The individual income tax is the most important tax for Missouri government as net collections comprise approximately two-thirds of the state’s general revenues. Nearly 80% of the income tax collections are from the withholding taxes that employers withhold from their employees’ paychecks and remit to the state on their behalf. For the month of May, revenue collections were $454 million, up 10% over May of 2011. Over the past three months, revenues were $1.807 billion, up 3.2% over March, April, and May of FY 2011. For the first eleven months of the fiscal year, they were $5.327 billion, up 3.4% over last fiscal year’s collections. Refunds are down 8.5% over this point last year, resulting in a total of $878 million being refunded to taxpayers. Net collections for the year are up 6.1% to $4.449 billion.
Originally contained as a part of a larger article entitled “Revenues on the Rise? Tax Collections for FY 2012 Will Likely Top Estimates” in the June 15, 2012 issue of the Missouri Wonk Report.