by Liz Gullett | Feb 21, 2025 | Liz Gullett
Legislation exempting tips earned by hospitality workers from income taxes was introduced this week. Key Points: Senate Bill 91 was introduced by Senator John Damoose (R-Harbor Springs). The proposal largely mirrors federal proposals and would provide a 100% exemption...
by Liz Gullett | Jan 10, 2025 | Liz Gullett
Today, the directors of the House and Senate Fiscal Agencies, State Treasurer Rachael Eubanks, and State Budget Director Jen Flood came together to reach a consensus on projected state revenue for the upcoming fiscal year. At the biannual Consensus Revenue Estimating...
by Liz Gullett | Nov 22, 2024 | Liz Gullett
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,...
by Liz Gullett | Nov 15, 2024 | Liz Gullett
Legislation providing a one-time credit for live organ donors was signed into law by Governor Gretchen Whitmer this week. Key Points: House Bill 4361 was introduced by Representative Felicia Brabec (D-Pittsfield Twp.). It provides a one-time tax credit of up to...
by Liz Gullett | Oct 11, 2024 | Liz Gullett
Last month, major taxes and net lottery revenue came in at $3.7 billion, an increase of 1.7% from September 2023. Additionally, total collections were $106.1 million more than prior estimates, according to the monthly report by the Senate Fiscal Agency. Key Points:...
