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Missouri general revenue sees increase at start of 2020

  

JEFFERSON CITY, Mo. — Missouri’s net general revenue collections in January were up by 7.4 percent, the state budget director announced Thursday. 

The collections increased to $860.7 million in January 2020 from $801.2 million in January 2019. The net general revenue collections for the 2020 fiscal year-to-date is up from $5.11 billion to $5.39 billion, a 5.5 percent increase from the same time last year.

Individual income tax collections went up by 6.2 percent for the year — from $3.73 billion to $3.96 billion — and saw an 11.7 percent increase for the month. 

Sales and tax collections saw a 1.2 percent increase for the year — from $1.31 billion to $1.33 billion — with a 11.9 percent decrease for the month.

Corporate income and franchise tax collections increased from $250.3 million to $290 million for a 15.8 percent increase for the year. It also reported a 25.3 percent decrease for the month. 

All other collections increased from $237.9 million to $247.5 million, or a 4 percent increase for the year with an 18 percent decrease for the month. Refunds were up for the year by 3.2 percent at $435.6 million against last year’s $422.1 million with a monthly decrease of 18 percent.