- The first four months of the Magnolia State’s current fiscal year have surpassed the prior year’s collections by $79 million, or 3.18 percent.
Mississippi revenue collections exceeded estimates in October by $45.7 million.
The Legislative Budget Office reported Tuesday that Mississippi’s revenue collections for the fourth month of the current fiscal year were up 6.83 percent above the sine die revenue estimate for the month.
The October news comes after a strong first quarter of the fiscal year where Mississippi revenues exceeded estimates by $24.3 million.
LBO noted that fiscal year-to-date total revenue collections through October 2025 were $69.9 million, or 2.8 percent above estimates. In addition, the first four months of this fiscal year surpassed the prior year’s collections by $79 million, or 3.18 percent.
The total Fiscal Year 2026 revenue estimate is $7.6 billion.
Even as Mississippi continues to phase out its individual income tax over the next decade, leading the way in increased revenue for October were individual income tax and sales tax collections.
Individual income tax collections for the month of October were above the prior year by $22.4 million and sales tax collections for the month were above the prior year by $12.3 million.
Corporate income tax collections for the month were the same as the prior year.
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