July Revenue Increases from Prior Year

Aug 16, 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.

Total cash collections from major taxes, penalties and interest, and lottery transfers increased last month from the prior year, totaling $2,962.6 million. However, year-to-date, collections for the current year are down 2.4% from the prior fiscal year, according to the latest monthly report from the House Fiscal Agency.

Key Points:

    • General Fund/General Purpose revenue totaled $1,477.2 million last month, which was $61.3 million above estimates.
    • School Aid Fund revenue came in at $1,290.7 million, which was $9.1 million above estimates.
    • Net income tax revenue totaled $1,114.2 million.
    • Net income tax collections through July were $637.2 million less than the prior fiscal year.
    • Net business taxes were $139.6 million higher than the prior year.
    • Consumption tax revenue collections totaled $1,222.2 million.
    • Sales tax collections totaled $90.1 million below last year’s figure on a year-to-date basis.
    • Use tax collections increased year-over-year by $39.1 million.

To read the full report, 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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