Mo. tax collections rise to $4.2B

With a December check of $841.1 million, Missouri increased its fiscal year net revenue collections by 2.6 percent.

For the first six months of the state’s fiscal year, collections totaled $4.2 billion. December collections rose by 3.6 percent, according to a news release.

Fiscal 2016 gross collections by tax type:
    •    Individual income tax collections increased 5.8 percent to $3.1 billion from the same time a year earlier.
    •    Sales and use tax collections moved up 3.1 percent to $1.04 billion.
    •    Corporate income and franchise tax collections dropped 9.1 percent to $244.9 million.
    •    All other collections went up 4.1 percent to $183.7 million.
    •    Refunds rose 27.6 percent to $343.9 million.

Compared to December 2014, last month’s individual income tax collections rose 2.4 percent; sales and use tax collections moved up by 4.4 percent; corporate income and franchise tax collections decreased 14.8 percent; all other collections jumped 31.8 percent; and refunds rose 48.5 percent, according to the release.