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Mississippi revenues come in below...

Mississippi revenues come in below estimate in October but remain up $75 million for the fiscal year

By: Sarah Ulmer - November 8, 2023

According to the Legislative Budget Office’s October report, individual income tax collections for the month of October were below the prior year by $42 million, meaning Mississippians are keeping more of their money.

For the second month this fiscal year, Mississippi state revenues have come in under legislative estimates.

However, four months into the 2024 Fiscal Year, Mississippi revenues continue to exceed estimates by over $75 million.

The reduction in the state income tax following the 2022 tax cut is the primary reason for the reduced revenue, a move lawmakers have repeatedly said was by design, allowing Mississippians to keep more money in their pockets.

According to the Legislative Budget Office’s October report, individual income tax collections for the month of October were below the prior year by $42 million. Corporate income tax was also down year-over-year by $17.6 million.

Sales tax collections, however, were above the prior year for the month by $1.2 million.

Overall, General Fund collections were below October 2023 by $33.7 million, or 5.02%.

Total revenue collections for the month of October were $10.4 million, or 1.61% below the legislative revenue estimate. For the four months in the 2024 Fiscal Year, revenue collections remains $75.4 million, or 3.15% above the legislative estimate.

Fiscal year-to-date total revenue collections through October 2023 are $52.6 million, or 2.09%
below the prior year’s collections.

The total Fiscal Year 2024 Sine Die Revenue Estimate is $7,523,800,000.

About the Author(s)
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Sarah Ulmer

Sarah is a Mississippi native, born and raised in Madison. She is a graduate of Mississippi State University, where she studied Communications, with an emphasis in Broadcasting and Journalism. Sarah’s experience spans multiple mediums, including extensive videography with both at home and overseas, broadcasting daily news, and hosting a live radio show. In 2017, Sarah became a member of the Capitol Press Corp in Mississippi and has faithfully covered the decisions being made by leaders on some of the most important issues facing our state. Email Sarah: sarah@magnoliatribune.com