Press "Enter" to skip to content

General revenue more than doubled in May compared to 2020, latest report says

  

JEFFERSON CITY, Mo. — Missouri’s net general revenue increased by more than 128 percent last month compared to last May, according to the latest general revenue report.

The report, released by State Budget Director Dan Haug Friday, depicted an increase from $533 million last year to $1.22 billion this year. Net general revenue also increased for the year from $8.06 billion last year to $10.02 billion this year. 

Individual income tax collections increased by more than 27 percent for the year, from $6.36 billion last year to $8 billion this year, and increased for the month by 92.5 percent. Sales and use tax collections increased 6.5 percent for the year from $2.08 billion in 2020 to more than $2.2 billion this year and rose by more than 20 percent for the month. 

Corporate income and corporate franchise tax collections also saw a substantial increase, rising by 63 percent for the year from $413 million in 2020 to $676 million this year. They also bounded up for the month by 147 percent, while all other collections increased 18 percent for the year, from $415.5 million last year to $490 million in 2021. They also saw a sizable increase for the month, rising by 113 percent. 

Refunds also increased by more than 21 percent for the year, from $1.2 billion last year to $1.46 billion this year. They saw a decrease of more than 24.5 percent for the month.

The state continued to see healthy numbers after record highs and lows were reported in 2020. April’s report showed an increase of 30 percent overall compared to the same time the previous year, while January, February, and March also showed steady revenue and continued economic recovery compared to the lows experienced last spring.