Missouri Net Tax Revenues Increased Five Percent This Past Fiscal Year

Individual income tax collections grew 5.6 percent for the year, and sales tax collections increase 2.3 percent. Corporate income taxes also grew more than 6 percent.

The state of Missouri brought in 5 percent more in net revenue last fiscal year compared to the previous year.

Data released by Budget Director Dan Haug show revenue growth exceeded expectations for the state fiscal year that ran from July 2017 through the end of June.

Lawmakers crafted a budget based on an estimated 4.2 percent growth over that time period. Budget leaders later cut back expectations, instead projecting only 1.9 percent growth.

The 5 percent net growth was significantly higher than both projections.

Individual income tax collections grew 5.6 percent for the year, and sales tax collections increase 2.3 percent. Corporate income taxes also grew more than 6 percent.

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