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Tax revenues continue to grow | Mississippi

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www.thecentersquare.com – By Steve Wilson | The Center Square – 2023-08-16 16:27:00

(The Center Square) – According to data from the Mississippi Legislative Budget Office, the state’s tax revenues for July were up 8.17% over the estimate and 3.17% more than last July.

The Magnolia State collected $597.3 million in July, a difference of $21.4 million compared to last year.

Total collections for fiscal 2023, which ended on June 30, added up to $7.69 billion. Minus $6.39 billion in appropriations, that will leave a surplus of $1.31 billion. 

In July, sales tax revenue was up 3.56% compared to the same time last year at $242.6 million compared to $234.2 million last year. 

Individual income tax revenue was up 1.81%, as the state collected $190.8 million versus $187.5 million in July 2022. 

Also showing a big gain by 16% more than the same time last year was the state’s 7% use tax, assessed on all out-of-state sales. Revenue from the tax for July was $34.1 million, an increase of $4.73 million from last July. 

Among the big drops for the state’s revenue were the state’s tax on medical marijuana dispensaries, which dropped by 64.9% from $4.7 million last July to only $1.46 million this year. 

Gas and oil severance tax revenues also took a hit compared to last July. The state collected 37.3% less, $2.46 million compared to $3.93 million the year before. 

Taxes on alcohol and tobacco showed a downward trend this July. The state brought in $21.86 million, a 7.52% reduction from the same time last year ($23.63 million). 

July is the first month of the state’s new fiscal year.

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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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