State revenue collections drop in October

Missouri's net general revenue collections dropped 1.3 percent in October to $470.1 million, compared to $476.4 million in the same month last year.

At $2.25 billion, year-to-date revenue collections are still up from a year ago by 1.2 percent, according to a Missouri Department of Revenue news release.

Fiscal 2012 gross revenue collections by tax type:

• Individual income tax collections have risen 2.5 percent to $1.63 billion from $1.59 billion at the same time last year.
• Sales and use tax collections have increased by 5.5 percent to $601.3 million from $570.2 million.
• Corporate income and corporate franchise tax collections have dropped 16.8 percent to $127.7 million, compared to $153.5 million.
• All other collections have decreased 17.5 percent to $123.3 million from $149.6 million.
• Refunds have fallen 3.3 percent to $224.4 million from $232 million.

According to the release, in October, individual income tax collections increased by 3.6 percent; sales and use tax collections improved by 14.6 percent; corporate income and corporate franchise tax collections rose 4.6 percent; and refunds jumped 60.7 percent. All other collections have decreased by 24.4 percent compared to the same month last year.[[In-content Ad]]