JEFFERSON CITY – Acting State Budget Director Dan Haug announced today that 2016 fiscal year-to-date net general revenue collections increased 2.7 percent compared to 2015, from $7.22 billion last year to $7.41 billion this year.
Net general revenue collections for April 2016 decreased by 4.6 percent compared to those for April 2015, from $1.26 billion to $1.21 billion.
GROSS COLLECTIONS BY TAX TYPE
Individual income tax collections
- Increased 3.6 percent for the year, from $5.76 billion last year to $5.97 billion this year.
- Decreased 4.5 percent for the month.
Sales and use tax collections
- Increased 4.4 percent for the year, from $1.65 billion last year to $1.72 billion this year.
- Increased 4.0 percent for the month.
Corporate income and corporate franchise tax collections
- Decreased 13.8 percent for the year, from $442.5 million last year to $381.4 million this year.
- Decreased 20.7 percent for the month.
All other collections
- Increased 0.38 percent for the year, from $340.2 million last year to $341.5 million this year.
- Decreased 15.0 percent for the month.
Refunds
- Increased 2.5 percent for the year, from $975.9 million last year to $1.00 billion this year.
- Decreased 7.5 percent for the month.
Acting Director Haug noted the General Revenue Fund repaid the $475 million borrowed from the Budget Reserve Fund during fiscal year 2016, well ahead of the Constitutional deadline of May 15.
Acting Director Haug also noted that, due to extensions granted by the IRS and the Department of Revenue in 33 flooded counties, there may be a significant number of taxpayers who have until May 16 to file their taxes. Along with the IRS extension, the 2016 individual income tax return due date was delayed from April 15 to April 18 due to a federal holiday in Washington D.C, pushing back the receipt of mail by several days. The extended due date along with other processing issues resulted in delayed payment processing.
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