State releases May 2022 General Revenue report
JEFFERSON CITY, Mo. – State Budget Director Dan Haug announced Friday that net general revenue collections for May 2022 increased 46.2 percent compared to those for May 2021, from $1.22 billion last year to $1.78 billion this year.
Net general revenue collections for 2022 fiscal year-to-date increased 13.9 percent compared to May 2021, from $10.02 billion last year to $11.41 billion this year.
GROSS COLLECTIONS BY TAX TYPE
Individual income tax collections
- Increased 10.5 percent for the year, from $8.10 billion last year to $8.95 billion this year.
- Increased 45.3 percent for the month.
Sales and use tax collections
- Increased 13.7 percent for the year, from $2.22 billion last year to $2.52 billion this year.
- Increased 3.4 percent for the month.
Corporate income and corporate franchise tax collections
- Increased 6.8 percent for the year, from $676.0 million last year to $721.7 million this year.
- Decreased 20.1 percent for the month.
All other collections
- Increased 4.4 percent for the year, from $490.2 million last year to $511.7 million this year.
- Increased 32.0 percent for the month.
Refunds
- Decreased 11.8 percent for the year, from $1.46 billion last year to $1.29 billion this year.
- Decreased 33.7 percent for the month.
Due to the COVID pandemic, the 2020 income tax filing deadlines in April and June were moved to July 15, 2020. Therefore, the comparison of FY21 to FY22 will be negatively impacted throughout FY22. In addition, the April 2021 due date was delayed to May 2021; this will impact April and May comparisons.
The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.