State revenue dips in May, flat on year

With a decline in May, Missouri's fiscal year-to-date general revenue collections are roughly flat compared to the prior year.

Through May 31, collections totaled $7.32 billion, or 0.2 percent above $7.3 billion at the same time in fiscal 2013. May collections dropped by 3 percent - largely in sales and use taxes and corporate income taxes - to $614.4 million, according to a news release.

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

• Individual income tax collections decreased 0.7 percent to $5.78 billion from $5.82 billion at the same time in fiscal 2013.
• Sales and use tax collections rose 2 percent to $1.77 billion from $1.74 billion.
• Corporate income and franchise tax collections increased 5.3 percent to $449.7 million from $427.1 million.
• All other collections dropped 12.9 percent to $381 million from $437.2 million.
• Refunds fell 5 percent to $1.07 billion from $1.13 billion.

Compared to May 2013, last month's individual income tax collections increased 0.6 percent; sales and use tax collections decrease by 12 percent; corporate income and franchise tax collections fell by 28.5 percent; all other collections saw a 3 percent decrease; and refunds dropped by 7.7 percent, according to the release.[[In-content Ad]]