Missouri – At the end of 2024, Missouri had a big increase in revenue from taxes, taking in a total of $17.8 billion for the year. The U.S. Census Bureau’s Annual Survey of State Government Tax Collections shows that this number is up 2.2 percent from what was collected in 2023. This illustrates that the state’s income base is steadily growing.
The biggest part of Missouri’s tax revenue came from income taxes. In 2024, the state got approximately $9.4 billion from income taxes, which was more than half of the total. Individual income taxes brought in around $7.75 billion, and corporate net income taxes brought in about $1.65 billion. These numbers show that personal and business income continue to be quite important to Missouri’s overall budget.
Sales and gross receipts taxes were the second-largest source of revenue, totaling approximately $7.6 billion. General sales taxes brought in more over $5.25 billion, and selected sales taxes brought in around $2.32 billion. Motor fuels taxes, which brought in just over $1 billion, were the most important of them.
They were followed by insurance premium taxes, which brought in about $552 million, and amusements taxes, which brought in about $385 million. Sales taxes on alcohol, tobacco, and other goods also brought in lesser but still important amounts.
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License taxes were also significant, and Missouri brought in around $739 million from this source. The biggest part came from motor vehicle license taxes, which brought in more over $317 million. Business and occupation permits, hunting and fishing licenses, and public utility licenses all brought in more money. At the state level, property taxes were not very high, bringing in around $46 million. Other taxes brought in slightly over $20 million.
The Census Bureau says that the poll keeps track of five main tax groups and many smaller ones using the same definitions in all states, even though various jurisdictions may group taxes in different ways. Nationwide, state tax collections reached nearly $1.5 trillion in 2024.
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These money are used by state and local governments to pay for things like transportation infrastructure, education systems, and programs that keep people safe. Missouri’s overall collections were affected by its own tax rates and policy choices, but the fact that they went up in 2024 shows that the state will have stable revenue in the future.
