January Revenue Report Released

Liz Gullett

Feb 17, 2017

The non-partisan Senate Fiscal Agency has released revenue numbers for January 2017. Revenues for the month totaled $2.4 billion, an increase of 4.4% from the January 2016 level. Tax collections for the month were $21.4 million more than projected; General Fund earmarked collections accounted for $100,000, School Aid Fun collections were $15.9 million more, and the remaining $5.4 million were other funds, including constitutional revenue sharing.

Additional highlights from the report include:

Net Income Tax Collections – Approximately $1.3 billion, an increase of 12.7% from the prior year
Withholding Payments – 11.9% above the prior year, but $200,000 below projections
Individual Income Tax Refunds – $25.8 million, an increase of 10.3% from January 2016, but $22.6 million less than prior estimates
Sales Tax Receipts – $695.1 million, a 15.6% increase from the prior year
Single Business Tax, Michigan Business Tax, Corporate Income Tax Combined Collections – $49.1 million, a decrease of 59.1% from January 2016

To read the full report, please click here.

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