LANSING – Net revenues from Michigan’s major taxes jumped by 18 percent in April compared to April 2012, figures from the Senate Fiscal Agency showed, driven largely by a sharp increase in income tax collections.
During the month, the state collected about $2.3 billion, up by $248.2 million from the January revenue estimating conference projections in what state economists have dubbed the “April surprise.”
The increase from April 2012 was offset somewhat by sales tax revenues that came in under projections (though they were still higher than April 2012 levels) and lower than anticipated Corporate Income Tax revenues.
The personal income tax netted $1.189 billion, up 59 percent from April 2012. Gross collections were up by 32.6 percent while refunds totaled $430.9 million was paid in refunds. While withholdings were higher than a year before, annual payments were 85 percent higher than the year before. Net collections were $226 million more than forecast.
For the fiscal year thus far the personal income tax has raised nearly $4.1 billion, up 38 percent from the previous fiscal year.
The sales tax raised $610 million in April, up 3.3 percent from the year before but $16.3 million below the forecasted amount. For the year, the tax has raised $3.44 billion, up 1.1 percent.
The use tax also saw a big increase of 10.3 percent to $119 million. For the year, the tax has raised $588.7 million.
The Corporate Income Tax raised $131.5 million and for the year has raised $418 million. However, the tax was $61 million below anticipated revenues.
Michigan’s tobacco tax raised $71.5 million, down 11.4 percent from the year before. For the year thus far, the tax has raised $418 million.
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