Collections down; more 4 pockets

The latest report of Mississippi's Legislative Budget Office shows individual income tax collections for October were $42M below last year's, meaning Mississippians are keeping more of their money. 

For the second month of FY 2024, Mississippi state revenues have come in under legislative estimates. 

However, four months into FY-24, Mississippi revenues continue to exceed estimates by over $75M. 

The reduction in the state income tax following the 2022 tax cut is the primary reason for the reduced revenue, a move lawmaker repeatedly said was by design, allowing Mississippians to keep more money in their pockets. (Magnolia Tribune 11/08/23) Mississippi revenues come in below estimate in October but remain up $75 million for the fiscal year - Magnolia Tribune