franchise tax collections improved by 3 percent to $286.4 million.
• All other collections decreased 2.7 percent to $196 million.
• Refunds increased by 5.8 percent to $350.4 million.

General revenue collections for January rose 4.1 percent to $734.8 million, compared to $705.8 million in the same month a year earlier.

Compared to January 2013, last month’s individual income tax collections increased 7.1 percent; sales and use collections ticked down 0.63 percent; corporate income and franchise tax collections decreased 1.1 percent; all other collections jumped 36.7 percent; and refunds rose 24.8 percent, according to the release.