Net general revenue collections increased by nearly 100 percent in July compared to the same time in 2019, according to the recent general revenue report released by State Budget Director Dan Haug.
Collections increased by more than 96 percent compared to last July, from $588 million last year to $1.16 billion last month. The report noted increases in collections in every tax type but one.
Individual income tax collections increased by 121 percent according to the report, from $414 million last year to $915.6 million this year. Refunds increased by 98 percent for the year, from $51.6 million last year to $102 million. Corporate income saw a massive increase of 490 percent for the year, from $24 million last July to $141 million this year. Sales and use tax collections also increased slightly by a rate of 1 percent, from almost $180 million in July 2019 to over $181 million last month.
The report also found all other collections were down by 16 percent, from nearly $22 million last year to $18.4 percent this year.
Unemployment numbers are also down, with 10,829 initial claims filed last week and 14,804 filed the week before. Initial filings peaked this year at more than 104,000 the last week of June according to the Department of Labor and Industrial Relations (DOLIR).
Missouri saw strong increases in revenue collections at the beginning of the year, but revenue has declined as many businesses closed their doors over the COVID-19 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.
Read the full July general revenue report here.