Michigan’s major taxes and net lottery revenue totaled $4.3 billion last month, an increase of 5.9% from October 2024. Collections were $40.1 million above May’s Consensus Revenue Estimating Conference projections, according to the latest report by the Senate Fiscal Agency.
Key Points:
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- General Fund tax collections came in $22.7 million below projections.
- Year-to-date collections were $289.7 million below the estimated amount.
- School Aid Fund collections totaled $52.8 million above forecasts.
- Year-to-date collections totaled $129.4 million more than prior estimates.
- The remaining $10 million in above-forecast collections was from other sources, notably restricted funds associated with gaming.
- General Fund tax collections came in $22.7 million below projections.
Taxes:
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- Net income tax revenue increased 14.9% year-over-year, totaling $1.1 billion.
- Sales tax receipts totaled $916.5 million, an increase of 2.5% from the prior year.
- Use tax collections increased 10.6% last month, totaling $263.6 million.
- Sales tax collections from motor vehicle sales totaled $129.5 million, the second-highest monthly total since October 2024.
Please click here to read the full monthly revenue report.
