The Senate Fiscal Agency released the January 2023 revenue report, which showed last month’s tax and lottery revenue totaled $3.2 billion, an increase of 8.8% from the prior year.
Key Points:
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- Tax revenue was $42.1 million below the projected amount, due to less-than-expected collections from a number of taxes.
- General Fund tax collections were $11.7 million above projections, while School Aid Fund collections were $45.9 million less than anticipated.
- Net Income Tax revenue totaled $1.6 billion, a slight increase of 0.4% from the prior year.
- Sales Tax receipts were $912.7 million, which was 3.1% less than January 2023 and $19.9 million below projections.
- Use Tax collection for vehicle sales declined 14.3% from the prior year.
- Michigan Business Tax collections were a negative $169.1 million due to refunds exceeding payments.
To read the full monthly report, please click here.
