Missouri’s net general revenue collections for last month rose nearly 23 percent compared to October 2020, according to the latest general revenue report.
Collections rose from $632 million last year to $775 million this year. Net general revenue collections for the fiscal year decreased 5 percent compared to last October, from $3.7 billion last year to $3.5 billion this year. Individual income tax collections sank more than 11 percent for the year, from $2.8 billion in October 2020 to $2.5 billion this year, but increased 26.5 percent for the month.
Sales and use tax collections rose for the year by more than 19 percent, leaping up from $773 million last year to more than $923 million this year while increasing around 7 percent for the month. Corporate income and franchise tax collections decreased more than 12 percent for the year, from $277 million last year to $243 million this year. Corporate collections saw a nearly 44 percent increase compared to September.
All other collections increased 10 percent for the year, from $132.7 million last year to $146 million this year, and decreased by around 15 percent for the month. Refunds decreased slightly for the year, from $299 million in 2020 to $298.4 million this year, but rose for the month by 15 percent.
The report noted the continued impacts of COVID-19: 2020’s income tax filing deadline was delayed to mid-July, negatively impacting comparisons to the 2021 and 2022 fiscal years, according to the Office of Administration.
The state closed out the 2021 fiscal year in a healthier position than last year; revenue fell drastically last March as the pandemic gripped the country, and revenue remained low before rebounding by the end of the fiscal year. General revenue and unemployment rates have remained healthy in 2021.
Cameron Gerber studied journalism at Lincoln University. Prior to Lincoln, he earned an associate’s degree from State Fair Community College. Cameron is a native of Eldon, Missouri.
Contact Cameron at cameron@themissouritimes.com.
