(The Center Square) – According to data from the Mississippi Legislative Budget Office, the state’s tax revenues for July were up 8.17% over the estimate and 3.17% more than last July.
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The Magnolia State collected $597.3 million in July, a difference of $21.4 million compared to last year.
Total collections for fiscal 2023, which ended on June 30, added up to $7.69 billion. Minus $6.39 billion in appropriations, that will leave a surplus of $1.31 billion.
In July, sales tax revenue was up 3.56% compared to the same time last year at $242.6 million compared to $234.2 million last year.
Individual income tax revenue was up 1.81%, as the state collected $190.8 million versus $187.5 million in July 2022.
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Also showing a big gain by 16% more than the same time last year was the state’s 7% use tax, assessed on all out-of-state sales. Revenue from the tax for July was $34.1 million, an increase of $4.73 million from last July.
Among the big drops for the state’s revenue were the state’s tax on medical marijuana dispensaries, which dropped by 64.9% from $4.7 million last July to only $1.46 million this year.
Gas and oil severance tax revenues also took a hit compared to last July. The state collected 37.3% less, $2.46 million compared to $3.93 million the year before.
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Taxes on alcohol and tobacco showed a downward trend this July. The state brought in $21.86 million, a 7.52% reduction from the same time last year ($23.63 million).
July is the first month of the state’s new fiscal year.
