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.

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