Show-Me State tax collections up through November

Missouri’s November general revenue collections inched up in November, contributing to a fiscal year-to-date increase over the same period of 2013.

During November, the state collected $625.1 million, a 1.3 percent bump compared to $633.2 million a year earlier. Through Nov. 30, collections now total $3.22 billion for fiscal 2015, a 3.7 percent increase from a year ago, according to a news release. The state’s fiscal year began July 1.

Fiscal 2015 gross collections by tax type:

• Individual income tax collections rose 5.5 percent through November to $2.31 billion for the fiscal year.
• Sales and use taxes increased 2.6 percent to $824.3 million.
• Corporate income and franchise tax collections decreased 4 percent to $173.4 million.
• All other collections dropped 1.2 percent to $139.5 million.
• Refunds moved up 9.5 percent to $223.2 million.

Compared to November 2013, last month’s individual income tax collections increased 4.4 percent; sales and use tax collections ticked down 0.1 percent; corporate income and franchise tax collections fell 22.4 percent; all other collections decreased 6.3 percent; and refunds jumped 16.1 percent, according to the release.