The Joint Legislative Budget Committee, with Gov. Tate Reeves among its members, adopted a nearly $7.8 billion estimated revenue total for Mississippi’s Fiscal Year 2028, about $266.4 million higher than the Legislature’s current fiscal year sine die estimate.
Magnolia Tribune reported on Nov. 4, 2026, that state economist and chair of the Revenue Estimating Group Corey Miller told the committee that the $7.8 billion figure reflects growth tied to a strong workforce, a growing economy and inflation.
Miller told lawmakers that sales tax revenues were 3.7% greater through the first three months of Fiscal Year 2027 compared with the same period a year earlier, and that moderately high inflation and modest wage growth are likely to sustain sales tax revenue into FY2028. The state is also phasing in reductions to the personal income tax and has approved a 2% reduction in the sales tax on groceries, according to the report.
The report said income tax rate reductions have contributed to a 3.7% decline in individual income tax revenue for the first three months of the fiscal year versus the prior year, even as wage growth and more workers in the economy have slowed that decline. The income tax rate was 4% in 2026 and was expected to decline to 3.25% in 2027.
Corporate income tax revenue grew 7.8% during Fiscal Year 2026 and rose 26% in the first three months of Fiscal Year 2027, the Magnolia Tribune reported, citing Miller. Use tax transfers were 13.1% higher in the first three months of the fiscal year, totaling $15 million, and use tax receipts were 17.9% above current use tax estimates as of September, the report said.
Jon Ross Myers is the executive editor and publisher of the Mississippi News Network, Mississippi's largest digital only media company. He can be reached at editor@tippahnews.com
