State reports increases in monthly, yearly revenue collections

Missouri’s year-to-date net general revenue collections are up 1.3 percent through January compared to the same period in 2011, according to the January general revenue report released yesterday by state Budget Director Linda Luebbering.
 
Collections through January were $4.15 billion, up from $4.1 billion at the same time last year, according to a news release. The state’s fiscal year began in July.
 
Net general revenue collections for the month of January were up 2 percent to $658.5 million compared to January 2011, the release said.
 
The report also outlined trends for gross collections by tax type.

• Individual income tax collections were up 4.1 percent for the month and increased 2.5 percent to $3.04 billion year-to-date.
•  Sales and use tax collections were up 3.5 percent for the month and grew 2.4 percent to $1.08 billion year-to-date.
•  Corporate income and corporate franchise tax collections fell 13 percent in January and were down 10.8 percent to $235.8 million year-to-date.
•  All other collections dropped 24.6 percent in January and were down 23.1 percent to $188 million year-to-date.

The report also showed that refunds were up 6.3 percent for the month but down 8.9 percent year-to-date to $389.1 million.[[In-content Ad]]