State revenue falls below projections in January, total collections are down year-over-year by Bobby Harrison, Mississippi Today February 12, 2024 January’s revenue collections, according to a report recently released by the staff of the Legislative Budget Committee, were $6 million or 1.1% below the official estimate. For the fiscal year, which began July 1, revenue collections remain $98.3 million or 2.4% above the official estimate.
The state is coming off two fiscal years of unprecedented revenue growth thanks in large part to the federal COVID-19 spending, so it might not be considered unusual for collections to be slumping. It is rare, however, for the state to collect less revenue year-over-year. If it was not for the interest income, state revenue would be down more than 2% over the previous year. One reason for the drop in revenue is that beginning in January 2023, an income tax cut phase-in began.
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