Mo. tax revenues rise 6.8% through March

Missouri’s fiscal 2015 general revenue collections totaled $5.95 billion through March, a 6.8 percent increase compared to the same time period in the prior fiscal year.

The state’s fiscal year began July 1.

Fiscal 2015 (through March) gross collections by tax type:

• Individual income tax collections increased 7 percent to $4.6 billion.
• Sales and use tax collections moved up 3.7 percent to $1.5 billion.
• Corporate income and franchise tax collections rose 4.7 percent to $362.5 million.
• All other collections climbed 7.7 percent to $304.9 million.
• Refunds ticked up 1.6 percent to $847.6 million.

In March, net general revenue collections were $667 million, a 25.2 percent jump from $532.6 million in the same month a year earlier, according to a news release.

Compared to March 2014, last month’s individual income tax collections rose 11.4 percent; sales and use tax collections increased 7.2 percent; corporate income and franchise tax collections moved up 8.2 percent; all other collections jumped 60.9 percent; and refunds dropped 9.8 percent, according to the Missouri Office of Administration.[[In-content Ad]]