Updates About Revenue Reports

The House and Senate Fiscal Agency issued their July revenue reports showing an increase in Michigan’s tax revenues from Fiscal Year 2020-21. Tax revenues also came in higher than estimates issued by the May Consensus Revenue Estimating Conference.

The Senate Fiscal Agency reported that revenues from taxes with the General Fund and School Aid Fund earmarks totaled $2.9 billion – an 8.9 percent increase from July 2021. Tax collections for the month were reported at $275.7 million above estimated levels.

The House Fiscal Agency reported cash collections from major taxes, penalties, interest, and lottery transfers totaled approximately $2.8 billion for July 2022 or $229.1 million more than July 2021. For fiscal-year-to-date, collections were reported 17.5 percent higher in FY 2021-22 compared to FY 2020-21.

On July 12, the Senate Fiscal Agency issued its June revenue report showing sales tax collections for June came in around $1 billion – 13.6 percent over 2021 and $125.6 million higher than expectations set during the May Revenue Estimating Conference. It was also the first time monthly sales tax revenues have exceeded $1 billion.

Combined, General Fund and School Aid Fund collections for the month totaled $3 billion – 10.7 percent above 2021 levels and $277 million higher than forecasts.

The House Fiscal Agency issued similar numbers in its June report, showing total collections at $3.7 billion for June - $341 more than June 2021. Year-to-date the agency said state revenues were $3.5 billion more than the 2020-21 fiscal year.

Both the Senate and House Fiscal Agencies released May revenue reports following the May Consensus Revenue Estimating Conference (CREC).

The Senate Fiscal Agency reported that revenues from taxes with the General Fund and School Aid Fund earmarks totaled $2.6 billion, which is a 8.9% decrease from May 2021. While total revenue collections came in lower than a year ago, tax collections for the month were $93.5 million above May forecasts. Net income saw a sizable drop - down 17.5 percent from last May - but that was largely due to a policy change last year that delayed the return date from April to May. Income tax witholding and sales tax were both up over last year’s levels.

The House Fiscal Agency reported cash collections from major taxes, penalties, interest, and lottery transfers totaled approximately $2.6 billion for May 2022, or $205.7 million less than May 2021. For fiscal-year-to-date, collections for FY 2021-22 were reported 19.8% higher than during FY 2020-21.