June 2024 major taxes and net lottery revenue totaled $3.0 billion, which was $100.5 million more than previous projections. This is attributable to greater-than-expected payments from the Michigan Business Tax, and the Flow-Through Entity Tax, among other higher collections.
Key Points:
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- General Fund collections were $110.1 million higher than estimates, while School Aid Fund collections came in $13.5 million below.
- Net income tax revenue increased 2.8% from the prior year, totaling $1.3 billion.
- Sales tax receipts were $918.5 million, a 5% increase from the prior year, but $9.7 million below projections.
- Thus far in 2024, General Fund collections are $266 million above expected amounts and School Aid Fund collections are $70.6 million above estimates made at the May 2024 Consensus Revenue Estimating Conference.
To read the full monthly revenue report from the Senate Fiscal Agency, please click here.
