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.
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.
