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State general revenue collections remain up

by Ryan Pivoney | March 8, 2022 at 4:00 a.m.

With $7.36 billion in the coffers so far, Missouri's general revenue collections for the current fiscal year remain higher than last year's collections.

The state's net general revenue collections are up 2.2 percent compared to this time last year, State Budget Director Dan Haug announced Thursday. Missouri had raked in $7.20 billion by the end of February 2021.

State collections in February were 5.4 percent higher than February of last year. The state took in $781 million last month and $740.7 million in February 2021.

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

By moving the April and June tax filing deadlines to July, 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 as 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, and corporate income taxes, among other collections.

Individual income tax collections increased 15.7 percent for the month, but are 0.8 percent lower than last year's collections at this time. Income tax collections reached $5.44 billion through February last year and $5.39 billion this year.

Collections from state sales and use taxes are up 13.6 percent for the year and 0.7 percent for the month. Sales and use taxes accounted for $1.6 billion in collections at this time last year and more than $1.8 billion this year.

Corporate income and franchise tax collections are also up for the month and year. Corporate tax collections have increased 33.6 percent in a month-to-month comparison of February and 9.7 percent so far this year -- from $427.8 million last year to $469.1 million this year.

All other kinds of collections are up 25.3 percent for the month but down slightly for the year. The state has collected $300.2 million so far this year, which is less than the $300.4 million it took in by this time last year.

State refunds have also increased for the month and year. The state refunded $567.4 million through February 2021 and $620.8 million so far this year -- an increase of 9.4 percent. A comparison of refunds in February alone shows an increase of 54.1 percent.

With a new state fiscal year beginning every July 1, the state is more than two-thirds the way through its current fiscal year.

Print Headline: State general revenue collections remain up


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