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Friday, November 15, 2024

Mississippi's combined tax revenues down 14.7% from Q2 to Q3 2023

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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 decreased 14.7% in the third quarter of 2023 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 2023, compared to $2.9 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 ($726 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$1,646
Income Taxes$726
License Taxes$117
Other Taxes$11
Property Taxes$7
Source: U.S. Census Bureau

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