Mississippi sales tax revenue drop explained
A computer conversion at the Mississippi Department of Revenue delayed some revenue collections from being posted and contributed to a report that showed a September drop in state tax collections.
“During the ‘time-out’ for conversion to our new system, tax returns were not posted to taxpayer accounts,” Waterbury explained. “Revenue is not recognized until the return posts, even though the money was in the treasury. All of the returns posted within the first few days of October and that revenue will be reflected in October collections,” agency spokeswoman Kathy Waterbury told the Northeast Mississippi Daily Journal.
In other words, unless there is a real major drop in tax collections, October should be reflected as a strong month.
AP
10/15/12
Magnolia Tribune
