/State revenue rebounds in May after lackluster April

State revenue rebounds in May after lackluster April

Those numbers are partially offset with less than stellar April collections. Due to the April 15 deadline for tax filings, April is a strong month in income tax collections. In some years, however, the filings are not counted towards state revenue until May. The deadline for taxpayers to file was April 17, which could delay reporting by the Department of Revenue. Kathy Waterbury, spokeswoman for Revenue, stated that it is difficult to predict how much revenue will be collected in April and what will spillover to May every year. She also said that it was hard to know how much revenue would be generated in May. The state collected $18.6million in May, which was 137 percent more than the estimate for corporate income taxes. It also collected $16.6 million, which is 9 percent more than the estimate for personal income taxes. The total revenue collection for May was $45.3 million, or 10.3 percent more than the estimate. Official estimates are created by legislative leaders and represent the money that was appropriated by the Legislature for education, law enforcement, and other essential state services. If revenue falls short of the estimate, the governor and governor must either cut budgets or dip into reserves. The strong May collections were cited by state leaders as proof that their policies work. According to Republican Lt. Governor, “The most recent economic report shows Mississippi’s economies are growing with low unemployment, rising GDP (gross Domestic Product) and increased revenues for the state.” Follow Tate Reeves via social media. After April’s weak collections, collections were just $9.9million or 1.3 percentage above estimates. May was strong. Collections are currently at $42.9 million, or 0.87 percent higher than the estimate for the year. In reality, revenue collections have been slow in recent years. They have not grown or decreased year over year. The slow collection of revenue can be attributed to the 50 tax cuts that were passed in recent years, which experts estimate will result in a loss of more than $300 million for the state. The state will be subject to additional tax cuts in the next few years, which will cost an additional $400 million. Reeves, Governor. Reeves, Gov.