Mississippi tax revenue jumps during 1st half of budget year
Published 12:05 pm Monday, January 10, 2022
Mississippi government collected more money during the first half of this budget year than it did during the same period a year earlier.
State budget years begin July 1.
New figures from the Legislative Budget Office show overall state revenue increased nearly 11% from July through December, compared to the same six months in 2020.
Corporate tax collections increased 26%, and sales tax collections increased nearly 22%.
Tax collections on gambling were up, but those from tobacco, liquor, beer and wine were down.
Tax collections from car tags also decreased, possibly reflecting a drop in the sale of new vehicles during the economic uncertainty of the coronavirus pandemic.
Mississippi legislative leaders say they want to approve tax cuts during the three-month session that runs through early April, but it’s not clear whether they will agree on a plan.
Republican House Speaker Philip Gunn said last week that he will renew an effort to eliminate the income tax. Republican Lt. Gov. Delbert Hosemann has not said whether he will agree to that, and he has not offered a specific tax cut proposal.
During the 2021 legislative session, the House proposed phasing out the income tax and increasing other taxes, including the sales tax. The Senate did not agree.