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story.lead_photo.caption The Harry S. Truman State Office building in Jefferson City is seen on Friday, May 22, 2020. Photo by Liv Paggiarino / News Tribune.

Because of a shift in tax filing deadlines, Missouri's general revenue collections are seemingly low compared to collections from this time last year.

Total general revenue collections came in at $701.3 million for July, according to the July 2021 General revenue report released Tuesday.

The state reported net general revenue collections for July of last year totaling $1.16 billion.

A comparison between the two years indicates a revenue decrease of 39.3 percent, but that figure is skewed because the 2020 income tax filing deadlines in April and June were extended to July 15, 2020, creating a significant increase in revenue collections during the 2021 fiscal year.

As a result, individual income tax collections for July 2021 decreased 47.5 percent from last year — from $915.6 million last year to $480.5 million so far in fiscal year 2022.

Additionally, corporate income and franchise tax collections decreased by 67.6 percent — from $141.8 million last year to $46 million this fiscal year.

State refunds, however, also decreased by 44 percent, going from $102.2 million last year to $57.2 million in the current fiscal year.

Missouri did see some increases in collections, according to the report.

Sales and use tax collections increased 16.9 percent from $181.8 million last year to $212.5 million so far this fiscal year.

All other collections also increased by just 6.2 percent, climbing from $18.4 million last year to $19.5 million so far this fiscal year.

Comparison data between the current fiscal year and the 2021 fiscal year will continue to be skewed throughout the year as a result of the extended tax filing deadlines, the report states.

 

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