JEFFERSON CITY, Mo. -- The state of Missouri raked in $1.78 billion in taxes in May, bringing total collections for the 2022 fiscal year to $11.41 billion.
State tax collections in May furthered Missouri's ballooning revenue income, which reached a historic level last year. The $1.78 billion collected in May is over 46 percent more than the $1.22 billion the state took in during May of last year.
Net tax collections so far in the 2022 fiscal year, which began July 1, 2021, are 13.9 percent higher than they were at this time in the 2021 fiscal year, when tax accumulations reached $10.02 billion.
State Budget Director Dan Haug announced Missouri's May tax collections on June 3 as part of his regular monthly reports.
Missouri's general revenue budget is largely fueled by individual income taxes, sales and use taxes and corporate income taxes, among other collections.
In his report, Haug said comparisons between fiscal years 2021 and 2022 are impacted by changes to tax filing deadlines amid the COVID-19 pandemic. The 2020 income tax filing deadlines in April and June were moved to July and the April 2021 deadline was moved to May 2021.
Individual income tax collections are up 10.5 percent for the year -- from $8.10 billion collected by this time last fiscal year to $8.95 billion so far this fiscal year. In a month-to-month comparison between May 2021 and May 2022, individual income tax collections increased more than 45 percent.
Sales and use tax collections are following a similar pattern, reaching $2.52 billion through May. Revenue from sales and use taxes are up 13.7 percent compared to this time last year, when the state took in $2.22 billion. Compared to last May, state sales and use tax income is up 3.4 percent.
State revenue from corporate income and franchise taxes is up 6.8 percent for the year, but down more than 20 percent in a month-to-month comparison of May. The state collected $676 million in corporate taxes by the end of May last year and $721.7 million so far this year.
All other tax collections have increased 4.4 percent compared to last year and 32 percent compared to last May. The state has received $511.7 million in other taxes so far this fiscal year and $490.2 million in other taxes by this time last year.
State revenue is aided by tax refunds being down for the year and month. State tax refunds totaled $1.29 billion by the end of May, which is down 11.8 percent from last year's $1.46 billion at this time. In a month-to-month comparison with May 2021, refunds decreased 33.7 percent in May 2022.
June is the state's final month to collect revenue in the 2022 fiscal year. The 2023 fiscal year begins July 1.