Mississippi’s revenue buoyed by corporate tax collections

State revenue collections continue to be strong, outpacing by 7.6 percent what was collected during the same time period last year, thanks in large part to a surge in corporate tax collections.

Strong collections for the current year come on the heels of the previous two years where tax collections grew by more than 5 percent annually.

Through October, the state has collected $73.2 million or 80 percent more in corporate taxes than was collected during the same period a year ago.

State Economist Darrin Webb said recently during a meeting with legislative leaders and Gov. Phil Bryant that he attributed the strong corporate tax collections to strong corporate profits.

New technology has helped the Department of Revenue increase collection of back taxes. During the last fiscal year, which ended June 30, personal income tax revenue was up 10.8 percent, in part because of that back-tax collection effort.

Daily Journal