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

Spotlight on Representative Jason Hoskins

Spotlight on Representative Jason Hoskins

Representative Jason Hoskins (D-Southfield) chairs the Economic Development and Small Business Committee. He is a member of the following committees: Ethics and Oversight, Judiciary, Local Government and Municipal Finance, Transportation Mobility and Infrastructure;...

General Election Overview: 83rd District

General Election Overview: 83rd District

Through the general election on November 5, we will highlight races generally considered swing seats. The candidate’s website and professional information are listed when available.  District Overview The 83rd House District is located in Kent County, including...

General Election Overview: 76th District

General Election Overview: 76th District

Through the general election on November 5, we will highlight races generally considered swing seats. The candidate’s website and professional information are listed when available. District Overview The 76th House District is located in Eaton County, including the...

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
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