Net general revenue increased for the 2021 fiscal year by more than 23 percent last month compared to October 2019, according to the October general revenue report.
This year has seen $3.7 billion so far, while the same time last year saw $2.9 billion.
Individual income tax collections increased by more than 33 percent for the year, from $2.12 billion last year to $2.84 billion in 2020, but decreased from more than $524 million to $490 million for the month, a 6.5 percent drop.
Sales and use tax increased just over 2 percent for the year, rising from $757 million last year to $773 million in 2020. It also saw a .1 percent increase for the month, jumping from $173.7 million to just below $174 million.
Corporate income and corporate franchise tax collections increased just under 65 percent for the year, from $168 million last year to $277 million for 2020. They increased 43 percent for the month, from $29.6 million to more than $42.4 million.
All other collections saw a decrease of 0.8 percent for the year, from $133 million last year to $132 million this year. They increased 35 percent for the month, from $15 million to nearly $20.7 million
Refunds increased by 41 percent for the fiscal year, from $212 million last year to $299 million this year. They increased for the month by 14 percent.
Missouri saw strong increases in revenue collections at the beginning of the year, but revenue declined as many businesses closed their doors over the pandemic for nearly two months. May’s report found a drastic decrease of 22.5 percent from the previous year.
The June report indicated a 1 percent increase compared to the same time the year before, and July’s saw a near 100 percent increase from the previous year. August’s report saw continued increases across the board, while September saw a 3 percent increase over the previous year.
Cameron Gerber studied journalism at Lincoln University. Prior to Lincoln, he earned an associate’s degree from State Fair Community College. Cameron is a native of Eldon, Missouri.
Contact Cameron at cameron@themissouritimes.com.
