Mississippi Revenue Up for First Time in 19 Months

By: Ashley Conroy Email
By: Ashley Conroy Email

The Mississippi Tax Commission says that funds for the end of March are up over $6 million.

This is mostly because of corporate and gaming taxes that have each topped out over 20 percent.

Budget Committee member, Sen. Dean Kirby, says part of this spike could have trickled down from February.

"We know that some of these numbers that came in, in March, actually were late getting in because of a short February," Kirby said.

The tax commission says even with one month up, the yearly revenues are still down.

"We're still $241 million below the year to date for the general fund, which is seven and a half percent," said tax commission communications director, Kathy Waterbury.

Meanwhile, appliance retailer, Cowboy Maloney's in Jackson, reports a significant increase in business.

"We do know that things are looking a little better. We're more excited; we're doing some things. We've opened two new stores in the last three months," co-owner, Conn Maloney said.

Waterbury says that when corporate taxes are up, often it means that businesses refund requests are less.

"They're requesting less refund than they did last year, which means we have more money going into the general fund instead the refund account," Waterbury said.

However, even though corporate taxes were up, sales tax projections were lower by 5.5 percent.

Meanwhile, lawmakers have estimated the 2011 fiscal year budget to be around $5.5 billion dollars. This is about $500 million less than what was projected for the 2010 budget.

The legislature has recessed until April 20. It's waiting to see if additional federal stimulus funds, that would go to Medicaid, will come to Mississippi.

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