State’s tax revenue rises through January

Missouri’s general revenue collections rose through January despite a big drop in corporate and franchise taxes.

For fiscal 2017 through January, collections increased 3 percent to $5.1 billion. Collections during the month of January were $848.1 million, a 7.1 percent improvement, according to a news release.

Fiscal 2017 gross collections by tax type:
    •    Individual income tax collections moved up 3.6 percent to $3.9 billion.
    •    Sales and use tax collections increased 3.3 percent to $1.24 billion.
    •    Corporate income and franchise tax collections fell 28.9 percent to $193.1 million.
    •    All other collections rose 19.2 percent to $243.2 million.
    •    Refunds dipped 3.1 percent to $425.4 million.

Compared with January 2016, last month’s individual income tax collections ticked up 3.9 percent; sales and use tax collections jumped 16.2 percent; corporate income and franchise tax collections decreased 50.5 percent; and all other collections rose 41.8 percent. Refunds dropped by 9.3 percent, according to the release.

In 2011, a Missouri law starting phasing out the corporate franchise tax, according to the St. Louis Post-Dispatch.

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