Monthly Revenue Increases Year Over Year

Liz Gullett

Mar 23, 2018

Last month’s tax collection revenue earmarked for the General Fund (GF) and the School Aid Fund (SAF) totaled $1.0 billion, an increase of 7.9% over the February 2017 amount. Additionally, the collections were $92.9 million higher than estimated; with the GF revenue at $74.5 million more and the SAF collections at $17.6 million more than estimated. Year to date GF collections are $145.1 million more than estimated, and SAF collections are $5.9 million above prior estimates.

Other highlights of the monthly report include:

Sales Tax Receipts – 1.7% higher than February 2017 and $5.5 million above estimates
Use Tax Collections – 57.2% over February 2017 and $80.2 million above estimates
Single Business Tax, Michigan Business Tax, Corporate Income Tax – Negative $278.6 million, due to refunds exceeding collections
Real Estate Transfer Tax Receipts – 4.6% above February 2017, with the year-to-date growth rate of 6.7%, putting the state on track to be the slowest yearly growth since the 2010-2011 Fiscal Year

To read the full report by the nonpartisan Senate Fiscal Agency, please click here.

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