MO tax collections rise 2.5% in May

Missouri general revenue collections rose 2.5 percent to $633.7 million in May, compared to $618.1 million in the same month a year ago.

Through May, fiscal 2013 year-to-date collections total $7.3 billion, a 10.4 percent increase compared to same time period in fiscal 2012, according to a news release.

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

• Individual income tax collections rose 9.3 percent to $5.82 billion from $5.33 billion at the same time last year.
• Sales and use tax collections increased 1.5 percent to $1.74 billion from $1.71 billion.
• Corporate income and franchise tax collections bumped 3.1 percent to $427.1 million from $414.1 million.
• All other collections jumped 25.9 percent to $437.2 million from $347.4 million.
• Refunds dropped 5.6 percent to $1.13 billion from $1.19 billion.

Compared to May 2012, last month's individual income tax collections increased 3.5 percent; sales and use tax collections decreased 2.5 percent; corporate income and franchise tax collections jumped 15.9 percent; all other collections rose 33.6 percent; and refund increased by 15.6 percent, according to the release.