MO revenue collections increase 11% last month

Missouri's general revenue collections totaled $722.9 million in December, a 10.7 percent increase compared to $652.8 million in the same month of the prior fiscal year.

Fiscal 2013 collections through December increased 7.9 percent to $3.77 billion from $3.49 billion, according to a news release. The state's fiscal year began July 1.

Fiscal 2013 year-to-date gross collections by tax type:

• Individual income tax collections increased 5.7 percent to $2.63 billion, compared to $2.49 billion in the same period in fiscal 2012.
• Sales and use tax collections rose marginally, by 0.3 percent, to $920.9 million from $918.2 million.
• Corporate income and franchise tax collections totaled $214.5 million, down 1.9 percent from $218.5 million.
• All other collections rose 39.8 percent to $236 million from $168.8 million.
• Refunds decreased 21.8 percent to $240.7 million from $307.9 million.

Compared to the same month in fiscal 2012, December individual income tax collections rose 15.8 percent; sales and use tax collection decreased 1.4 percent; corporate income and franchise tax collections increased 5.2 percent; all other collections jumped by 10.8 percent; and refunds saw a 14 percent rise, the release said.[[In-content Ad]]