Michigan tax revenues show stronger than expected numbers

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(Source: https://goo.gl/U6OdSK License: https://goo.gl/sZ7V7x)

Michigan’s revenues are showing a strong bounceback from the coronavirus pandemic.

Income and sales tax revenues in the state are beating expectations that were set in May, when Michigan was in the early stages of its pandemic response.

The Detroit Free Press reports tax revenues are significantly stronger than expected, and the state’s projected revenue shortfall for 2021 should be significantly lower than the 3 point 1 billion that was forecast in May.

A new estimate was expected to be reached at a meeting Monday of state finance officials, which will be crucial in setting the budget for the 2021 fiscal year.

 

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