State revenue collections rise by $220M

For the month, collections also were up – by 4.7 percent – to $403.7 million.

Individual income tax collections, which make up the majority of net collections, saw the largest increase of 5.7 percent for the year, to $3.31 billion. They were up 7.2 percent for February.

Sales-and-use tax collections increased by a smaller margin at 2.4 percent for the year, coming in at $1.36 billion. However, those collections fell 8.7 percent for the month.

Corporate income and corporate franchise tax collections declined as well. They were down 6.4 percent for the year to $310.9 million and down 1 percent for the month.

All other collections increased 1.4 percent for the year to $272.6 million and increased 27.8 percent for the month.

February was the biggest month for individual refunds in Missouri’s history. Though they were down 3.7 percent for the year-to-date at $594.3 million, a record $218 million was refunded for the month, an increase of 1 percent.