State revenue was up nearly 30% above estimates in January.
Mississippi state revenues continue to soar above the fiscal year legislative budget estimates.
Total revenue collections for the month of January FY 2022 are $121,788,680 or 27.83% above the sine die revenue estimate. Fiscal YTD revenue collections through January 2022 are $667,046,328 or 20.45% above the sine die estimate. Fiscal YTD total revenue collections through January 2022 are $363,021,885 or 10.18% above the prior year’s collections. The FY 2022 Sine Die Revenue Estimate is $5,927,000,000.
The graph above compares the actual revenue collections to the sine die revenue estimate for each of the main tax revenue sources. The figures reflect the amount the actual collections for Sales, Individual, Corporate, Use and Gaming taxes were above or below the estimate for the month and fiscal year-to-date. The graph also compares fiscal year-to-date actual collections to prior year actual collections, as of January 31, 2022.
January FY 2022 General Fund collections were $37,848,687 or 7.26% over January FY 2021 actual collections. Sales tax collections for the month of January were above the prior year by $23.2M. Individual income tax collections for the month of January were above the prior year by $31.2M. Corporate income tax collections for the month of January were below the prior year by $34.4M.
See full report below: