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Missouri general revenue continues to rebound in new year, January report says

  

Missouri’s net general revenue for January increased by more than 18 percent over the same time last year, according to State Budget Director Dan Haug’s latest general revenue report. 

Last month saw $1.02 billion in collections, while $860 million was reported for January 2020. Collections for the 2021 fiscal year-to-date were also up, having leaped up to $6.46 billion, an increase of nearly 20 compared to last year.

Individual income tax collections rose by more than 21 percent for the year, from less than $4 billion last year to $4.81 billion this year. Collections also increased for the month by more than 13 percent. 

Corporate income and corporate franchise tax collections saw an increase of 43 percent for the year, from $290 million last year to more than $415 million this year. Collections increased by nearly 137 percent last month. 

Sales and use tax collections increased 4.6 percent for the year, from $1.33 billion last year to $1.39 billion this year. They also increased for the month by more than 10.5 percent for the month.

Refunds increased by 1.3 percent for the year, from $435 million last year to $441 million this year. Refunds saw a substantial decrease by the month, dipping by nearly 24 percent compared to December. All other collections rose by just under 15 percent for the year, from $247.5 million last year to more than $284 million this year, and saw an increase of nearly 6 percent for the month. 

The general revenue for 2020 saw near-record highs and lows throughout the year. Last January’s report cited healthy increases over the previous year, but revenue dropped dramatically as COVID-19 shuttered businesses and unemployment skyrocketed in March.

Since a near-100 percent increase over the previous year in July, revenue numbers continued to bound back for the remainder of the year.