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Government, Politics & Issues

Missouri's income picture improving

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dleafy | sxc.hu
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Missouri's general-revenue income is slightly exceeding  projections as the state heads into the second half of its fiscal year.

State budget director Dan Haug says the chief reasons for the increase are an uptick in the state’s individual income tax collections and an increase in revenue from some corporate taxes.

The state saw a healthy income increase in January. Net general-revenue collections for January were up by 7.7 percent compared to January 2015.  That amounts to a gain of about $56 million.

As of this week, the state’s income during the first seven months of the fiscal year has increased 3.4 percent compared to the same period a year ago. That's an increase of about $160 million, and above the 2.8 percent estimate that state officials are counting on to balance this fiscal year’s budget.

The fiscal year ends June 30.

Here's the details:

Individual income tax collections

  • Increased 6.5 percent for the year, from $3.49 billion last year to $3.72 billion this year.
  • Increased 9.8 percent for the month.

Sales and use tax collections

  • Increased 2.7 percent for the year, from $1.17 billion last year to $1.20 billion this year.
  • Increased 0.4 percent for the month.

Corporate income and corporate franchise tax collections

  • Decreased 5.2 percent for the year, from $286.4 million last year to $271.5 million this year.
  • Increased 55.9 percent for the month.

All other collections

  • Increased 4.0 percent for the year, from $196.0 million last year to $204.0 million this year.
  • Increased 3.2 percent for the month.

Refunds

  • Increased 25.3 percent for the year, from $350.4 million last year to $439.2 million this year.
  • Increased 17.7 percent for the month.

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