Two months into fiscal 2015, Missouri revenue collections are up 4.3 percent to $1.2 billion.
Net general revenue collections for August were $685.4 million, a 2.7 percent increase compared to August 2013, State Budget Director Linda Luebbering reported today.
Gross collections by tax type, according to the most recent state revenue report:
- Individual income tax collections are up 8 percent to $850.3 million for the year; August income taxes grew by 8 percent.
- Sales and use tax collections increased by 1 percent in August but are roughly flat for the year at $343.4 million.
- Corporate income and franchise tax collections are down 5 percent to $29.3 million this year, despite 2 percent growth in August.
- All other collections dipped 6 percent in August but are up 3 percent to $65.2 million on the year.
- Refunds increased to $89.8 million, representing a 57 percent monthly gain and 25 percent yearly growth.
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