Revenue Grows, Sales Tax Collections Reach Record Level

Liz Gullett

Jul 15, 2022

Revenue from major taxes earmarked for the General Fund and School Aid Fund increased 10.7% last month over the prior year, totaling $3.1 billion. June 2022 collections came in $277.2 million above estimates due to higher than anticipated individual income tax payments, sales tax collections, and corporate income tax collections. The revenue outlook is continuing its positive monthly numbers, according to the most recent monthly report by the Senate Fiscal Agency. Other highlights from the report, include:

- Net income tax revenue increased 12.1% from the prior year, totaling $1.3 billion
- Sales tax collections were $1,039.9 million, 13.6% more than June 2021
- June 2022 marks the first time in history that sales tax collections have exceeded the $1 billion level
- Combined business tax collections came in $149.6 million more than estimated
- Michigan gasoline tax revenue surpassed the $100 million mark for the fifth time in the last 12 months

To view the full report, please click here.

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