Sales tax collections gave the city a holiday season boost as an upward trend continues.
It was also a notably good month for the 2 percent tourism tax, which posted its first gain since the onset of the pandemic slump. The tax on prepared food and lodging generated $111,776, rising 5.5 percent, or about $5,854, from a year earlier. The latest results reported by the Mississippi Department of Revenue reflect sales activity that occurred in October.
Special taxes across the state have seen recovery in recent months after taking a hit from COVID. Revenue generated by all special taxes grew by 7 percent over the year-ago results in the latest reported month. The local tourism tax took a much tougher punch from COVID than did the sales tax.
The city’s sales tax diversion received at mid-December totaled $555,888.46, rising a robust 11.4 percent, or approximately $57,000, from a year earlier. It sets a new high bar for the month and reflects sales that happened in local businesses during the month of October. The month’s total also extends the new fiscal year’s positive start to three consecutive months of growth.
Double-digit gains were not uncommon in the region and across the state. Among all municipalities, sales tax collections rose 8.8 percent for the month.
The fiscal year’s cumulative total for Corinth goes to $1,635,739.84, rising 6.5 percent, or about $99,200, from the prior year.
Other sales tax results from the region:
Booneville – $189,095.29 (+0.4 percent)
Burnsville – $16,128.03 (+10 percent)
Farmington – $5,329.48 (+2 percent)
Glen – $4,288.49 (-9 percent)
Iuka – $77,418.75 (+13 percent)
Kossuth – $4,797.97 (+39 percent)
Rienzi – $3,338.95 (-0.3 percent)
Ripley – $146,729.93 (+22 percent)
Tupelo – $1,927,619.75 (+10 percent)
Walnut – $24,790.21 (+19 percent)