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

Budget Transparency Changes Signed into Law

Budget Transparency Changes Signed into Law

Starting next year, legislators will follow a new process for submitting Legislatively Directed Spending Items (LDSI) for inclusion in the state budget. LDSIs are commonly known as earmarks and are spending items within the state budget that direct state money to...

Legislator Security Expansion Signed into Law

Legislator Security Expansion Signed into Law

Legislation seeking to reduce the threat of political violence towards Michigan lawmakers was signed into law this week by Governor Whitmer. Key Points: House Bill 5055 was introduced by Representative Sarah Lightner (R-Springport). It expands the jurisdiction of the...

October Revenue Grows Year-Over-Year

October Revenue Grows Year-Over-Year

Michigan’s major taxes and net lottery revenue totaled $4.3 billion last month, an increase of 5.9% from October 2024. Collections were $40.1 million above May’s Consensus Revenue Estimating Conference projections, according to the latest report by the Senate Fiscal...

Looking for older articles?

We’ve recently made improvements to our blog to provide a better user experience. If you’re searching for older posts, click here to search our archive.

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