State's general revenue collections drop in first month of fiscal year

Missouri's general revenue collections were down during the first month of fiscal 2025.

Collections decreased by 7.3% to $833.5 million from $898.7 million in July 2023, according to a news release from the Missouri Office of Administration.

Among the decreases reported by Dan Haug, state budget director, is an 11.9% drop in individual income tax collections to $485.3 million from $550.8 million in the same month last year. Individual income tax collections represent the largest share of general revenue collections announced by the state yesterday.

Other gross collections by tax type for July are below:
• Pass-through entity tax collections increased to $8.6 million from $0 in the same month last year. Officials say pass-through entity tax collections previously were reported with individual income.
• Sales and use tax collections were down 10.5% to $305.4 million from $341.2 million.
• Corporate income and corporate franchise tax collections increased 20.4% to $51.2 million from $42.5 million.
• All other collections were up 23.7% to $66.4 million from $53.7 million.
• Refunds decreased 6.9% to $83.4 million from $89.6 million.

“The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors,” state officials said in the release.