State revenue plummets

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State revenue plummets

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JEFFERSON CITY – State revenue plummeted in April. 2020 revenue decreased 54.3% compared to April 2019, from $1.59 billion last year to $725.2 million this year. Net general revenue collections for 2020 fiscal year-to-date decreased 6.1% compared to April 2019, from $8.02 billion last year to $7.53 billion this year. Individual income tax collections decreased 9.6% for the year, from $6.42 billion last year to $5.8 billion this year and decreased 63.9% for the month. Sales and use tax collection increased 2.3% for the year, from $1.84 billion last year to $1.88 billion this year, and increased 0.2% for the month. Corporate income and corporate franchise tax collections decreased 11.4% for the year, from $435.1 million last year to $385.7 million this year, and decreased 66.3% for the month. All other collections decreased 2% for the year, from $405.4 million last year to $397.3 million this year, and increased 1.8% for the month. Refunds decreased 13.5% for the year, from $1.08…

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