In a potential sign of a slowing economy, March revenue numbers came in below the prior year and less than previous projections. Major taxes and net lottery revenue was $2.1 billion for March 2023, down 21.5% from the prior year and $104.5 million below Senate Fiscal Agency projections. While most revenue sources exhibited less-than-expected collections, Corporate Income Tax and lottery revenue were over the forecasted amount.
For the month, General Fund collections were $87.1 million below projections and School Aid Fund tax collections came in $14.7 million less than anticipated. Year-to-date collections for the General Fund thus far are $200.7 million below estimates, while School Aid Fund collections are $8.1 million more.
Other highlights from the monthly revenue report by the Senate Fiscal Agency include:
- Sales tax receipts totaled $827.8 million, which is 8.7% higher than the prior year but $8.6 million below the forecast
- Use tax collections were $187.1 million, down 21.7% from the prior year and $12.7 million below projections
- Net revenue from the Single Business Tax, Michigan Business Tax, and CIT totaled $161.6 million, a 79.9% increase from the prior year and $73.3 million more than prior estimates
To read the full monthly revenue report, please click here.