- With one month remaining in the fiscal year, Mississippi’s year-to-date total revenue collections are $76.9 million above the prior year’s collections.
The latest report from the Legislative Budget Office on Wednesday shows total revenue collections in Mississippi for the month of May came in at $7.5 million or 1.36% below legislative estimates.
However, with one month left in the fiscal year, Mississippi revenues remain $177.1 million or 2.63% above the estimate. The full year state revenue estimate is $7.552 billion.
Notably, fiscal year-to-date total revenue collections through May 2026 are $76.9 million or 1.13% above the prior year’s collections.
The May General Fund collections were $20.3 million or 3.61% below the same month in the prior year for actual collections. That dip was seen in sales tax collections for the month that came in $12.4 million below the last year for the month and corporate income tax collections which were $7.6 million under the same month in the last fiscal year.
Despite the continued phase out of the state income tax, individual income tax collections for the month of
May were above the prior year by nearly $300,000. Mississippi will lower its state income from 4% to 3.75% in the coming year.
Also noted in the LBO report, Mississippi’s unemployment rate was unchanged for the month of May, remaining at 3.8%.
