Monthly Tax Revenue Increases

Nov 22, 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.

Revenue from major taxes and net lottery revenue totaled $4.1 billion in October, a 3.5% increase from the prior year. The collections were $7.1 million higher than prior projections.

Key Points:

    • General Fund tax collections were $16.7 million less than projected, while School Aid Fund tax collections were $21.9 million higher.
    • Fiscal year-to-date collections for the General Fund were $458.7 million higher than forecasted and the School Aid Fund totaled $69.9 million higher.
    • Sales tax receipts were $893.8 million last month, which is 1.8% less than the prior year and $3.7 million below estimates.
    • Use tax collections totaled $238.4 million, a 5.6% increase from the prior year.
    • State Education Tax collections increased 12.4% from the prior year and were $29 million more than forecasted.

Please click here to read the full monthly revenue report by the Senate Fiscal Agency.

 

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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