The state’s Single Business Tax,
Michigan Business Tax and Corporate Income Tax all came in negative for the
third consecutive month and the sixth time in the last eight months.
In total, the revenue came out at
negative $6.1 million in June 2016. Nearly all collections were below expected
levels, with the Michigan Business Tax collecting $50.7 million below
expectations. The Corporate Income Tax collected $114.3 million, a 5.2 percent
drop from last year’s amount. The General Fund was $85 million below, while the
School Aid Fund collections were $1.2 million above forecasted levels.
Individual income tax refunds were up
5.8 percent, which contributed to the negative revenue according to a report by
the Senate Fiscal Agency. Also contributing was the lack of collections from
the use tax, as those were down 23.2 percent from last year.