JEFFERSON CITY, Mo. — Missouri’s general revenue collections continued to increase in February after a volatile 2020, according to the latest general revenue report from Budget Director Dan Haug.
“Thanks to our balanced approach, Missouri’s economy continues to come back strong and we are optimistic about the coming weeks and months,” Gov. Mike Parson told reporters Thursday.
Net general revenue collections for February 2021 increased more than 8 percent compared to those for February 2020, from $685 million last year to $740 million this year. Net general revenue collections for the 2021 fiscal year-to-date saw an 18.5 percent increase over February 2020, from $6 billion last year to $7.2 billion this year.
Individual income tax collections also increased by 16.5 percent for the year, from $4.67 billion last year to $5.44 billion this year, though it decreased by more than 11 percent for the month. Sales and use tax collections rose by 3 percent for the year, from $1.55 billion last year to $1.60 billion this year, and decreased 5.7 percent for the month.
Additionally, corporate income and franchise tax collections rose 43.7 percent for the year, from nearly $298 million last year to just under $428 million this year and rising by almost 65 percent for the month. All other collections increased 13.5 percent for the year, from $264 million last year to $300 million this year, while decreasing for the month by 6 percent.
Refunds fell for the year by almost 20 percent, from $706 million last year to $567 million this year, and decreased 53.4 percent for the month.
The state reported strong revenue collections at the beginning of 2020, but the economic downturn from the COVID-19 pandemic led to near-record lows in March. Collections bounced back after a near-100 percent increase over the previous year in July and remained healthy through the rest of the year.
Parson recently released the remaining $280 million in general revenue funds that had been restricted for the fiscal year due to the pandemic.