Show-Me State collects more taxes through April

Missouri brought in $7.2 billion in fiscal 2015 year-to-date general revenue collections through April, a 7.7 percent increase compared to $6.7 billion at the same time a year earlier, the state’s Office of Administration reports.

Fiscal 2015 gross collections by tax type, through April:

• Individual income taxes rose 8.5 percent to $5.8 billion.
• Sales and use taxes ticked up 2.4 percent to $1.7 billion.
• Corporate income and franchise tax collections increased 2 percent to $442.5 million.
• All other collections moved up 7.2 percent to $340.2 million.
• Refunds budged slightly, by 0.9 percent to $975.9 million.

For the month of April, general revenue collections rose 11.9 percent to $1.3 billion from $1.1 billion in the same month last year, according to a news release.

Compared to April 2014, last month’s individual income tax collections increased 8.5 percent; sales and use taxes decreased 9.7 percent; corporate income and franchise taxes dropped 8.7 percent; all other collections rose 2.8 percent; and refunds moved down 3.8 percent.

Prior to the May 4 date of the news release, the general revenue fund repaid $400 million borrowed from the budget reserve fund during the fiscal year, ahead of the constitutional deadline of May 15.