State Sees Significant Increase in October 2019 General Revenue Collections

NOVEMBER 6, 2019

Jefferson City — Today, the state released its October 2019 General Revenue Report, showing that net general revenue collections for October increased 10.2 percent from October 2018. Net general revenue collections grew from $598.4 million last year to $659.6 million this year. 

“Fiscal responsibility has always been critically important to our administration, and this month’s General Revenue Report is a reflection of Missouri’s strong fiscal health, growing economy, and ability to live within our means,” Governor Mike Parson said. “We put a major focus on investing in workforce development and infrastructure this year, and the results have been historic. We also proposed and passed a budget that for the first time in over a decade left over $100 million on the bottom line. With next year just around the corner, we will continue to invest in these areas, move our economy forward, and make sure we are financially prepared for the unexpected.”   

Net general revenue collections for 2019 fiscal year-to-date increased 7.3 percent compared to October 2018, growing from $2.77 billion last year to $2.97 billion this year.

 

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Increased 3.3 percent for the year, from $2.06 billion last year to $2.12 billion this year.
  • Increased 7.6 percent for the month. 

Sales and use tax collections

  • Increased 5.2 percent for the year, from $719.8 million last year to $757.4 million this year.
  • Increased 1.1 percent for the month.

Corporate income and corporate franchise tax collections

  • Increased 28.6 percent for the year, from $130.9 million last year to $168.4 million this year.
  • Increased 39.0 percent for the month.

All other collections

  • Increased 4.6 percent for the year, from $127.9 million last year to $133.7 million this year.
  • Decreased 12.9 percent for the month.

Refunds

  • Decreased 20.6 percent for the year, from $267.1 million last year to $212.2 million this year.
  • Decreased 16.4 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.