Show-Me State collects $532.6M in tax revenue

The Show-Me State collected $532.6 million in tax revenue last month, pulling in $66.5 more than February's $466.1 million total.

While March net general revenue is down 0.7 percent when compared to the $5.57 million brought in during March 2013, Missouri's general revenue fund is up for the fiscal year. For 2014 fiscal year-to-date through March, net collections increased 1.7 percent compared to $5.48 billion last year, according to a news release from State Budget Director Linda Luebbering.

Fiscal 2014 year-to-date collections by tax type:

• Individual income tax collections increased 2.6 percent to $4.32 billion from $4.21 billion during the same time last fiscal year.
• Sales and use tax collection rose 3.2 percent to $1.45 billion from $1.41 billion.
• Corporate income and franchise tax collections climbed 9.6 percent to $346.3 million from $315.8 million.
• All other collections fell 16.4 percent for the year to $283 million from $338.6 million.
• Refunds increased 4.4 percent for the year to $834.4 million from $798.9 million.

Compared to February, last month's individual income tax collections rose 3.7 percent; sales and use tax collection went down 4.4 percent; corporate income and franchise collections also decreased 7.8 percent; all other collections rose 5.7 percent; and refunds went up 5.9 percent.

Luebbering also noted the general revenue fund borrowed $200 million from the budget reserve fund for cash flow purposes, bringing the total borrowed to $350 million for the fiscal year. The funds will be repaid before the Constitutional deadline of May 15, according to the release.