JACKSON – The dramatic decline in corporate tax collections appears to be the primary cause for the budget woes and revenue shortfalls during the past two fiscal years.

In fiscal year 2015 (July 1, 2014 through June 30, 2015) corporate tax collections peaked at $714.1 million or 12.9 percent of overall collections. Corporate tax collections for the just-completed fiscal year are $150 million less than the amount collected two years ago. For fiscal year 2017, which ended June 30, the state’s corporate tax collections were $564 million, or 10.4 percent of the total collections, according to figures compiled by legislative staff.

Newsletters

bobby.harrison@journalinc.com Twitter: @bobbyharrison9

Recommended for you