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Missouri’s general revenue up 19 percent compared to last year, November report says

  

Last month’s net general revenue collections rose above November 2020’s by 19 percent, according to the state’s latest general revenue report. 

Collections rose from $811 million last November to $965.5 million last month. Net general revenue collections for 2022 fiscal year-to-date decreased 0.7 percent compared to November 2020, from $4.53 billion last year to $4.50 billion this year.  

“Thanks to our balanced approach to COVID-19, Missouri’s economy continues to come back strong,” Gov. Mike Parson said on social media

Individual income tax collections sank nearly 6 percent for the year, dropping from $3.42 billion last year to $3.22 billion this year though they increased for the month by more than 20 percent. Sales and use tax collections skyrocketed, rising nearly 22 percent for the month and almost 20 percent for the year, from $983 million last year to $1.18 billion this year. 

Corporate income and corporate franchise tax collections decreased by nearly 11 percent for the year, from $289 million last year to $258 million this year but increased for the month by 27 percent. All other collections rose more than 8.5 percent for the year, from $192 million last year to nearly $209 million this year, and increased almost 6 percent for the month. 

Refunds rose by more than 4 percent for the year, from almost $347 million last year to $362 million this year, also increasing 34 percent for the month.

November’s report continued an upward trend for the state’s general revenue numbers. The state closed out the 2021 fiscal year in a healthier position than last year; revenue fell drastically last Spring as the COVID-19 pandemic gripped the country, and revenue remained low before rebounding by the end of the fiscal year. 

General revenue has remained healthy in 2021, with October’s collections rising above last year’s by 23 percent.