State ends fiscal year with 3% tax revenue increase

Missouri ended fiscal 2012 with net general revenue collections of $7.34 billion, a 3.2 percent increase compared to $7.11 billion in fiscal 2011.

In June, the last month of fiscal 2012, net general revenue collections increased 1.8 percent to $729.2 million from $716.6 million in the prior fiscal year, according to a news release from the state Office of Administration.

Fiscal 2012 gross collections by tax type:

• Individual income tax collections increased 3.8 percent to $5.84 billion in fiscal 2012, compared to $5.63 billion in fiscal 2011.
• Sales and use tax collections rose 3.5 percent to $1.87 billion from $1.81 billion.
• Corporate income and franchise tax collections decreased 6.4 percent to $502.9 million from $537.3 million.
• All other collections fell 14.6 percent to $398.4 million from $466.6 million.
• Refunds were $1.28 billion, down 4.4 percent from $1.34 billion last fiscal year.

During June, individual income tax collections were up 7.6 percent; sales and use tax collections dropped by 8 percent; corporate income and franchise tax collections rose 14.1 percent; all other collections jumped 31 percent; and refunds increased 62.6 percent, according to the release.