State’s October tax collections nudge fiscal year forward

Nudged by a small increase in October, Missouri’s fiscal year-to-date net general revenue collections rose roughly 3 percent to $2.7 billion.

Last month’s collections were $568.6 million, a nearly 1 percent increase from $563 million a year earlier, according to a news release from the state’s Office of Administration.

Fiscal 2016 gross collections by tax type:
    •    Sales and use tax collections moved up 1.6 percent to $676.6 million through October for the year started July 1.
    •    Individual income tax collections rose 6.2 percent to $2 billion.
    •    Corporate income and franchise tax collections declined by 9.4 percent to $145.7 million.
    •    All other collections increased 2.9 percent to $108 million.
    •    Refunds jumped 18.2 percent to $219.7 million.

Compared to October 2014, last month’s sales and use tax collections inched down by 0.4 percent; individual income tax collections increased 6.3 percent; corporate income and franchise tax collections fell 34.7 percent; all other collections grew 7.8 percent; and refunds moved up 18.9 percent, according to the release.