State tax collections up 6.3 percent

Net general revenue collections in Missouri for the month of May increased 6.3 percent to $618.1 million compared to $581.4 million during the same month last year, according to the general revenue report issued June 4 by State Budget Director Linda Luebbering.

Year-to-date collections in fiscal 2012 are up 3.4 percent to $6.61 billion, from $6.39 billion during the first 11 months of the previous fiscal year, according to the report. The state's fiscal year starts in July and ends in June.

Other highlights of the report include:

• Individual tax collections increased 3.4 percent for the fiscal year to $5.33 billion in fiscal 2012, from $5.15 billion in fiscal 2011. Individual tax collections were up 10 percent for May compared to May 2011.

• Fiscal 2012 sales and use tax collections were $1.71 billion, an increase of 4.7 percent from $1.64 billion during the same period in fiscal 2011. May collections jumped 12.7 percent compared to May 2011.

• Corporate income and corporate franchise tax collections fell 9.9 percent for the fiscal year to $414.1 million from $459.5 million during the same period last year, and by 49.4 percent for the month.

• Year-to-date refunds fell to $1.19 billion from $1.28 billion, a decrease of 7.1 percent. May refunds increased 1.7 percent compared to May 2011.

• All other collections dropped 18.8 percent for the fiscal year to $347.4 million from $427.6 million. All other collections in May declined 10.2 percent compared to the same month last year.