This week, the House Fiscal Agency released their monthly revenue report for September 2016. Total collections for the month totaled $2,436.2 million, $2.6 million lower than the prior year. Income tax revenue for the month totaled $968.2 million and new business taxes totaled $54.3 million. Collections from the sales tax, use tax, beer and wine taxes, liquor taxes, and tobacco taxes, were $885.9 million last month. The year-to-date collections for those taxes is $34 million higher than the prior fiscal year.
General Fund revenue in September was $977.4 million, slightly above forecasts. However, the year-to-date revenue is $32.7 million below estimates. Revenue dedicated to the School Aid Fund (SAF) totaled $1,349.7 million last month, also slightly above projections. While the year-to-date revenue to the SAF is $8.7 million higher than estimated.
Revenue from the single business tax, the Michigan business tax, the corporate income tax, and the insurance company tax totaled $54.3 million. The fiscal year-to-date collections are 96.2% lower than the prior year. “The volatility created from the MEGA credits continues to create uncertainty with projecting business tax revenues. Until all credits have been claimed, this portion of state tax collections will continue to fluctuate from projections,” stated Sean Mann of MLC.
To view the full report, please click here.
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