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Wednesday, December 4, 2024

Mississippi's license tax revenue down 13.6% in Q1 compared to previous quarter

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Chris Graham, Commissioner of Revenue | Mississippi Department of Revenue

Chris Graham, Commissioner of Revenue | Mississippi Department of Revenue

Mississippi collected $89 million in license taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 13.6% decrease from the previous quarter, when license tax revenue was $103 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, Mississippi collected $2.4 billion in combined tax revenues in Q1.

Q1 Mississippi Tax Collections

Type of TaxAmount (millions)
Income Taxes$565
License Taxes$89
Other Taxes$12
Property Taxes$26
Sales and Gross Receipts Taxes$1,700

Source: U.S. Census Bureau

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