Missouri seeing double-digit percentage increases in tax collections
Missouri’s net general revenue collections for March increased by $440 million, or 42.6%, compared to March 2021, according to a release from Dan Haug, the state budget director.
The fiscal year-to-date net general revenue collection increased 5.6% at the end of March, from $7.85 billion in 2021 to $8.29 billion this year.
The report stated comparison of fiscal year 2021 to 2022 will be negatively impacted throughout fiscal year 2022 reporting. In 2020, income tax filing deadlines in April and June were moved to July 15, therefore delaying revenue collection.
The three primary gross tax collections all increased compared to last March and last year.
Individual income tax collections increased 16.6% for the month, from $708 million to $826 million, and 1.2% for the year, from $6.15 billion to $6.22 billion.
Sales and use tax collections increased 27.3% for the month, from $186 million to $237 million, and 15.1 % for the year, from $1.78 billion to $2.05 billion.
Corporate income and corporate franchise tax collections increased 28.4% for the month, from $33 million to $42 million, and 11% for the year, from $461.1 million to $511.9.
Total collections, net of refunds, increased 5.6%, from $7.9 billion to $8.3 billion, for the fiscal year-to-date at the end of March. The first quarter comparison resulted in a 7.5% increase compared to the first quarter of last year, from $2.4 billion to $2.6 billion.
This article was originally posted on Missouri seeing double-digit percentage increases in tax collections