Sunday, March 28, 2010

Where Have You Gone Mississippi Business Tax Receipts?

M. Siegel emails:

I was visiting the Mississippi Tax Commission last week where I had an opportunity to speak with one of the Deputies in charge of handling receipts. I was told the most recent quarterly estimated business tax receipts have fallen to next to nothing. Businesses over-estimated corporate, business and franchise taxes based on last year's performance, but due to poor business conditions this year, most now owe nothing for current quarter..

The deputies have been directed to check the Commission's P.O. box on Saturdays in an attempt to accelerate revenue and rush deposits to the bank on Monday morning. But there  has been 'nothing' in the PO box. "Nothing" was the exact word that was used. Almost one full quarter's expected receipts have failed to appear.

While I was there the State Legislature was in extended session to effect the next round of budget cuts, which have now exceeded the cuts the Governor is allowed to make without approval of the Legislature.

The only bright spot is that receipts from the Tunica-area casinos has finally stopped falling for the most recent month.

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