- Sales tax and individual income tax collections for the month of October were above the same month in the prior year by $20.3 million and $9.7 million, respectively. This comes even as Mississippi is phasing out its personal income tax.
Mississippi revenues exceeded legislative estimates by $79.5 million, or 11.5% over the revenue estimate for October.
This adds to the state’s four month fiscal year-to-date total revenue which is exceeding estimates by $202.8 million, or 8.13%.
The Joint Legislative Budget Committee released the October revenue report on Thursday also showing that Mississippi revenue collections for the month were $132.6 million, or 5.17% above the prior year’s collections.
The total revenue estimate for Fiscal Year 2027 was set at $7,532,400,000.
Sales tax and individual income tax collections for the month of October were above the same month in the prior year by $20.3 million and $9.7 million, respectively. This comes even as Mississippi is phasing out its personal income tax and has lowered the tax to 4%.
Corporate income tax collections were reportedly the same as the prior year.
General fund collections were $55.8 million, or 7.81% above the prior October’s revenue collections.
Notably, the Joint Legislative Budget Committee and Governor Tate Reeves (R) set the FY 2028 revenue estimate on Wednesday at $7.8 billion. That amount is $266.4 million more than the Legislature’s current fiscal year sine die estimate, state economist and chair of the Revenue Estimating Group Corey Miller told the committee.
“I think that this revenue estimate is something that we should all be proud of because even as we have been literally cutting individual income taxes for our people for almost ten years now, overall tax revenues continue to grow,” Governor Reeves said after hearing the proposed revenue estimate.
