Missouri's general revenue collections continue to soar with net earnings from each tax area up from last year.
State Budget Director Dan Haug announced updated general revenue figures Tuesday, detailing collections through the end of August.
The state took in $1.01 billion in August, bringing total general revenue collections for the current fiscal year to $1.98 billion. The 2023 fiscal year started July 1.
The billion dollars collected in August is a 4.7 percent increase from collections in August of last year, which totaled $962.2 million. Net collections so far this fiscal year are 18.9 percent higher than they were at this time last year, when the state had raked in $1.66 billion.
Compared to last year, net collections are up across all tax types that support Missouri's general revenue fund.
Individual income tax collections have increased 18.7 percent compared to this time last year, from $1.16 billion last year to $1.38 billion so far this year. Individual income tax collections in August alone are up 2.1 percent compared to collections last August.
State revenue from sales and use taxes have grown 5.7 percent, from $510.7 million at this time last year to $539.9 million so far this year. A month-to-month comparison of August, however, shows a decrease of 2.3 percent from last year.
Corporate income and franchise taxes have increased 30.6 percent since last year, from $54.2 million collected by the end of August last year to $70.8 million so far this year. Corporate tax collections in August alone show a 134.4 percent increase when compared to the same month last year.
All other general revenue collections are up 86 percent for the year and 81.3 percent for the month. The state has raked in $113.4 million in other collections so far this fiscal year, which is up from the $61.0 million it had at this time last year.
State refunds to taxpayers are also up compared to last year.
Refunds are up 1 percent for the year, from $122.7 million last year to $123.9 million this year, and up 9.8 percent for the month.
The current state fiscal year ends June 30, 2023.