JEFFERSON CITY, Mo. — Missouri's general revenue collections dropped by 54.3% in April, showing the economic impact of COVID-19.
State Budget Director Dan Haug announced Thursday in the state's April 2020 general revenue report that collections dropped from $1.59 billion in 2019 to $725.2 million this April, a decrease of more than half.
Net general revenue for the 2020 fiscal year also saw a 6.1% decline. Many types of collections saw a decrease in the fiscal year, but the decrease for the month of April was substantially larger in most cases.
The report included a breakdown of gross collections by tax type.
Individual income tax collections dropped from $6.42 billion last year to $5.8 billion this year:
- 2020 Fiscal year: 9.6% decrease
- April 2020: 63.9% decrease
Sales and use tax collection slightly increased from $1.84 billion last year to $1.88 billion last year:
- 2020 Fiscal year: 2.3% increase
- April 2020: 0.2% increase
Corporate income and corporate franchise tax collections decreased from $435.1 million last year to $385.7 million this year:
- 2020 Fiscal year: 11.4% decrease
- April 2020: 66.3% decrease
All other collections decreased from $405.4 million last year to $397.3 million this year. However, collections increased in the month of April:
- 2020 Fiscal year: 2.0% decrease
- April 2020: 1.8% increase
Refunds decreased from $1.08 billion last year to $934.1 million this year:
- 2020 Fiscal year: 13.5% decrease
- April 2020: 81.2% decrease
