Cigarette Tax Revenue Meeting Expectations

By: Associated Press
By: Associated Press

Revenue from Mississippi's recent cigarette tax increase is meeting expectations for the most part.
State Tax Commission data shows Mississippi has collected $36.8 million from the 50-cent cigarette tax increase that went into effect in May.
Meanwhile, the state collected $4.7 million less than expected from raising taxes on stamped cigarettes waiting to be sold when the tax hike took effect.
But tax collections on cigarette stamps in July, the first month of the current fiscal year, totaled $9.2 million. That was fairly close to expectations.
The tax hike from 18 to 68 cents per pack is expected to generate nearly $113 million this fiscal year.

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