State of Missouri releases July general revenue report

(From State Budget Director Dan Haug)

State Budget Director Dan Haug announced today that July 2020 net general revenue collections increased 96.4 percent compared to July 2019, from $588.4 million last year to $1.16 billion this year. The income tax deadline was extended from April 15, 2020 to July 15, 2020.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

Increased 121.0 percent for the year, from $414.2 million last year to $915.6 million this year.

Sales and use tax collections

Increased 1.1 percent for the year, from $179.8 million last year to $181.8 million this year.

Corporate income and corporate franchise tax collections

Increased 490.5 percent for the year, from $24.0 million last year to $141.8 million this year.

All other collections

Decreased 16.2 percent for the year, from $21.9 million last year to $18.4 million this year.

Refunds

Increased 98.0 percent for the year, from $51.6 million last year to $102.2 million this year.

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