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March general revenue increased over last year, latest report says

  

JEFFERSON CITY, Mo. — Missouri’s net general revenue collections increased for the year by more than 15 percent compared to the same time in 2020, according to the latest general revenue report from State Budget Director Dan Haug.

Net general revenue for the fiscal year so far rose by $1.05 billion for the year. Revenue saw a 10.6 decrease for the month — from $727 million in March 2020 to $650 million this year. 

Individual income tax collections rose more than 16 percent for the year — from more than $5.25 billion in 2020 to $6.15 billion this year. Income collections saw a similar increase of 16.3 percent for the month. 

Sales and use tax collections rose from $1.72 billion to $1.78 billion this year, an increase of 3.5 percent. It increased for the month by more than 7 percent.

Corporate income and franchise tax collections fell for the month by more than 15.5 percent but bounded up by more than 36.5 percent for the year — from $337 million in March 2020 to $461 million by last month. All other collections increased by more than 10 percent for the year — from $361 million to $398.6 million this year — and increased by 1.6 percent for the month. 

Refunds skyrocketed for the month, increasing more than 96 percent. They rose by 5 percent for the year — from nearly $898 million in 2020 to $943 million so far in 2021. 

Collections continue to improve over this time last year; while early 2020 saw healthy numbers, the COVID-19 pandemic led to near-record lows in the spring. After a near-100 percent increase over the previous year in July, numbers remained healthy through the end of the year and the first months of 2021.