Cigarette Tax Hike Raises $36.8M

Tax Smoking Revenue from Mississippi's recent cigarette tax increase is meeting expectations for the most part.

by Associated Press

Published: Sun, August 16, 2009 - 3:54 pm CST Last Updated: Sun, August 16, 2009 - 4:07 pm CST

JACKSON, Miss. (AP) - Revenue from Mississippi's recent
cigarette tax increase is meeting expectations for the most part.
State Tax Commission data shows Mississippi has collected $36.8
million from the 50-cent cigarette tax increase that went into
effect in May.
The state collected $4.7 million less than expected from raising
taxes on stamped cigarettes waiting to be sold when the tax hike
took effect.
But tax collections on cigarette stamps in July, the first month
of the current fiscal year, totaled $9.2 million, which was fairly
close to expectations.
The tax hike from 18 to 68 cents per pack is expected to
generate nearly $113 million this fiscal year.

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tas Says:

Fri, Oct 16, 2009 at 8:09 pm

What fund is the money being placed? I know it is not going to state employees who have not had a raise in 2 years and have been told do not expect any pay increase in the near or distant future.
We waited 6 years to get the last one. But hey, we do have a good retirement plan!!!