State tax collections fall again
The state’s January tax collections came in below expectations, prompting Gov. Haley Barbour to send a statement warning additional budget cuts are possibly coming.
“The State Tax Commission reported (Jan. 29) that revenue collections for the month of January fell substantially below expectations. Previous budget cuts were based on an 8.2 percent shortfall for the first half of the fiscal year, but preliminary reports show January’s tax collections missing the mark by 12.2 percent, or $43.4 million. It is the worst showing of the current fiscal year. It is also the 17th consecutive month revenue has fallen short of estimates and the 14th consecutive month where less money was collected than the previous year.
“I soon will be forced to look at whether additional cuts will be necessary in the current fiscal year beyond the $437 million in cuts already made. The law requires a balanced budget, and I will uphold the law.”
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Alcorn president launches new customer service task force
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- David Duval, former British Open winner, joins Sanderson Farms field
- Court rules against Greenwood councilwoman; must give up office
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Cochran continues to reach out to African American voters
- Turner Grain’s bankruptcy will help consolidate lawsuits alleging breach of contract
- Peoples Bank reports quarterly loss due to bad loans
- Senators write letter over Waters of the United States proposal