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Friday, November 15, 2024

Missouri's combined tax revenues down 24.5% from Q2 to Q3 2022

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Wayne Wallingford Director Department of Revenue at Missouri Department of Revenue | Missouri Department of Revenue

Wayne Wallingford Director Department of Revenue at Missouri Department of Revenue | Missouri Department of Revenue

Combined tax revenues in Missouri decreased 24.5% in the third quarter of 2022 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Missouri collected $4.2 billion in taxes during the third quarter of 2022, compared to $5.6 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($2.3 billion) and general sales and gross receipts taxes ($1.7 billion).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 Missouri Tax Collections
Type of TaxAmount (millions)
Income Taxes$2,316
Sales and Gross Receipts Taxes$1,740
License Taxes$187
Property Taxes$1
Other Taxes$1
Source: U.S. Census Bureau

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