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.