Recent Updates
FY 2009-2010 Revenue Estimate Update:
Revenue Growth Slows – State Service Cuts Expected
The revenue estimate for FY 2010 was released on November 11, 2009 including an updated estimate for FY 2009 (the current fiscal year). Due to declining economic conditions, FY 2009 revenues are projected to come in $78.6 Million less than thought when the budget was created in April. With less revenues coming in than budgeted, cuts will be made to state programs. Revenue for FY 2010 is expected to come in at a $117.7 million increase (or 2.3%) from FY 2009, but may be adjusted down if economic conditions worsen. For more information click here.
MEPC Public Comments - Governor's Tax Study Commission
On Tuesday, August 19, the Governor's Tax Study Commission met to discuss recommendations for the final report. MEPC's public comments on the report are available for your review by clicking here.
Overall, the Commission approved multiple recommendations to strengthen working families including recommendations to eliminate state income tax liability for working Mississippians with below poverty level wages. Some of MEPC's recommendations not discussed included provisions to reduce grocery taxes and the implementation of a state Earned Income Tax Credit. Both would create economic opportunities for working families. Additional information that would be helpful in the evaluation of the recommendations would include an overview of who will pay more or who will pay less as a result of the proposed changes.
One of the primary concerns highlighted in the public comments of MEPC included the absence of estimates for revenue gains or losses for each recommendation. During the meeting part of the concern was addressed as estimates were provided to the committee and those in attendance.
Tax Reform for Working Mississippians
With gas prices and food costs soaring, hundreds of thousands of Mississippians are working hard and struggling to make ends meet. During these times of uncertainty, changes to the state's tax structure offer shared prospertity and economic opportunities to move working Mississippians forward. Click here to view the tax reform recommendations.