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December State Revenue Report Released

Feb 03, 2017

According to numbers released this week by the Senate Fiscal Agency, December 2016’s net revenue totaled $2.1 billion, an increase of 13.3% from the prior year.  Revenue for the month was $134.1 million above the 2016 May consensus revenue estimates.  The agency credits higher than estimated sales tax collections, individual income tax payments, and Corporate Income Tax collections.  Both General Fund (GF) and School Aid Fund (SAF) earmarked collections were higher than estimated, the GF brought in $85.7 million more revenue than projected and the SAF earmarked revenue was $44.2 million higher than estimated. 

Additional highlights include:

  • Net Income Tax: 4.1% higher than the prior year
  • Sales Tax Revenue: Increased 6.4% from the prior year
  • Single Business Tax, Michigan Business Tax, Corporate Income Tax: Combined collections were $50.8 million above projections
  • Real Estate Transfer Tax: Increased 15.7% from the prior year

To view the full monthly report, please click here.

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