Show-Me State’s tax collections increase

With a March increase, Missouri’s fiscal 2016 tax collections rose over 4 percent compared to the same period a year earlier.

Through March 31, fiscal collections totaled $6.2 billion, up from $6 billion a year earlier, according to a news release.

In March, general revenue collections were up 13.5 percent to $757.1 million from $667 million in the same month of 2015.

For the nine-month period ended March 31, fiscal 2016 gross collections by tax type:
    •    Individual income tax collections moved up 5.6 percent to $4.9 billion.
    •    Sales and use tax collections climbed 4.4 percent to $1.6 billion.
    •    Corporate income and franchise tax collections decreased 12.3 percent to $318.1 million.
    •    All other collections ticked up 2.2 percent to $311.5 million.
    •    Refunds increased 4.1 percent to $882.1 million.

Compared to March 2015, last month’s individual income tax collections increased 4.4 percent; sales and use tax collections jumped 14.9 percent; corporate income and franchise tax collections fell 31.2 percent; all other collections decreased by 0.4 percent; and refunds dropped 28 percent, according to the release.

Last month, the state’s Office of Administration borrowed $75 million from the budget reserve fund for cash-flow purposes. Total money borrowed for the year - $475 million - is scheduled to be repaid by the May 15 constitutional deadline.

Acting State Budget Director Dan Haug said the $9 billion budget reserve fund can be used by agencies as a rainy day fund or for needed cash flow. Tax receipts often come in closer to the May 15 deadline, so the Office of Administration pays back the general fund about a week ahead of that, he said. The office can borrow up to $500 million at a given time.