MISSOURI, USA — Missouri tax collections plummeted 14.2% in April compared with the same month last year, in keeping with trends in Illinois.
Missouri Budget Director Dan Haug said Thursday that net general revenue collections for April totaled $1.15 billion, off from $1.34 billion last year. Individual income tax collections were off 10.2% for the month, and sales and use taxes were off 3.4%. Corporate income and corporate franchise tax collections were up 7.2% last month, and all other collections increased 19.4%.
However, net general revenue collections this fiscal year through April have increased 8.2% compared with the same period of 2022, to $10.42 billion.
In Illinois, April declines erased nearly all growth accrued throughout the fiscal year.
The Illinois Commission on Government Forecasting and Accountability said general fund revenues in April, totaling $6.2 billion, took a "dramatic turn," as receipts fell a "stunning" $1.8 billion compared with the same month last year. But the commission said it was reducing its fiscal 2023 outlook by $728 million, to $51.2 billion.
Click here to read the full story from the St. Louis Business Journal.
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