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State’s general revenue continued growth in June

by Cameron Gerber | July 9, 2022 at 4:00 a.m.

The Show-Me State brought in $1.47 billion in taxes in June, bringing the total collections for the 2022 fiscal year up to $12.88 billion.

These collections are a sizable increase compared to last year's: June's collections were 20.5 percent higher than the same month last year, while the state's total intake for the year is 14.6 percent higher than it was at this point in fiscal year 2021. This fiscal year began in July 2021, bringing the state to the end of its latest financial cycle.

The data was released this week as part of State Budget Director Dan Haug's monthly general revenue report. The state's general revenue budget is mainly fueled by individual and corporate income taxes, sales and use taxes and other types of collections.

Individual income taxes have amounted to $9.97 billion so far this year, an 11.8 percent increase compared to last year's $8.92 billion. They increased by 25.6 percent compared to May's collections.

Sales and use taxes rose to $2.75 billion so far this fiscal year, an increase of 13.1 percent compared to $2.43 billion in fiscal year 2021. It saw a smaller increase of 6.6 percent for the month.

Corporate income and franchise tax collections rose by 14.1 percent for the year, from $797.1 million in fiscal year 2021 t0 $909.7 million this year. Corporate collections also soared for the month, outdoing May by more than 55 percent.

All other collections, meanwhile, increased slightly for the year by 2.8 percent, rising from $593.5 million last year to $610 million so far this fiscal year. Despite a year-over-year increase, it dropped for the month by 4.7 percent.

Refunds decreased by 9.3 percent for the month, dipping from $1.50 billion in fiscal year 2021 to $1.36 billion so far this year. They bounded up by nearly 106 percent compared to May, however.

While the statistics showed mostly ample growth compared to the last fiscal year, Haug noted that shifting tax deadlines amid the COVID-19 pandemic had an impact on year-to-year comparisons for 2021 and 2022: The 2020 income tax filing deadlines, originally set for April and June, were moved to July, while the April 2021 deadline was moved to May 2021.

June was the final month for the state to bring in new revenue for the fiscal year; fiscal year 2023 began July 1.

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