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Missouri posts record revenues during 2021 budget year

Missouri posts record revenues during 2021 budget year

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Gov. Parson sworn-in at Bicentennial Inauguration

A B-2 Stealth Bomber performs a fly-over the State Capitol following the swearing-in of Missouri Gov. Mike Parson in Jefferson City on Monday, Jan. 11, 2021. Photo by Robert Cohen, rcohen@post-dispatch.com

JEFFERSON CITY — 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%.

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