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Missouri general revenue continues to outperform last year, November report says

  

Missouri’s net general revenue increased for the year by more than 23 percent last month compared to November 2019, according to the latest general revenue report released by State Budget Director Dan Haug Wednesday. 

The 2021 fiscal year has seen $4.53 billion in general revenue so far, compared to $3.68 billion reported at the same time last year. Net collections increased for the month by 14.5 percent — up from $708.5 million in November 2019 to $811 million last month.

Sales and use tax collections increased slightly more than 3 percent for the year, from $953 million last year to $983 million this year. It increased by 7 percent for the month. Corporate franchise tax and corporate collections increased 66 percent for the year, from $174 million last year to $289 million this year, and rose by 112 percent for the month. 

Individual income tax collections leapt by nearly 28 percent for the year, from $2.6 billion last year to more than $3 billion this year, and increased 5 percent for the month.

All other collections rose 23 percent for the year, from $156 million last year to $192 million this year, and soared nearly 165 percent for the month.

Refunds increased 25.5 percent for the year, from more than $276 million last year to nearly $347 million this year, but fell nearly 26 percent for the month.

Missouri saw strong increases in revenue collections at the beginning of the year, but revenue declined as many businesses closed their doors over the pandemic for nearly two months. May’s report found a drastic decrease of 22.5 percent from the previous year. 

Revenue numbers have since bounded back, with healthier numbers reported every month since June. A near 100 percent increase reported for July over the previous year, while last month saw a 23 percent increase over the same time in 2019.