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General revenue remained healthy through the end of 2020, December report says

  

Missouri’s net general revenue collection increased by more than 20 percent for the fiscal year in December, continuing to outperform 2019 through the last month of the year according to the latest general revenue report.

FY 2021 has seen $5.44 billion in general revenue collections so far, compared to the $4.53 billion collected by the same time in 2019. Net collections increased for the month as well, leaping from $851 million in December 2019 to $904 million for an increase of more than 6 percent.

Individual income tax collections rose 23 percent for the year, from $3.26 billion last year to $4.02 billion this year, and saw a 2 percent increase for the month. Sales and use tax collections increased by more than 3.5 percent for the year, from $1.14 billion last year to $1.19 billion this year. Collections increased for the month by nearly 6 percent.

Corporate income and franchise tax collections soared for the year by 36 percent, from $269.6 million in 2019 to $366.7 million in 2020, but fell by nearly 19 percent for the month. All other collections also saw an increase for the year, jumping nearly 16 percent from $222 million in 2019 to $258 million this year, while decreasing for the month by 1 percent. 

Refunds increased 6 percent for the year, from $367.4 million last year to $389.2 million this year, but sank for the month by more than 53 percent. 

After a strong start to 2020, the state saw a substantial decrease in general revenue collections from March through June as businesses shuttered and unemployment due to the COVID-19 pandemic

After reporting nearly a 100 percent increase over the previous year in July, Missouri’s numbers continued to bound back for the rest of the year.