August 5, 2021
Economy

Mississippi sees massive increases in tax collections as economy awakens, stimulus funds flow

State tax collections increased by $924 million, or nearly 16%, year-over-year for the fiscal 2021 year that ended in June, a state report released Tuesday showed, as Mississippi’s economy recovers from the COVID-19 pandemic and percolates from billions in federal government spending.

The largest increase for fiscal year 2021 was in corporate income taxes, up $296 million or 54% year over year. Individual income taxes, use taxes (from online sales) and casino taxes also saw large percentage increases for the year, while sales taxes saw a modest increase of $88 million, or 4%.

Total state tax collections increased from about $5.8 billion to $6.7 billion year-over-year. This comes after the state ended last fiscal year at $151 million, or 2.5% below collections for the prior year amid the pandemic economic downturn. Over the last decade or so, state…

Read full article here: mississippitoday.org