JACKSON, Miss.–The state is taking in a bit less in both sales tax revenue and corporate taxes, said State Economist Corey Miller, at a meeting of the Joint Legislative Budget Committee Thursday.
But, it may be that Mississippi is getting back to normal, said Miller.
“I think the slowdown in sales tax revenue is sort of getting back to normal, closer to where we were prior to the pandemic,” he said.
Miller said that the collection of less in tax revenue from corporations is partly due to a slower economy.
“My belief is corporate profits are not what they were a couple of years ago and so now we’re seeing some slowdowns in corporate tax revenue,” he said.
The state is projected to have a $7,600,000,000 budget for Fiscal Year 2026. Gov. Tate Reeves had a suggestion for some of that money.
“Total spending in FY 25 is approximately $7 billion. So, I would encourage you for the additional $600 million, that we return that back to the taxpayers,” he said.
Whether that could actually happen depends on how much the state actually spends, not on the estimate, which was adopted Thursday by the Committee.
