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Mississippi tax revenues down by 8.31% in May

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(The Center Square) – Mississippi collected 8.31% less in tax revenues in May than the estimate, according to data released by the state Department of Revenue this week.

Revenue collections were $51 million less than the pre-session estimate, with the phaseout of a pair of the state’s income tax brackets primarily to blame. Income tax revenues were $60.1 million below the estimate for May and $191.1 million below for the fiscal year, which ends June 30.

Collections were down 7.04% in May compared to the same time last year.

Compared to last year, income tax receipts are down by 7.09% (a reduction of $155.7 million).

In 2022, Gov. Tate Reeves signed into law an income tax cut that gradually reduces the state’s graduated bracket system into a 4% flat tax.

So far, the state’s total receipts are slightly less than last fiscal year. In fiscal 2023 through May, the state collected $6.93 billion, compared to $6.91 billion this year, a decrease of 0.26% or $17.9 million.

For the year so far, revenues from the state’s 7% sales tax are up 3.14%, an improvement of $78.2 million.

Use tax, which is assessed on all out-of-state purchases including online sales, continues to become a larger part of the state’s revenues. For the year to date, use tax is up $14.4 million or 4.01%. For May, collections were $1.3 million more than the estimate and $2.4 million above for the year to date.

Gaming tax revenues exceeded the estimate slightly by $300,000, but are down by $4 million for the year to date and $5 million less (a decrease of 3.4%) than the same time last year.

Corporate taxes were down $3.8 million, but still $61.6 million more than the estimate and down $71.7 million for the fiscal year compared to last year.

Revenues from tobacco and beer taxes and the state’s alcohol beverage control distribution warehouse for liquor and wine are down 1.56% compared to last year, dropping from $239 million in fiscal 2023 to $235.3 million this year.

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