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Mississippi’s March tax revenues exceeded pre-session estimates | Mississippi

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www.thecentersquare.com – By Steve Wilson | The Center Square – 2024-04-19 10:07:00

(The Center Square) — Tax revenues for March in Mississippi were up nearly 17% over the pre-session estimate, as an additional $87 million was collected.

The report by the Legislative Budget Office showed that tax revenues for the fiscal year, which will end June 30, were up 3.51% compared with estimates, adding $178.9 million in revenue to the state’s balance sheet and 0.03% above the collections at this point last year. The fiscal 2024 estimate is $7.52 billion. 



TCS - March Fiscal 2024 Mississippi graph

Ten-year historical total revenue collections and by tax type graphs issued by the Mississippi Legislative Budget Office. 




As for the year to date, sales tax revenues (nearly $2.1 billion) were up 3.4%, gaining an additional $68.9 million over the year before, when $2.03 billion was collected. 

Use of e-commerce in Mississippi continues to grow, as revenues from the state’s 7% use tax on all out-of-state sales grew 3.58% compared to the same time last year. In fiscal 2023, those revenues were $293.9 million, compared to $304.4 million this year, an increase of $10.5 million.

With recent income tax cuts passed by lawmakers, the state’s personal income revenues continue to plummet, down 10.07% compared to the year before. The state took in $1.65 billion in 2023 compared to $1.49 billion this year, a reduction of $166.6 million.

Corporate income tax collections were also down compared to the same period last year, falling 5.01%. In fiscal 2023, the state collected $569.5 million compared to $540.9 million this year, a decrease of $28.5 million.

Tobacco and beer taxes and revenue from the state’s distribution of wine and liquor were also down slightly (0.59%) compared to the same period last year. Last year, the state collected $194.7 million while collecting $193.6 million this year, a decrease of $1.14 million. 

Gaming tax revenues were also down by 5.3%. In fiscal 2023 up to March, the state collected $121.6 million, compared to $115.2 million, a drop of $6.44 million.

Tax revenue from the state’s medical marijuana program also took a plunge, down 13.23% compared to the year before. In fiscal 2023, the program took in $7.43 million compared to $6.44 million this year, a decrease of $982,868.

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News from the South - Texas News Feed

Abbott directs state agencies to divest from investments originating from China | Texas

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www.thecentersquare.com – By Bethany Blankley | The Center Square contributor – 2024-11-21 19:24:00

SUMMARY: Texas Gov. Greg Abbott has issued multiple directives to prepare for the upcoming legislative session focusing on threats from China. One executive order aims to protect Texans of Chinese descent from CCP operatives, while another orders state agencies to prepare for potential attacks on critical infrastructure. Abbott emphasized the need for divestment from Chinese investments due to financial risks associated with CCP aggression. He called for immediate evaluation and divestment of state funds in China, fostering collaboration with other governors to encourage investment alternatives. These measures follow discussions by a select committee exploring foreign threats to Texas’ economy and security.

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News from the South - Georgia News Feed

Study: AI and data centers could drive cost of energy up by 70% over 10 years | Virginia

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www.thecentersquare.com – By Morgan Sweeney | The Center Square – 2024-11-21 19:07:00

SUMMARY: A report by the Jack Kemp Foundation warns that average American energy bills could rise by 25% to 70% over the next decade due to soaring energy demands driven by AI, hyperscale data centers, and advanced manufacturing. The surge is straining the U.S. power grid, leading to significant price increases in capacity markets. Dominion Energy disputes these findings, predicting only a 2.5% annual increase in Virginia. The report argues for policy changes, including charging data centers more for energy and halting subsidies for their construction to alleviate the burden on consumers. Recommendations also include implementing minimum take clauses for utility contracts.

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News from the South - Florida News Feed

St. Petersburg City Council votes to repair Tropicana Field’s roof | Florida

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www.thecentersquare.com – By Steve Wilson | The Center Square – 2024-11-21 17:01:00

SUMMARY: The St. Petersburg City Council approved spending $55 million to repair Tropicana Field, including $26.3 million for roof replacement, after Hurricane Milton damaged it in October. Insurance and FEMA funds will cover some costs. However, Rays co-President Brian Auld doubts the repairs will be ready by 2026. The council delayed a vote on $333.5 million in bonds for a new $1.2 billion stadium, scheduled for 2028. The Rays argue the delay jeopardizes the project, having already spent $50 million. The team will play next season at George Steinbrenner Field in Tampa, paying $15 million to the Yankees.

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