March Revenue Declines

Apr 19, 2024

by Liz Gullett

As MLC’s Communications and Social Media Manager, Liz Gullett keeps clients informed and up-to-date on the goings on in Lansing and the Capitol.

Last month, major taxes and net lottery revenue declined 24.7% from the prior year, coming in at $1.6 billion. Additionally, collections were roughly $169.6 million below prior projections from the consensus revenue estimating conference held earlier this year.

Key Points:

    • Income tax revenue for the month was $246.9 million, a 60.8% decline from March 2023 and $81.5 million below projections.
    • General Fund collections came in at $210.1 million below projections, while School Aid Fund collections were $42 million above estimates.
    • Individual income tax refunds were $1.3 billion, which is an all-time high, coming in at 26.2% more than the previous record set in February 2024 and 66.7% higher than the March 2023 level.
    • Sales tax receipts for the month came in at $763.9 million, which was a 7.7% decrease from the prior year and $72.7 million below the forecast.
    • Use tax collections were 18.9% above the prior year, totaling $222.4 million.

To read the full monthly revenue report from the Senate Fiscal Agency, please click here.

Michigan Legislative Consultants is a bipartisan lobbying firm based in Lansing, Michigan. Our team of lobbyists and procurement specialists provide a wide range of services for some of the most respected companies in America. For more on MLC, visit www.mlcmi.com or connect with us on LinkedIn and Twitter.

Recent Posts

Governor Signs State Budget

Governor Signs State Budget

This week, Governor Gretchen Whitmer signed the 2027 Fiscal Year budget, providing appropriations for the next fiscal year beginning on October 1. General Omnibus Budget: It completely rolls back the retirement tax, saving seniors an average of $1,000 per year. $532...

Spotlight On Representative Alabas Farhat

Spotlight On Representative Alabas Farhat

Representative Alabas Farhat (D-Dearborn) is serving his second term in the Michigan House of Representatives. Biography  Before his election to the House, he graduated from the University of Michigan-Dearborn with a bachelor’s degree in public health and a master’s...

Primary Election Overview: The Race for Governor

Primary Election Overview: The Race for Governor

Leading up to the August 4 primary, we are highlighting key races shaped by voter demographics in the district. Candidate websites and professional backgrounds are listed when available. Commentary After two terms with a Democratic governor, eyes are on this race to...

Michigan Legislative Consultants

Michigan Legislative Consultants
110 W. Michigan Avenue
Suite 500
Lansing, MI 48933
517.372.2560
517.372.0130 fax

1001 Woodward Avenue
Suite 500
Detroit, MI 48226

MLC is proud to be the Michigan member of NASL