Mississippi’s total revenue increased by approximately $87.59 million, or 1%, for the fiscal year 2026, according to state financial reports. Sales tax collections, the largest revenue source, declined by $11.91 million, or 0.42%, year over year. The individual income tax, which is being phased out gradually, brought in $2.28 billion, a 0.01% increase. The largest gains came from corporate income taxes and use taxes, which rose by 7.81% and 11.79%, respectively. Combined, these taxes account for just over half of the revenue from individual income taxes.
Overall, state collections exceeded estimates by $176.72 million, or 2.34%. The estimates are set by the Joint Legislative Budget Committee based on recommendations from financial experts and serve as the foundation for the state’s annual budget.
A new report highlights the economic toll of extreme heat in Mississippi. The state is among those with the highest heat-related economic losses, which could worsen over the next decade. The report notes that the U.S. loses an average of $100 billion annually due to heat-induced declines in labor productivity. Mississippi, affected by the ongoing heat dome over the central, southern, and eastern U.S., faces significant challenges.
In other news, an Anduril Industries solid rocket motor exploded during a test in Mississippi. The company’s COO, Matt Grimm, confirmed on social media that no injuries occurred and that safety systems functioned as designed. Grimm added that damages to the test stand were minimal. Anduril plans to expand its presence in Mississippi with a $75 million investment in Stone County.
Mississippi’s agriculture sector continues to face challenges. Soybean farmers experienced a tough year last year due to rising production costs and tariffs, but recent market conditions offer some relief with higher prices. Meanwhile, a proposed settlement in an antitrust lawsuit against Cal Maine and other egg producers would require the companies to pay $3.3 million and donate 53 million eggs to food banks. The companies deny any wrongdoing.
Madison County’s property values and property tax revenue are expected to grow, fueled by Amazon’s data centers. An attorney for the county described the situation as an “embarrassment of riches.” Additionally, Gov. Tate Reeves announced that Jabil, a Florida-based manufacturer, will build a $119 million facility in Marshall County to produce data center infrastructure, creating about 2,200 jobs.
The Mississippi Business Alliance released its 2026 Legislative Report, evaluating legislative support for business. The report highlights major accomplishments and shortcomings in the legislative session and grades each member’s support for economic growth.
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
