State ends fiscal year with boost in tax collections

Despite a June decrease, Missouri ended fiscal 2016 with $8.8 billion in general revenue collections, a 0.9 percent increase compared to $8.7 billion a year earlier.

In June, collections fell 22.8 percent to $650.1 million from $842.7 million in the same month of 2015, according to a news release.

Missouri’s fiscal 2016 gross collections by tax type:
    •    Individual income tax collections increased 3.9 percent to $7.2 billion.
    •    Sales and use tax collections moved up 4.4 percent to $2.1 billion.
    •    Corporate income and franchise tax collections fell 16.2 percent to $468.3 million.
    •    All other collections dipped 1.2 percent to $462.6 million.
    •    Refunds rose 14.9 percent to $1.4 billion.

Compared to the same month a year ago, June individual income tax collections ticked down 0.8 percent; sales and use tax collections decreased 4.7 percent; corporate income and franchise tax collections dropped 21.9 percent; all other collections fell 30.9 percent; and refunds jumped 104.1 percent, according to the release.

The state’s fiscal 2017 began July 1.