June Revenue Grows

June Revenue Grows

Michigan’s major taxes and net lottery revenue totaled $3.3 billion last month, an increase of 8.3% from June 2024. The June 2025 collections came in about $64 million above prior projections, according to the latest report by the nonpartisan Senate Fiscal Agency. Key...
June Revenue Grows

Monthly Revenue Exceeds Projections

Major taxes and net lottery revenue in May 2025 totaled $2.6 billion, according to the monthly report by the Senate Fiscal Agency. While the total was a 1.5% decline from May 2024, last month’s revenue was about $42 million more than previous estimates. Highlights...
June Revenue Grows

Revenue Comes in Below Projections

Major taxes and net lottery revenue totaled $2 billion last month, an increase of 28.6% from the prior year but $173.7 million less than previous estimates, according to the March 2025 revenue report by the Senate Fiscal Agency. Highlights: General Fund collections...
House Approves Income Tax Reduction

House Approves Income Tax Reduction

This week, the House of Representatives approved legislation reducing Michigan’s income tax rate from 4.25% to 4.05%, effective January 1, 2025. Key Points: House Bill 4170 was introduced by Representative Kathy Schmaltz (R-Jackson). According to the nonpartisan House...
House Approves Income Tax Reduction

Income Tax Reduction Moves

The House Finance Committee reported legislation reducing the state income tax rate from 4.25% to 4.05%, effective January 1, 2025. Key Points: House Bill 4170 was introduced by Representative Kathy Schmaltz (R-Jackson). In 2015, legislation was signed into law by...