State’s general revenue collections rise after August dip

After a decrease in August, Missouri’s September net general revenue collections grew 5.8 percent to $891.1 million.

The latest tally brings first-quarter fiscal 2017 collections to $2.2 billion, a 3.6 percent increase compared with $2.1 billion at the same time a year earlier, according to a news release. The state’s fiscal year began July 1.

Fiscal 2017 gross collections by tax type:
    •    Individual income tax collections moved up 4.6 percent to $1.6 billion.
    •    Sales and use tax collections ticked up 2.3 percent to $536.2 million.
    •    Corporate income and franchise tax collections fell 21.8 percent to $98.8 million.
    •    All other collections increased 2.6 percent to $94.5 million.
    •    Refunds decreased 12.3 percent to $128.9 million.

Compared with September 2015, last month’s individual income tax collections increased 3.1 percent; sales and use tax collections rose 9.4 percent; corporate income and franchise tax collections fell 19.2 percent; and all other collections climbed 90.2 percent. Refunds decreased by 19.5 percent, according to the release.