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General revenue collections continued to increase in April, latest report says

  

JEFFERSON CITY, Mo. — Missouri’s net general revenue collections for April soared by more than 30 percent compared to the same time last year, according to the latest general revenue report. 

The report, released Tuesday by State Budget Director Dan Haug, found a 31.4 percent increase over last April’s numbers, leaping from $725 million last year to nearly $953 million. Collections saw an increase for the fiscal year to date as well by nearly 17 percent, from $7.5 billion to $8.8 billion. 

Individual income tax collections increased 21 percent for the year, from $5.8 billion last year to $7 billion in 2021, and rose for the month by 68 percent. Sales and use tax collections increased 5 percent for the year from $1.8 billion to $1.9 billion this year, and rose 21 percent for the month.

Corporate income and corporate franchise tax collections also increased for the year, rising by nearly 58 percent from $385 million last year to slightly less than $609 million this year. Collections for the month also increased substantially, bounding up by nearly 205 percent. 

All other collections increased 13.6 percent for the year, from $397 million last year to $451 million this year. They saw an increase of 47 percent for the month, while refunds increased more than 770 percent for the month and 35 percent for the year, from $934 million last year to $1.26 billion this year.

General revenue collections have remained healthy through the first quarter of the year, rebounding after a turbulent 2020

The state’s coffers have been a frequent topic as the legislative session nears its end; both chambers have passed a $34 billion budget for the 2022 fiscal year, with final conferences taking place this week before the budget deadline hits Friday.