(The Center Square) – Mississippi tax revenues were $181.7 million above the estimate for fiscal 2024, according to data released by the state Department of Revenue.
For June, the same release showed collections were $46.9 million more than the presession estimate at $7.7 billion. This year’s total collections at $7.7 billion were $18.4 million more than last year, an increase of 0.24%.
The state’s new fiscal year started July 1.
This came despite a nearly 6% decrease in collections of the state’s income tax. In fiscal 2023, the state collected $2.39 billion versus $2.25 billion this year, a decrease of $141.8 million. For the month of June, receipts were $6.2 million above the estimate at $206.2 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.
According to the report, sales tax revenues for fiscal 2024 ($2.82 billion) were nearly 3% more than the year prior ($2.73 billion). In June, sales tax receipts ($244 million) were $2.1 million over the estimate.
Collections of the state’s corporate income tax were down by 6.7%, shrinking from $1.04 billion to $968 million, a decrease of $69.5 million. Collections in June were $8.6 million at $148.5 million.
Use tax receipts were up by 4.87%, growing from nearly $389 million in fiscal 2023 to $407.9 million in fiscal 2024. The state’s use tax is assessed on all out of state sales, including online purchases. June collections added up to $33.8 million, $2.1 million greater than the estimate.
The state’s so-called “sin” taxes on tobacco and alcohol, including revenue from the state’s wine and liquor warehouse and distribution system, showed a decrease as well, falling by 1.69%. In fiscal 2023, the state took in $262.1 million compared to $257.7 million this year, a difference of $4.42 million.
Revenue from the state’s gaming tax was also down by 4.3% for the year to date, falling from $162 million to $155 million, a difference of nearly $7 million. In June, gaming collections were $1.6 million greater than the estimate.
Oil and gas severance taxes also took a dive, falling by 11.66% from $36.4 million to $32.2 million.
