State general revenue collections rise to $2.5B

With a $530.9 million boost in October, Missouri's general revenue collections have increased 2.5 percent year-to-date to $2.48 billion in fiscal 2014.

Through October of fiscal 2013, collections were $2.42 billion, according to a news release. The state's fiscal year began July 1.

Fiscal 2014 year-to-date collections by tax type:

• Individual income tax collections increased 3.8 percent to $1.74 billion through October, compared to $1.68 billion at the same time last fiscal year.
• Sales and use tax collections rose 4.4 percent to $644.8 million from $617.5 million.
• Corporate income and franchise tax collections jumped 26.4 percent to $164.3 million from $129.9 million.
• All other collections dropped 37 percent to $104.3 million from $165.7 million.
• Refunds moved up 2.1 percent to $171.7 million from $168.1 million.

Compared to October 2012, last month's individual income tax collections increased 3.9 percent; sales and use tax collections rose 2.2 percent; corporate income and franchise tax collections bumped up 18 percent; all other collections decreased 59.8 percent; and refunds fell 4.3 percent, according to the release.