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Parson credits investment in workforce development, infrastructure for October revenue results

  

Revenue collections in October 2019 increased 10.2 percent from last year, according to figures released Wednesday from the Governor’s Office. 

Net general revenue collections grew to $659.6 million this year from $598.4 million in 2018. 

Overall, net general revenue collections for the 2019 fiscal year-to-date have increased 7.3 percent compared to October 2018: $2.97 billion in 2019 from $2.77 billion last year, according to Missouri Budget Director Dan Haug. 

Haug told The Missouri Times last month net general revenue collections increased 6.5 percent compared to 2018. He said he hoped this trend is “our new normal.” 

“Fiscal responsibility has always been critically important to our administration, and this month’s General Revenue Report is a reflection of Missouri’s strong fiscal health, growing economy, and ability to live within our means,” Gov. Mike Parson said. “We put a major focus on investing in workforce development and infrastructure this year, and the results have been historic.” 

“With next year just around the corner, we will continue to invest in these areas, move our economy forward, and make sure we are financially prepared for the unexpected,” the Republican governor said. 

Gross collections by tax type

Individual income tax collections

  • Increased 3.3 percent for the year, from $2.06 billion last year to $2.12 billion this year
  • Increased 7.6 percent for the month

Sales and use tax collections

  • Increased 5.2 percent for the year, from $719.8 million last year to $757.4 million this year
  • Increased 1.1 percent for the month

Corporate income and corporate franchise tax collections

  • Increased 28.6 percent for the year, from $130.9 million last year to $168.4 million this year
  • Increased 39.0 percent for the month

All other collections

  • Increased 4.6 percent for the year, from $127.9 million last year to $133.7 million this year
  • Decreased 12.9 percent for the month

Refunds

  • Decreased 20.6 percent for the year, from $267.1 million last year to $212.2 million this year
  • Decreased 16.4 percent for the month