Update: Missouri General Revenue collections

By State Rep. Bruce Sassmann, Missouri’s 61st District
Posted 10/18/23

As a Republican lead legislature, we look for ways to decrease the burden of taxes on every household and at the same time respond to the services you want and need. In the collective view, we all …

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Update: Missouri General Revenue collections

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As a Republican lead legislature, we look for ways to decrease the burden of taxes on every household and at the same time respond to the services you want and need. In the collective view, we all share the cost of supporting government programs. If tax revenues continue to decease and new legislation is written to further reduce our current tax burdens, what government programs, if any, would you like to see reduced or replaced. Fiscal responsibility is the Missouri House of Representatives’ primary responsibility. As the new legislative session approaches and caucus priorities are discussed, your opinions are important to me.

Here’s an update on Missouri general revenue collections. The net general revenue collections in the state for September of this year decreased by 4.2 percent compared to the same month in 2022, dropping from $1.26 billion to $1.21 billion. For the current fiscal year, net general revenue collections decreased by 2.9 percent compared to the same period in 2022, falling from $3.24 billion to $3.14 billion.

When looking at the breakdown of tax types:

• Individual income tax collections declined by 8.8 percent for the year, going from $2.18 billion to $1.99 billion. They also decreased by 6.3 percent for the month.

• Sales and use tax collections increased by 15.4 percent for the year, rising from $768.0 million to $886.2 million. This marked an 11.1 percent increase for the month.

• Corporate income and corporate franchise tax collections dropped by 8.9 percent for the year, decreasing from $259.7 million to $236.7 million.

• Refunds increased by 14.9 percent for the year, going from $166.3 million to $191.0 million, showing a substantial 28.8 percent increase for the month.

You can email us at bruce.sassmann@house.mo.gov or call Jill Ryals at 573-751-6668. We look forward to hearing from you.