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September general revenue collections rose 16 percent compared to 2020, latest report says

  

Missouri’s net general revenue collections for last month rose more than 16 percent compared to September 2020, according to the state’s latest general revenue report.

Collections reached $1.1 billion last month, with $944.5 million reported in September 2020. Net general collections for the year decreased from $3.09 billion to $2.76 billion, according to State Budget Director Dan Haug’s report. 

Individual income tax collections decreased by nearly 19 percent for the year, from $2.35 billion in 2020 to $1.90 billion this year. Collections increased over the month by 17 percent. 

Corporate income and corporate franchise tax collections sank 22.5 percent for the year, from almost $235 million last year to $182 million this year, and increased by 55.5 percent for the month. Sales and use tax collections rose almost 23 percent for the year, from $599 million last year to almost $734 million this year, and increased by more than 20.5 percent for the month.  

All other collections rose more than 14.5 percent for the year, from $112 million in 2020 to $128.5 million this year, but dipped for the month by 11 percent. 

Refunds decreased from $204 million last year to around $188 million this year, a 7.5 percent drop. They increased for the month by 82 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. 

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.