The May 15 extension was less than the 90-day extension granted by Trump Administration to file federal taxes and pay them. The Department of Revenue stated in a press release that it had consulted Gov. The Department of Revenue stated in a news release that Tate Reeves and legislative leaders were consulted before the agency decided on the extension for a 30-day period. The Mississippi Department of Revenue stated on social media that the state was unable to comply with the federal July 15th income taxes extension because it will have an approximately $555,000,000 effect on the state budget. This would shift these receipts to the next fiscal fiscal year.” The state’s fiscal year ends June 30. It would be a terrible idea to take $555 million from the $6 billion budget for the state general fund at this stage in the fiscal year. This is especially true when you consider that the state rainy fund or Working Cash Stabilization fund contains approximately $680 million, according a December report from the Legislative Budget Committee. Experts agree that Mississippi’s state laws prohibit the government from running a deficit. This is in contrast to the federal government which can run a surplus. The federal fiscal year starts Oct. 1. This means that the 90-day extension for filing and paying taxes is limited to one fiscal year, while it could be extended to two state fiscal years. Individuals at the state and federal levels can file before the deadlines, and will most likely do so if they are eligible for a refund. According to the revenue department’s press release, the extension was only for income taxes paid by individuals or businesses. It did not apply to other taxes such as sales taxes that are reimbursed to state by retailers. The coronavirus will have a significant impact on state revenues. Legislative leaders and the governor will need to address this issue in the months ahead.