July Monthly Revenue Numbers Released

Liz Gullett

Aug 12, 2016

This week, the Senate Fiscal Agency released state revenue numbers for July 2016. Last month’s revenue to the General Fund and School Aid Fund was nearly $2 billion, an increase of 0.9% from the prior year. Additionally, last month’s collections were $85 million more than estimated in May. While revenue from the individual income tax withholding and the Corporate Income Tax (CIT) were below prior estimates, the sales and insurance taxes, and the Michigan Business Tax (MBT) collections were higher than anticipated. Additionally, the state received Federal reimbursement for the Home Heating Credit, lowering income tax refunds.

General Fund collections were $45.9 million above estimates and the School Aid Fund collections were $36.5 million above projections. However, year-to-date General Fund collections remain $68.2 million below the May 2016 consensus revenue estimate levels. While the School Aid Fund is $36.5 million above forecasts. Other highlights of the report include:

Net Individual Income Tax Revenue – $767.8 million total, up 3.1% from the prior year
Withholding Payments – $13.2 million below projections
Sales Tax Receipts – $665.3 million, up 2% from the prior year
Single Business Tax, CIT, MBT Collections – $30 million

To view the full report, please click here.

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