Audio recording is automated for accessibility. Humans wrote and edited the story.
Total revenue collected by the state increased by around $87.59 million, or 1%, for FY 2026. The state fiscal year begins July 1 and ends June 30 of the following calendar year.
Sales tax collections, the largest source of state revenue, were down by $11.91 million or 0.42% year over year. The Individual income tax, which is slowly being phased out, was the second-largest contributor to state revenue, bringing in $2.28 billion, up 0.01%.
Katherine Lin
The largest gains came from corporate income taxes and use taxes. Corporate income tax revenue increased by $57.44 million, or 7.81%, and use tax collections increased by $51.87 million or 11.79%. However, combined they bring in a little over half of the revenue collected from individual income taxes.
Overall, state collections were $176.72 million, or 2.34%, over the revenue estimate. The revenue estimate is set by the Joint Legislative Budget Committee based on recommendations from state financial experts. The estimate is used as a starting point to set the state’s annual budget.
Economic impact of heat in Mississippi
A new report on the impact of extreme heat found that Mississippi is among the states with the largest heat-related economic losses. And these losses may continue to increase over the next decade.
An Anduril Industries solid rocket motor exploded during a test in Mississippi, confirmed on social media by the company’s Chief Operating Officer Matt Grimm. No one was injured, and Grimm said “the safety systems worked exactly as designed. The team responded exactly the way they’ve trained to, and damages to our test stand were minimal.”
Anduril is part of the state’s growing defense industry. In 2024, the Mississippi Development Authority announced Anduril would spend $75 million to expand its presence in Stone County.
In other news:
Soybeansare Mississippi’s second-largest agricultural product and last year’s rising production costs and tariff uncertainty made for a difficult year. This year, things are looking slightly better for soybean farmers with slightly higher prices, but margins will continue to be thin.
A proposed settlement for an antitrust lawsuit brought against Ridgeland-based Cal Maine and two other egg producers would require the companies to pay $3.3 million and donate 53 million eggs to food banks. The companies are accused of fixing egg prices. The companies have not acknowledged any wrongdoing.
Madison County property values have skyrocketed and the county’s property tax revenue is also expected to grow, thanks in large part to Amazon’s data centers. An attorney for the Madison County Economic Development Authority said “It’s an embarrassment of riches.”
Gov. Tate Reeves announced that Jabil, a Florida-based manufacturing company, will build a new facility to make data center infrastructure in Marshall County. The $119-million investment is expected to create 2,200 jobs.
The Mississippi Business Alliance released its 2026 Legislative Report. The report summarizes the major business related legislative accomplishments (and misses) and grades each member of the legislature on their support for business.
