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Revenue collections up 2.1 percent so far from 2018

   

Despite lagging figures earlier in the year, general revenue collections closed out May up 2.1 percent year-to-date compared to 2018.

On Wednesday, State Budget Director Dan Haug released the updated numbers for net general revenue collections. Figures for 2019 fiscal year-to-date increased 2.1 percent compared to May 2018, from $8.53 billion last year to $8.71 billion this year.

Though, May alone did not put up the same figures as last year. Collections for May 2019 decreased 5.7 percent compared to those for May 2018, from $729.5 million last year to $688.2 million this year.

Revenue figures lagged behind projections at the beginning of the year. Net general revenue collections for 2019 fiscal year-to-date were down 4.3 percent compared to March 2018, which was an improvement from the 7 percent year-to-date decrease for January.

Roughly 340 complaints have been made by Missourians waiting for their tax refund from the state, Missourinet reports. Under Missouri law, the Department of Revenue must issue refunds within 45 days of receiving the tax information.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Decreased 1.3 percent for the year, from $7.09 billion last year to $7.00 billion this year
  • Decreased 14.5 percent for the month

Sales and use tax collections

  • Increased 3.3 percent for the year, from $2.00 billion last year to $2.06 billion this year
  • Increased 7.3 percent for the month

Corporate income and corporate franchise tax collections

  • Increased 17.4 percent for the year, from $380.4 million last year to $446.6 million this year
  • Decreased 52.2 percent for the month

All other collections

  • Increased 0.2 percent for the year, from $432.4 million last year to $433.4 million this year
  • Decreased 24.6 percent for the month

Refunds

  • Decreased 9.9 percent for the year, from $1.36 billion last year to $1.23 billion this year.
  • Decreased 29.4 percent for the month

The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.