State government rakes in $466M in February

Missouri raked in $466.1 million in tax revenue last month, bringing the year-to-date total up to $5.04 billion.

The February total compares favorably to the same month a year earlier, when the government brought in $397.2 million. Through February, fiscal 2014 net general revenue collections are up 2 percent, compared to $4.94 billion at the same time in the prior fiscal year, according to a news release.

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

• Individual income tax collections rose 2.5 percent to $3.8 billion from $3.71 billion at the same time last fiscal year.
• Sales and use tax collections increased 4.1 percent to $1.31 billion from $1.26 billion.
• Corporate income and franchise tax collections jumped 14.1 percent to $286.7 million from $251.2 million.
• All other collections decreased 20.7 percent to $224.6 million from $283.3 million.
• Refunds saw an increase of 3.9 percent, to $586.6 million from $564.8 million.

Compared to February 2013, last month's individual income tax collections rose 6.6 percent; sales and use tax collections increased 7 percent; corporate income and franchise tax collections fell 34.2 percent; all other collections decreased 4.4 percent; and refunds dropped 10.9 percent, according to the release.