State improves fiscal tax collections by 3%

Missouri’s net general revenue collections in October brought the state’s fiscal year total up 3.4 percent to $2.8 billion.

October collections rose 2.9 percent to $585.1 million from $568.6 million a year earlier, according to a news release.

For the state’s fiscal 2017 that began July 1, gross collections by tax type:
    •    Individual income tax collections increased 5 percent to $2.1 billion.
    •    Sales and use tax collections ticked up 2.2 percent to $691.3 million.
    •    Corporate income and franchise tax collections fell 24.3 percent to $110.3 million.
    •    All other collections rose 16.2 percent to $125.5 million.
    •    Refunds moved up 1.4 percent to $222.9 million.

Compared with October 2015, last month’s individual income tax collections increased by 6 percent; sales and use tax collections improved by 1.6 percent; corporate income and franchise tax collections dropped 41 percent; and all other collections jumped 95.6 percent. Refunds rose 29 percent, according to the release.

During October, the Office of Administration borrowed $150 million from the state’s budget reserve fund for cash-flow purposes. The funds are due to be repaid by the May 15 constitutional deadline.