The
Senate Fiscal Agency stated that Corporate Income Tax revenue in July was down
to the extent that it offset otherwise higher-than-expected revenues in several
other areas, as compared to the May 2013 Consensus Revenue Estimating
conference numbers. Corporate Income Tax (CIT) revenues were $74.9 million for
July, $56.1 million below the estimated revenue level for the month.
Overall,
July revenues were down $6.3 million dollars compared to expectations. General
Fund revenues were $9.1 down while the School Aid Fund was up $3.9 million
above expectations. The $1.8 billion total is a 1.2 percent increase from July
2012 numbers.
Revenues
from sales tax, the now-repealed Michigan Business Tax (MBT), and the
individual income tax were all above forecasted numbers.
Individual
income tax collections from quarterly estimates have grown 9.2 percent over
last year’s levels, netting $698 million in July 2013. The $6.2 billion
collected year-to-date for the current fiscal year represents a 27 percent
increase over the previous fiscal year.
Sales
tax revenues totaled $681.6 million for July, a 9.9 percent increase over 2012
numbers. For the current fiscal year, total sales tax revenue is up 2.9 percent
over last fiscal year, to $5.3 billion.