Revenue
to Michigan’s General Fund and School Aid Fund came in at $1.7 billion in May
2016, a 9.5 percent increase according to the Senate Fiscal Agency.
May
2016 tax collections were around $63.5 million above the level expected for the
month. The General Fund collections were $19.7 million above expectations and
the Senate Fiscal Agency tax collections were $38.2 million above projections.
Combined business tax collections including the Corporate Income Tax, Michigan
Business Tax, and Single Business Tax was negative $.03 million for the month,
however the combined business tax collections were $417 million above expected.
Net
income tax revenues totaled $740.4 million, an 8.9 percent increase, and
withholding payments were $21.8 million above predictions. Gross individual tax
revenue is up 6.1 percent while individual income tax refunds are up 6.3
percent. Year to date sales tax collections only rose 0.3 percent.