State ends fiscal year with tax collection bump

Missouri ended fiscal 2013 with a 10.1 percent increase in general revenue collections.

During the fiscal year ending June 30, the state collected $8.08 billion, up from $7.34 billion a year before, according to a news release.

The year was capped by a 7.2 percent increase in June, led by corporate income and franchise tax collections. General revenue collections totaled $781.5 million last month, compared to $729.2 million in June 2012.

Fiscal 2013 gross collections by tax type:

• Individual income tax collections rose 9 percent to $6.37 billion during the year, up from $5.84 billion in fiscal 2012.
• Sales and use tax collections increased 1.3 percent to $1.9 billion from $1.87 billion.
• Corporate income and franchise tax collections bumped up by 4.5 percent to $525.7 million from $502.9 million.
• All other collections jumped 18.2 percent to $470.9 million from $398.4 million.
• Refunds decreased 7.8 percent to $1.18 billion from $1.28 billion.

Compared to the same month a year ago, June individual income tax collections increased 5.6 percent; sales and use tax collections decreased 1.1 percent; corporate income and franchise tax collections rose 11.1 percent; all other collections dropped 34.1 percent; and refunds decreased 38 percent, according to the release.