Mo. reports increased tax earnings through February

Missouri’s fiscal 2015 general revenue collections are up 4.9 percent through February.

For the year started July 1, the state collected $5.3 billion, up from $5 billion during the same eight-month period of fiscal 2014, according to a news release.

Fiscal 2015 gross collections by tax type:

• Individual income tax collections increased 6.4 percent to $4.1 billion.
• Sales and use tax collections moved up 3.3 percent to $1.4 billion.
• Corporate income and franchise tax collections rose 4 percent to $298 million.
• All other collections dropped 6.1 percent to $210.9 million.
• Refunds climbed 6.4 percent to $624.1 million.

Last month’s general revenue collections were $486.6 million, up 4.4 percent from $466.1 million in February 2014, according to the release.

Compared to February 2014, last month’s individual income tax collections rose 5.6 percent; sales and use tax collections increased 8.8 percent; corporate income and franchise tax collections jumped 33.7 percent; all other collections fell 35.4 percent; and refunds rose 7.1 percent, according to the state Office of Administration.