State’s fiscal tax collections move up

Despite a decrease during April, Missouri’s fiscal 2016 general revenue collections improved 2.7 percent through last month.

Through April, collections totaled $7.4 billion, up from $7.2 billion a year earlier, according to a news release.

During April, collections were $1.2 billion, a 4.6 percent decrease from $1.3 billion a year earlier.

For the 10-month period ended April 30, fiscal 2016 gross collections by tax type:
    •    Individual income tax collections increased 3.6 percent to $6 billion.
    •    Sales and use tax collections moved up 4.4 percent to $1.7 billion.
    •    Corporate income and franchise tax collections fell 13.8 percent to $381.4 million.
    •    All other collections ticked up 0.4 percent to $341.5 million.
    •    Refunds rose 2.5 percent to $1 billion.

Compared to April 2015, last month’s individual income tax collections decreased 4.5 percent; sales and use tax collections increased 4 percent; corporate income and franchise tax collections dropped 20.7 percent; all other collections moved down 15 percent; and refunds fell 7.5 percent.

The state’s Office of Administration repaid $475 million it borrowed from the budget reserve fund for cash-flow purposes ahead of the May 15 constitutional deadline, according to the release.