JEFFERSON CITY, Mo. — Missouri’s first general revenue report for fiscal year 2022 showed a marginal increase in revenue from this time last year.
The report, released by State Budget Director Dan Haug Wednesday, showed a 1.9 percent increase compared to January 2021 — with net general revenue collections hitting $6.58 billion this year from $6.46 billion last year.
Net general revenue collections have dropped by 13.4 percent compared to last year, from $1.02 billion to $882.1 million.
While individual income tax collections decreased 3.0 percent for the year (or from $4.81 billion to $4.67 billion) it increased 4.8 percent for the month.
Corporate income tax collections saw an increase of 8.9 percent for the year, going from $415.1 million to $452.2 million while also increasing by 1.8 percent for the month.
All other collections saw decreases, with a 1.5 percent for the year, from $284.2 million last year to $279.9 million, and a decrease of 12.1 percent for the month.
Refunds have also decreased, with 3.3 percent for the year, from $441.2 million to $426.4 million. Refunds saw a 50.1 percent drop for the month.
James Turner studies political science at the University of Missouri-St. Louis. Previously, he was a legislative intern for the Associated Students of the University of Missouri. James is a native of Ferguson, Missouri.