State revenue collections are $637 million above estimates with two months remaining in the fiscal year.
Mississippi state revenues exceeded legislative estimates yet again during the month of April.
Total revenue collections for the month of April 2023 are $35,148,318, or 3.48% above the sine die revenue estimate. Fiscal year-to-date revenue collections through April 2023 are $637,014,667 or 11.20% above the sine die revenue estimate with two month remaining in the fiscal year.
Read the full Revenue Report here.
Fiscal year-to-date total revenue collection through April 2023 was $384,349,074, or 6.47% above the prior year’s collections.
The FY 2023 Sine Die Revenue Estimate was $6,987,400,000.
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.
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The graph also compares fiscal year-to-date actual collections to prior year actual collections, as of April 30, 2023.
April FY 2023 General Fund collections were $8,395,988 or 0.83% above April FY 2022 actual collections, with Sales tax collections for the month above the prior year by $11.2 million and Corporate income tax collections above the prior year by $50.1 million.
Individual income tax collections for the month of April were below the prior year by $51.3 million.
“The April revenue estimates further demonstrate that the Mississippi economy is growing, and we are continuing on a trajectory of sustained economic prosperity for our state,” said Speaker of the House Philip Gunn.