JEFFERSON CITY, Mo. — Net general revenue collections for last month increased more than 40 percent compared to those for June 2020, according to State Budget Director Dan Haug’s latest general revenue report.
Net collections increased from $871 million last year to $1.22 billion for the year. Collections for the 2021 fiscal year-to-date rose nearly 26 percent compared to June 2020, from almost $9 billion last year to $11.24 billion this year.
Individual income tax collections increased 28 percent for the year, from $6.95 billion last year to $8.92 billion this year, and increased 37 percent for the month. Sales and use tax collections also saw a slight increase, rising almost 7 percent for the year from $2.28 billion in 2020 to $2.43 billion in 2021 and just less than 9 percent for the month.
Corporate income and corporate franchise tax collections increased 72 percent for the year, from $463 million last year to $797 million this year, and bounded up by 141 percent for the month.
All other collections increased 13 percent for the year, from nearly $525 million last year to $593.5 million this year, and decreased 5.5 percent for the month. Refunds rose more than 16 percent for the year, from $1.28 billion last year to $1.50 billion this year, and sank by nearly 60 percent for the month.
The state closed out the 2021 fiscal year in a healthier position than last year; revenue fell drastically last March as the COVID-19 pandemic gripped the country, and revenue remained low before rebounding by the end of the fiscal year.
Gov. Mike Parson has extensively touted the state’s economic recovery this year. Of the state’s $35 billion budget recently approved by the chief executive, $10.5 billion comes from general revenue.
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.
