CL – Miss. Corporate business tax strong

CL – Miss. Corporate business tax strong

The darling in the darkness on Mississippi’s revenue rolls is corporate income taxes.

Business tax collections met or exceeded estimates seven months in the last fiscal year ended June 30.

This, even as overall tax receipts missed the mark 21 of 22 months.

Its a reversal of the trend that started a few months before the worst of the recession hit.

While too early to trumpet a comeback, state budget watchers are hopeful its a harbinger of better days ahead.

Corporate income taxes in Mississippi were down about 25 percent in late 2008 and early 2009 while year-over-year revenues at that point continued to show growth, said state Treasurer Tate Reeves.

Claron Ledger
7/18/10