Mo. starts fiscal 2017 with 7% bump in tax revenue

Missouri started fiscal 2017 with a 7.2 percent increase in net general revenue collections.

During July, the first month of the fiscal year, collections tallied $543.1 million, up from $506.9 million a year earlier, according to a news release.

Fiscal 2017 gross collections by tax type:
    •    Individual income tax collections moved up 5.9 percent to $415.4 million.
    •    Sales and use tax collections rose 4.2 percent to $154.4 million.
    •    Corporate income and franchise tax collections fell 36.6 percent to $13 million.
    •    All other collections dropped 59.4 percent to $6.2 million.
    •    Refunds decreased 34 percent to $46 million.

Last month, the Office of Administration borrowed $250 million from the state’s budget reserve fund for cash flow. They’re due to be repaid by the constitutional deadline of May 15, 2017, according to the release.