LANSING – Revenues from Michigan’s primary taxes jumped by nearly 16 percent in June compared to June 2016, netting the state $2.2 billion during the month, figures released Thursday by the Senate Fiscal Agency showed.
Strong performance from the individual income tax, the sales tax and state business taxes helped drive the increase which totaled $169.6 million more in June than the SFA had expected.
The actual total of revenues raised, including lottery revenues, totaled $2.169 billion in June, up 15.8 percent compared to June 2016.
For the 2016-17 fiscal year thus far the state has collected $14.594 billion, 6.1 percent more than the 2015-16 fiscal year at the same point.
General Fund collections were $125.2 million above the estimate for June, the SFA and School Aid Fund revenues were $40.4 million above the forecasts.
Michigan’s individual income tax netted $950.2 million in June, up 6.6 percent for the year before. The gross total collected of $989.9 million was 4.4 percent higher, but the state was helped with refunds of just $39.7 million, 29.5 percent less than a year ago.
For the fiscal year, the tax is up 1.2 percent, netting $6.16 billion.
Sales tax collections were up by 6.3 percent in June, raising $685.5 million. For the fiscal year thus far the tax has raised $5.045 billion, an increase of 6.8 percent.
The use tax was up a whopping 35 percent for the month, netting $147.1 million. For the fiscal year thus far it has raised $996.5 million, up 7.4 percent.
The Corporate Income Tax was up by 3.4 percent, raising $118.2 million. For the fiscal year, the tax has raised $772.2 million, an increase of 23.5 percent.
The category of “other taxes” – which include liquor and beer taxes – was up by 63.6 percent in June, raising $22.1 million. For the fiscal year, however, collections of those taxes are down by 9.7 percent, with the taxes raising $176.9 million.
Some tax collections were down in June. The state education property tax collected 5.6 percent less than a year ago, $29.3 million, but it is up by 8.5 percent for the year, $379.5 million. And the real estate transfer tax was down by 1.7 percent, $23 million, but is up 15.2 percent for the year, $187.9 million.
This story was published by Gongwer News Service.
