Missouri posts record revenues during 2021 budget year
JEFFERSON CITY, Mo. (AP) — Missouri government posted a record year for revenue collections during its recently concluded budget year, thanks partly to a temporary tax change made because of the coronavirus pandemic.
Figures released Friday by the state Office of Administration show Missouri topped $11.2 billion in net general revenues during its 2021 fiscal year that ended Wednesday. That was up more than 25% over last year and well more than the previous high of nearly $9.6 billion in the 2019 fiscal year.
Missouri's budget runs from July 1 through June 30 each year.
Because of economic hardships caused by coronavirus shutdowns, Missouri delayed its 2020 due date for income taxes from April 15 to July 15 — pushing some tax payments into the 2021 budget year. That contributed to a decline in 2020 revenues and added to the rise in 2021 revenues.
Individual income taxes, which comprise the largest share of Missouri's revenue, were up more than 28% in 2021. Sales tax collections were up 6.7%