NCSL Estimates 2013 Increase for Michigan Tax Revenue

The National Conference of State Legislatures (NCSL) estimates in a recent report that Michigan will see an increase in tax revenue for fiscal year 2013. The report estimated the same for 44 other states.

The report did not include specific estimates for business taxes, noting that 2013 will be a transition year for Michigan as the vast majority of businesses move from the Michigan Business Tax (MBT) to the new Corporate Income Tax (CIT). Although not estimated, NCSL added that the CIT will result in “substantially less revenue” than the predecessor tax structure.

Overall, the report estimates a 1-percent revenue increase for the state. The most significant increase coming in real estate transfer tax revenue, estimated at 7 percent. Personal income tax is estimated to increase 4.3 percent and general sales tax follows with an estimated 2.4 percent increase.

posted by PAA Online , Friday, October 5, 2012 10:45 AM
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