Missouri’s State Budget Director Dan Haug has reported a slight dip in the net general revenue collections for October 2023. The figures have seen a decrease of 0.7 percent when compared to the collections of October 2022, dropping from $904.4 million to $898.3 million.
The fiscal year-to-date net general revenue collections for 2024 also experienced a downturn of 2.4 percent from the previous year, with the total falling from $4.14 billion to $4.04 billion.
A breakdown by tax type provides a more detailed look into the state’s financials:
- Individual income tax collections decreased significantly, falling 9.2 percent for the year, from $2.90 billion to $2.64 billion, and showing a 10.5 percent decrease for the month.
- Sales and use tax collections, on the other hand, showed positive growth. There was a 14.5 percent increase for the year, from $999.4 million to $1.14 billion, and an 11.7 percent rise for the month.
- Corporate income and corporate franchise tax collections saw an upswing as well, with a 2.6 percent increase for the year, moving up from $303.9 million to $311.7 million, and a notable 69.6 percent spike for the month.
- All other collections climbed by 19.3 percent for the year, from $221.7 million to $264.6 million, and jumped 48.5 percent for the month.
- Refunds were also up by 9.7 percent for the year, rising from $285.9 million to $313.7 million, with a 2.6 percent increase for the month.
The report highlights that these figures are subject to change and can fluctuate due to a range of variables.