Taxes, revenue, and liquor: Frierson provides an update

Herb Frierson, the commissioner of the Mississippi Department of Revenue, joined The Gallo Show on Tuesday morning to provide an update on the state’s current revenue situation.

According to Frierson, the state was in a pretty good situation prior to the COVID-19 outbreak, but his department is expecting a major drop in revenue due to the recently enacted stay-at-home order.

“On March 31, we were running about 190 million [dollars] above last year’s collection,” Frierson said. “We’re anticipating a substantial drop in revenue—way below estimate for the next three months—due to the shelter-in-place [order] and the shutting down of the economy.”

While the economy has suddenly gone idle due to the closing of nonessential businesses, Frierson did note that there is one industry prospering amidst the pandemic.

Comically enough, liquor stores have reached “record sales.”

“We’re selling more [liquor] than we did during the Christmas and New Year’s time—about 15 percent more,” Frierson said.

Regarding the blooming tax season, Frierson wanted to remind Mississippians that they have until May 15 to file their state taxes and until July 15 to file their federal income taxes. As of now, about 63 percent of taxpayers have already filed their federal income tax.

To listen to the full interview with Frierson, click the video below.