Year ends with tax revenue down
JACKSON – State revenue collections for the month of June, the last month of the fiscal year, were 3.5 percent or $23.8 million less than the amount collected in June 2016.
And for the fiscal year, tax collections were $20 million or 0.37 percent less than the amount collected the previous fiscal year, according to information gathered by the Mississippi Department of Revenue.
For the second year in a row, the state will have collected less tax revenue than the previous year from Department of Revenue sources. DOR collects the bulk of state revenue – such as the taxes on income, retail items, corporations and so-called sin items, such as tobacco, alcohol, gambling and beer.
The state has other smaller sources of revenue that have to a certain extent propped up the state budget in recent years.
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