State revenues bounce back in March

Missouri general revenue collections bounced back in March, with a 4.6 percent increase compared to a year ago and up from a slight decrease recorded in February.

Led by a 10 percent increase in corporate income and corporate franchise tax collections, March’s net general revenue collections exceeded $536 million, according to the state’s monthly revenue report. The figures pushed Missouri’s fiscal 2013 year-to-date tally to $5.48 billion, an 8.3 percent increase compared to the same time last year.

State Budget Director Linda Luebbering said in the report the state borrowed $175 million from the budget reserve fund for cash flow purposes in the general revenue fund, bringing the total borrowed to $375 million this fiscal year, which ends June 30. According to the state constitution, the funds must be repaid by May 15.

Fiscal 2013 year-to-date gross collections by tax type:

• Individual income tax collections increased 5.3 percent to $4.21 billion through March.
• Sales and use tax growth rose 0.8 percent to $1.41 billion.
• Corporate income and corporate franchise tax collections grew 4.3 percent to $315.8 million.
• All other collections increased 25.7 percent to $338.6 million; the category decreased 6.8 percent in March.
• Refunds declined 12.4 percent to $798.9 million.