Business Notebook: Missouri revenue collections more than double, report shows

What a difference a year makes.

Missouri's net revenue collections last month were 128.3% higher than collection levels in May 2020, according to figures released Friday by state budget director Dan Haug.

Haug reported last month the state collected $1.22 billion in the form of various sales, income, franchise and other tax revenue last month, compared to $533.5 million during the same month last year.

For fiscal year 2021, Missouri revenue collections have increased 24.3% through May compared to the same period during fiscal year 2020, from $8.06 billion last year to $10.02 billion this year.

Broken down by category, revenue collected through the first 11 months of the fiscal year are as follows:

• Individual income taxes — Up 27.4% for the year, from $6.36 billion last year to $8.10 billion this year and up 92.5% last month compared to May 2020.
• Sales and use taxes — Up 6.5% for the year, from $2.08 billion last year to $2.22 billion this year and up 20.6% last month compared to May 2020.
• Corporate income and franchise taxes — Up 63.7% for the year, from $412.9 million last year to $676 million this year and up 147% last month compared to May 2020.
• All other collections — Up 18% for the year, from $415.5 million last year to $490.2 million this year and up 113.3% last month compared to May 2020

Haug said refunds have also increased by 21.6% in the first 11 months of the fiscal year, from $1.2 billion through May last year to $1.46 billion through May this year, but they decreased 24.5% last month compared to May 2020.

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