February Revenue Declines

Mar 15, 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.

Major tax and net lottery revenue declined in February 2024 by 23.8% from February 2023. Additionally, last month’s collections were $152.1 million below prior projections made at the biannual Consensus Revenue Estimating Conference in January.

Key Points:

    • General Fund collections declined $129.3 million from the prior year, which was $141.1 million less than projected.
    • School Aid Fund collections were $62 million less than the prior year and $16.1 million below the estimated level.
    • Net income tax revenue decreased 83.1% from the prior year and was $144.8 million less than projected.
    • Sales tax receipts for the month totaled $761.9 million, 4.1% less than February 2023 but $5.8 million more than projected.
    • Use tax collections were $190.6 million last month, an increase of 8.7% from the prior year but $2.8 million less than prior estimates.

To view 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.

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