Today's Edition Local Missouri National World Opinion Obits Sports GoMidMo Events Classifieds Newsletters Contests Special Sections Jobs
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.


COMMENTS - It looks like you're using Internet Explorer, which isn't compatible with our commenting system. You can join the discussion by using another browser, like Firefox or Google Chrome.
It looks like you're using Microsoft Edge. Our commenting system is more compatible with Firefox and Google Chrome.
/** **/