General Revenue Collection Increased 5%

JEFFERSON CITY, Mo. — State officials announced today that 2016 fiscal year-to-date general revenue collection increased 5 percent compared to 2015. Acting State Budget Director Dan Haug — who is serving following the long tenure of former director Linda Luebbering’s retirement — released the collections to the press.

This time last year net general revenue collections stood at $1.2 billion, while this year collection has reached $1.26 billion. The increase marks a full 9.6 percent increase for August collections compared to 2014 numbers, from $685.4 million to $751.3 million.

A full breakdown of revenue collections:

Individual income tax collections

  • Increased 6.7 percent for the year, from $850.3 million last year to $907.3 million this year.
  • Increased 8.0 percent for the month.

Sales and use tax collections

  • Increased 5.1 percent for the year, from $343.4 million last year to $361.1 million this year.
  • Increased 10.6 percent for the month.

Corporate income and corporate franchise tax collections

  • Increased 16.4 percent for the year, from $29.3 million last year to $34.0 million this year.
  • Increased 12.1 percent for the month.

All other collections

  • Decreased 1.9 percent for the year, from $65.2 million last year to $64.0 million this year.
  • Increased 8.5 percent for the month.

Refunds

  • Increased 20.5 percent for the year, from $89.8 million last year to $108.2 million this year.
  • Decreased 5.4 percent for the month.

Read more…

Source: Missouri Times