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May 2020 general revenue report shows drastic decreases in 1 year span

JEFFERSON CITY, Mo. — Missouri’s general revenue report for May showed drastic decreases in revenue from this time last year. 

The report, released by State Budget Director Dan Haug Friday, showed a 22.5 percent decrease in general revenue collections compared to May 2019, or a drop from $688.2 million to $533.5 million. 

Net general revenue collections for the year also dipped by 7.4 percent compared to last year, from $8.70 billion to $8.06 billion. 

Tax collections also saw changes, with individual income tax collections decreasing by 3.1 percent for the month and 9.1 percent for the year, from $7 billion last year to $6.36 billion this year. Sales and use tax collections decreased by 10.3 percent for the month but saw an increase of 1 percent for the year, increasing from $2.06 billion to $2.08 billion this year. 

Corporate income and franchise tax collections saw an increase of 137.4 percent for the month, while also decreasing for the year by 7.5 percent from $446.6 million last year to $412.9 million this year. 

All other collections decreased by 35.1 percent for the month and by 4.1 percent for the year, from $433.4 million last year to $415.5 million this year. Refunds have decreased for the year by 2.1 percent from $1.23 billion last year to $1.20 billion, but have increased by 79.3 percent for the month. 

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. Phase one of Gov. Mike Parson’s reopening plan allowed businesses to return to operation at the beginning of May. It remains in effect through June 15. 

EDITOR’S NOTE: For up-to-date information on coronavirus, check with the CDC and DHSS.