This week the House and Senate Fiscal Agencies released their monthly revenue reports for March 2017. Collections for the month were $1,193.2 million, which is $161.6 million less than March 2016 and $165.8 million below the projected amount. However, fiscal year-to-date collections are 2.2% higher than the prior fiscal year.
General Fund revenue for the month was $205.2 million, $199.9 million below projections. Likewise, year-to-date collections are $163.2 million below the estimated amount. Revenue earmarked for the School Aid Fund was $894.9 million last month, which is $12.2 million more than estimated.
Net income tax revenue was $395.8 million last month, which is $14.5 million below estimates and 12.5% lower than the prior month. Combined business tax collections were negative $138.4 million for the month, $159.6 million below the projected amount. Last month’s collection numbers were due to lower Corporation Income Tax collections than estimated and greater than projected Michigan Business Tax refunds.
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