State Releases May 2024 General Revenue Report

JEFFERSON CITY, Mo. - State Budget Director Dan Haug announced today that net general revenue collections for May 2024 declined 7.9 percent compared to those for May 2023, from $1.59 billion last year to $1.47 billion this year.

Net general revenue collections for 2024 fiscal year-to-date increased 1.3 percent compared to May 2023, from $12.01 billion last year to $12.17 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

Decreased 9.8 percent for the year, from $9.22 billion last year to $8.32 billion this year.

Decreased 25.5 percent for the month.

Pass Through Entity tax collections

Increased from $0 to $707.5 million this year.

Sales and use tax collections

Increased 10.4 percent for the year, from $2.68 billion last year to $2.96 billion this year.

Increased 12.2 percent for the month.

Corporate income and corporate franchise tax collections

Increased 0.6 percent for the year, from $887.8 million last year to $893.0 million this year.

Decreased 13.2 percent for the month.

All other collections

Increased 22.2 percent for the year, from $722.8 million last year to $883.4 million this year.

Increased 29.5 percent for the month.

Refunds

Increased 6.3 percent for the year, from $1.50 billion last year to $1.60 billion this year.

Increased 17.7 percent for the month.

Pass-Through Entity tax collections were previously reported within Individual Income, which makes growth in Individual Income tax collections appear artificially low.

The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.