State revenue remains slightly ahead of last year

Missouri's general revenue collections are up nearly 2 percent compared to this time last year, but the state took in more money in January 2021 than it did in January 2022.

Missouri has collected $6.58 billion since July, the start of the current fiscal year. At this time last year, the state had collected $6.46 billion.

A month-to-month comparison of January, however, shows revenue declines nearing 13.5 percent.

State Budget Director Dan Haug released the latest figures Feb. 9 in his monthly revenue report.

The state added $882.1 million to its general revenue fund last month, which is down from the $1.02 billion it collected in January of last year.

The state's general revenue comparison to the previous year's data is also skewed as a result of changes to tax filing deadlines amid the COVID-19 pandemic.

By moving the April and June tax filing deadlines to July last year, the state collected revenue in a new fiscal year -- which then bolstered the 2021 fiscal year figures.

As a result, collections in some areas appear to be down compared to last year, Haug notes in the revenue report.

Missouri's general revenue budget is largely fueled by individual income taxes, sales and use taxes, corporate income taxes and other collections.

The state has taken in less in individual income taxes than it did by this time last year, decreasing by 3 percent from $4.81 billion to $4.67 billion. But a month-to-month comparison shows an increase of 4.8 percent.

The trend is reversed for sales and use taxes. The state has collected 15.6 percent more in sales and use taxes than it did at this time last year, from $1.39 billion to $1.6 billion. But collections in this area are down 97.4 percent for the month.

Haug notes, however, sales and use tax collections are artificially low as a result of a correction made to a distribution error last December.

Corporate income tax collections are up for the year and month. Collections were at $415.1 million last year and rose to $452.2 million so far this fiscal year. They are also up 1.8 percent for the month.

All other collections and refunds are down for the year and month.

The state's other general revenue collections are 1.5 percent lower than this time last year -- from $284.2 million to $279.9 million -- and down over 12 percent for January.

Refunds decreased by 3.3 percent for the year and more than 50 percent for the month.