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Tuesday, November 26, 2024

Mississippi's combined tax revenues up 12.2% from Q2 to Q3 2022

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Chris Graham, Commissioner of Revenue | Mississippi Department of Revenue

Chris Graham, Commissioner of Revenue | Mississippi Department of Revenue

Combined tax revenues in Mississippi increased 12.2% in the third quarter of 2022 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Mississippi collected $2.5 billion in taxes during the third quarter of 2022, compared to $2.2 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($1.6 billion) and income taxes ($796 million).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 Mississippi Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,590
Income Taxes$796
License Taxes$110
Other Taxes$17
Property Taxes$5
Source: U.S. Census Bureau

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