State’s tax collections rise as fiscal year nears end

As Missouri closes in on the end of its fiscal year on June 30, general revenue collections are on the rise.

Through May, collections totaled $8.1 billion, a 3.4 percent increase compared with $7.9 billion a year earlier, according to a news release.

Collections during the month of May were $727.7 million, a 12 percent boost from $649.6 million in the same month of 2015.

For the 11-month period ended May 31, Missouri’s fiscal 2016 gross collections by tax type:
    •    Individual income tax collections moved up 4.3 percent to $6.6 billion.
    •    Sales and use tax collections increased 5.3 percent to $1.9 billion.
    •    Corporate income and franchise tax collections dropped 15 percent to $395.5 million.
    •    All other collections ticked up 5.8 percent to $401.4 million.
    •    Refunds rose 4.6 percent to $1.2 billion.

Compared with May 2015, last month’s individual income tax collections were up 12.7 percent; sales and use tax collections rose 14.2 percent; corporate income and franchise tax collections fell 38.6 percent; all other collections jumped 52.3 percent; and refunds moved up 21.6 percent, according to the release.