State Revenues up Significantly in March

Michigan's major taxes netted nearly $1.2 billion in March, up by a whopping 22.3 percent over the same month a year ago, according to the figures released Thursday by the Senate Fiscal Agency.
For the 2007-08 fiscal year to date the state has collected $7.7 billion, up 5.9 percent from the same time a year ago.
The state saw major increases in income tax, sales tax and oil and gas severance tax collections, while dealing with declines in Single Business Tax, use tax and real estate transfer tax collections.
The new Michigan Business Tax collected $54.6 million during March, slightly above what some projections had been for the month. So far the tax has raised just $59.4 million and Jay Wortley, senior economist for the SFA, said there was no indication at this point if the tax would raise the $1.88 billion it is anticipated to raise to replace the SBT (which ended December 31). The first quarter payments for the tax are due on April 20, which will provide the state with a better indication of how much the tax will raise.