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Missouri general revenue continues to climb, September report says

Missouri’s general revenue for September increased 3 percent over the same time last year, according to the latest general revenue report released Monday.

The state collected $944.5 million in general revenue last month, up from $917.3 million last September. Additionally, the report showed a notable increase in net general revenue collections for the fiscal year so far at $3.09 billion, up nearly 39 percent from the $2.31 billion reported in September 2019.

Sales and use tax collections increased for the year by nearly 3 percent with almost $600 million collected in 2020 over last year’s $584 million. Collections increased by 10 percent for the month.

Individual income tax collections increased by 47 percent compared to last year with $2.35 billion coming in this year over last September’s $1.6 billion. Collections increased by just under 1 percent for the month. 

Corporate income and franchise tax collections also saw a substantial increase over last year with $235 million collected this year, surpassing 2019’s $138 million by nearly 70 percent. Corporate tax collections decreased for the month by 16 percent. 

All other collections reportedly increased by 34 percent for the month, but sank by 5 percent for the year, from $118 million in 2019 to $112 million in 2020. 

Refunds increased for the year as well, jumping by 58 percent from $128 million in 2019 to $204 million this year. Refunds decreased for the month by just over 3 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 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, and July’s saw a near 100 percent increase from the previous year. August’s report saw continued increases across the board.