Lower tax rates, higher tax revenues - reports State Budget Office
Mississippi revenue collections run ahead of estimate in September, LBO reports
A new state budget office report shows September collections exceeding projections, with corporate tax gains outweighing a drop in individual income tax revenue.
The Legislative Budget Office issued its FY 2027 revenue report on September 28, 2026, for the Joint Legislative Budget Committee. According to the report, "Total revenue collections for the month of September FY 2027 are $51,600,133 or 7.34% above the revised revenue estimate. Fiscal YTD revenue collections through September 2026 are $123,326,999 or 6.84% above the revenue estimate." The report was not tied to a specific vote or discussion, and no individual official is on record as presenting the figures at the meeting.
The report shows corporate income tax collections up 26% from a year earlier, even as individual income tax collections fell 3.67% over the same period. The early over-collection, just three months into the fiscal year, feeds into Mississippi's ongoing debate over eliminating the state income tax, raising questions about whether the revenue estimate was set too conservatively or whether surplus funds should be returned to taxpayers rather than directed toward new spending.