State revenue collection in September up 16% from last year

Missouri raised more general revenue in September than in the same month last year, but overall collections so far for this fiscal year appear to be lower than the same time last year.

State Budget Director Dan Haug announced that the state’s general revenue for September rose 16.3% – $ 944.5 million last year to $ 1.10 billion this year – compared to general revenue for September of last year.

Despite the increase last month, Missouri’s aggregate general revenue so far this fiscal year has declined 10.6% from the same period last year, from $ 3.09 billion last year to 2 , 76 billion dollars this year.

Comparison of general state revenues with last year’s data is skewed due to changes in tax filing deadlines in the COVID-19 pandemic.

By moving the tax filing deadlines from April and June to July of last year, the state collected revenue in a new fiscal year, bolstering the 2021 figures.

As a result, personal, corporate and corporate franchise tax revenues appear to be down from last year.

Personal income tax collections have fallen 18.9% – from $ 2.35 billion to $ 1.90 billion – so far this year. A comparison from September alone, however, shows an increase of more than 17 percent in collections.

Corporate and franchise tax revenues have fallen 22.5% so far this year, from $ 234.9 million last year to $ 182 million this year. The strictly September comparison shows an increase of 55.5%.

Also due to changed tax deadlines, the state is showing a 7.5% decrease in the number of refunds processed so far this year, from $ 203.9 million last year to $ 188.7 million. of dollars so far this year. However, refunds rose 82.3% for the month.

Missouri sales and use tax collections and all other forms of collection increased for the year.

Sales and use tax collections increased 22.9% for the year and 20.7% for the month of September. The state reported $ 599.7 million in sales and use tax revenue at the same time last year and $ 736.9 million so far this year.

All other collections grew almost 15% for the year – from $ 112 million at the same time last year to $ 128.5 million so far this year – but are down by more than 11 % for the month.

Haug said last month that the state is still on track to raise the revenue needed to fully fund the current fiscal year budget.

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