Mo. revenue collections down slightly in fiscal 2014

Missouri ended fiscal 2014 with general revenue collections of $8 billion, a 1 percent decrease compared to $8.08 billion in the prior fiscal year, according to a state Office of Administration news release.

Fiscal 2014 collections by tax type:

• Individual income tax collections decreased 0.2 percent to $6.35 billion from $6.37 billion in fiscal 2013.
• Sales and use tax collections rose 3.8 percent to $1.97 billion from $1.9 billion.
• Corporate income and franchise tax collections increased 2.9 percent to $540.7 million from $525.7 million.
• All other collections fell 10.9 percent to $419.3 million from $470.9 million.
• Refunds increased 8.4 percent to $1.28 billion from $1.18 billion.

During the final month of fiscal 2014, June collections were down 12.3 percent to $685.7 million from $781.5 million in the same month of 2013, according to the release.

Compared to June 2013, last month's individual income tax collections increased 4.5 percent, sales and use tax collections jumped 23.9 percent, corporate income and franchise tax collections dropped by 7.6 percent, all other collections rose 13.8 percent, and refunds increased by 288.8 percent.

[[In-content Ad]]