With $8.29 billion amassed so far this fiscal year, Missouri's general revenue collections are almost half a billion more than they were this time last year.
The state is outpacing last year's collections by 5.6 percent, according to the latest general revenue figures released Tuesday by State Budget Director Dan Haug. Missouri had collected $7.85 billion by this time last year.
The additional $440 million in collections so far this fiscal year was heavily supported by revenue intake in March.
The state took in $926.9 million in March, which is more than 42 percent higher than the $650.2 million it collected in March 2021, according to Haug's report.
The 2022 figures are higher than collections last year despite bolstered 2021 collections created by changes to tax filing deadlines amid the COVID-19 pandemic.
By moving the April and June tax filing deadlines to July, the state collected revenue in a new fiscal year, which artificially increased the 2021 fiscal year figures.
Missouri's general revenue budget is largely fueled by individual income taxes, sales and use taxes, and corporate income taxes, among other collections.
Individual income tax collections are 1.2 percent higher than last year. The state collected $6.15 billion by this time last year and $6.22 billion so far this year. In a month-to-month comparison of March 2021 to March 2022, individual income tax collections are up 16.6 percent.
Sales and use tax collections are also up for the month and year. The state took in $1.78 billion last year and $2.05 billion so far this fiscal year -- an increase of more than 15 percent. State sales and use tax income increased 27.3 percent for the month.
The state has also collected 11 percent more in corporate income and franchise taxes so far this year. The state took in $461.1 million last year and $511.9 million so far this year. Corporate tax income in March was 28.4 percent higher than it was in March of last year.
All other general revenue collections are down 0.7 percent for the year and 2.5 percent for the month. The state took in $398.6 million in other revenue collections by this time last year, which is slightly more than the $395.9 million it has racked up in fiscal year 2022.
State refunds are also down, however. The state issued 26.9 percent less in refunds in March than it did in March 2021 and has issued 5.1 percent less so far this fiscal year. Missouri had $943 million in refunds by this time last year and $895.3 million so far this year.
With a new state fiscal year beginning every July 1, the state is nearing the final stretch of the current fiscal year.