Missouri’s general revenue collections continue to soar, with net earnings from each tax area up from last year. Dan Haug, state budget director, announced that the state took in $1.01 billion in August, bringing total general revenue collections for the current fiscal year to $1.98 billion. The billion dollars collected in August is a 4.7 percent increase from collections in August of last year, which totaled $962.2 million.
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 last year. Sales and use taxes have grown 5.7 percent and corporate income and franchise taxes have increased 30.6 percent since last year.