State of Missouri releases February general revenue report

(From the Missouri Office of Administration)

State Budget Director Dan Haug announced today that net general revenue collections for February 2020 increased 22.2 percent compared to those for February 2019, from $561.0 million last year to $685.4 million this year.

Net general revenue for collections for 2020 fiscal year-to-date increased 7.2 percent compared to February 2019, from $5.67 billion last year to $6.08 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

Increased 8.5 percent for the year, from $4.30 billion last year to $4.67 billion this year.
Increased 23.4 percent for the month.

Sales and use tax collections

Increased 2.2 percent for the year, from $1.52 billion last year to $1.55 billion this year.
Increased 8.9 percent for the month.

Corporate income and corporate franchise tax collections

Increased 14.6 percent for the year, from $259.8 million last year to $297.7 million this year.
Decreased 19.3 percent for the month.

All other collections

Increased 4.5 percent for the year, from $253.2 million last year to $264.7 million this year.
Increased 12.6 percent for the month.

Refunds

Increased 6.2 percent for the year, from $664.8 million last year to $706.3 million this year.
Increased 11.5 percent for the month.

The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.