Michigan’s major taxes and net lottery revenue increased last month by 3.8%, totaling $2.7 billion. Projections for the month were approximately $368.4 million above the estimate adopted at the May Consensus Revenue Estimating Conference.
Key Points:
-
- General Fund General Purpose collections came in $285.1 million higher than estimates.
- School Aid Fund collections totaled $72.9 million more than projections.
- Net income tax revenue totaled $1.2 billion, a 6.2% increase from the prior year.
- Combined sales and use tax receipts declined 4.1% from the prior year, totaling $1.1 billion.
- Sales tax receipts were 6.9% less than the prior year, but $43.6 million more than estimated.
- Use tax collections increased 7.1% from the prior year and totaled $8.3 million above estimates.
- Sales tax collections from motor vehicle sales declined 4.6% year-over-year.
Please click here to read the full report by the Senate Fiscal Agency.
