Mississippi’s revenue for July 2025 was slightly above expectations but lower than the same month last year, reflecting ongoing tax cuts and stable sales tax collections.
Mississippi’s July 2025 Revenue Exceeds Projections Despite Year-Over-Year Decline
According to Clarion Ledger, Mississippi started its Fiscal Year 2025 by collecting $578.7 million in taxes and other revenues in July. This amount was slightly higher than expected, but it was less than the $597.3 million collected in the same month last year.
State experts weren’t surprised by these numbers because the revenue still met the state’s projections, according to the Legislative Budget Office. The drop in personal and corporate income taxes, which fell by 8.86% and 41% from last year, is due to ongoing tax cuts. However, sales tax collections stayed almost the same, with just a small 0.30% decrease compared to July 2023.
READ ALSO: $7,500 Tax Credit: Unlock Incentives for Your Electric Vehicle Purchase
Mississippi Fiscal Year 2025 Off to a Slow Start: $578.7 Million in July Revenues – 8.86% Drop in Personal Income Taxes (PHOTO: VectorStock)
Mississippi Aims for $7.6 Billion in Revenue Amid Tax Cuts Despite Early Fiscal Year Drop
Even though there was a drop compared to last year, this is only the first month of the fiscal year. Mississippi has a goal to reach $7.6 billion in revenue by the end of June 2024, and the state is working to manage its income sources while continuing with tax cuts.
READ ALSO: Changes in Missouri’s New Laws: From Backyard Chickens to Teacher Salaries and Public Safety
