Michigan’s Tax Collectors Are Hauling It In

State income tax alone projected to extract $674 million more this year

The state of Michigan’s largest sources of tax revenue are projected to bring in $2.1 billion more during the current fiscal year than they collected just two years ago, according to officials.

Twice a year, three separate agencies create a consensus estimate of how much tax, fee and other revenue will flow into and out of the Michigan Treasury in the coming year.

Representatives from the Senate Fiscal Agency, House Fiscal Agency and state Treasury Department created the most recent consensus revenue estimate last May, and are meeting today to update it.

In their May projections, the prognosticators saw annual revenue from Michigan’s major taxes increasing from $30.2 billion in 2015-16 to $32.3 billion in 2017-18. Those taxes include the state income tax, sales and use taxes, the 6-mill state education property tax, tobacco taxes and the lottery.

The Treasury and legislative fiscal agency officials predicted that the individual income tax will yield the largest revenue increase. They foresee collections jumping some $674 million, from $9.37 billion in the last fiscal year to $10.04 billion in the current one, which began on Oct. 1, 2017.

Stay Engaged

Receive our weekly emails!


Related Articles:

State Budget Rose $5.9 Billion During Gov. Snyder’s Tenure

A Look At The State Budget for Business Subsidies

No Names in State Budget, But 36 Recipients Getting $38 Million

The Flexible State Budget

Four Years After Its Debunking, Union Still Promotes 'Snyder Cut Schools' Myth

State Spending Up and Up, But Spending Interests Cry Poverty

Stay Engaged

Simply enter your email below to receive our weekly email:

Facebook
Twitter

As part of our efforts on government transparency, we obtained data on the compensation of most public employees in the state. This information has been used to fact check claims about salaries, verify data from other open records requests, and hold government spending accountable.

Related Sites