Missouri tax collections are on an upswing two months in a row.
A 9.1 percent increase in net general revenue collections during September comes on the heels of a 0.8 percent rise in August collections. The state collected $707.7 million in September, up from the $648.7 million collected the same month a year ago, State Budget Director Linda Luebbering said in a news release.
Fiscal 2011 net general revenue collections are up 2.6 percent to $1.75 billion year-to-date, compared to the first three months of fiscal 2010.
Additionally, collections are slightly above the administration's fiscal-year projections.
The governor's budget passed this spring predicted a 2.3 percent increase in tax collections during the first quarter of fiscal 2011. As of the end of September, the state has netted a 2.6 percent increase in revenue collections for the past three months.
The breakdown
- Individual income tax collections increased 1.5 percent during the quarter to $1.22 billion this year. The September increase was 1.1 percent.
- Sales and use tax collections decreased 1.8 percent year-to-date to $453.1 million this year. The September increase was 3.3 percent.
- Corporate income and corporate franchise tax collections increased 15.5 percent to $130.5 million this year. The September increase was 22.9 percent.
- All other collections increased 24 percent for the year to $126.6 million this year. The September increase was 31.4 percent.
- State refunds increased 4.4 percent in the quarter to $179.3 million this year. In September, refunds decreased 31.1 percent.
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