Michigan's budget plan unexpectedly includes $235M extra income due to strong tax collections.

Michigan's budget plan includes an unexpected $235M in extra income, with tax collections strong due to corporate income tax, income tax withholding, and interest earnings. State Treasurer Rachael Eubanks and Michigan lawmakers are finalizing the state budget ahead of the July 1 deadline, with tax revenue projected to be approximately $31.7bn this year, increasing to $32.4bn in the following fiscal year. The overall revenue forecast is $18.8bn for FY 2024.

May 17, 2024
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