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Friday, December 11, 2009
Michigan Tax Revenues Up From A Year Ago
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| LANSING - Finally, some good news as far as the state's fiscal situation is concerned: November's tax revenues netted state coffers $1.6 billion, 0.8 percent more than was raised in November 2008, and the first time monthly revenues have shown an increase since January.
Even the good news was tempered with conditions, however. While an increase, the revenues still fell short of what the May revenue estimating conference had anticipated.
And the revenues were helped by a large collection in sales tax funds, which themselves were helped because October ended on a Saturday. But October ended on a weekend as well in 2008, so the revenue picture for November is not skewed compared to the year before.
Perhaps psychologically important to the state is the increase occurred during the first month revenues were collected for the 2009-10 fiscal year (the fiscal year began October 1, but revenues in October are accrued to the previous fiscal year).
Only a few taxes the state collects actually showed an increase in November compared to the year before. The sales tax was up by 12.3 percent, the Michigan Business Tax was up by 3.3 percent, the casino tax was up by 2.1 percent and the oil and gas severance tax was up by 23.5 percent. And the state education property tax was up by 14.4 percent.
But it was enough to help the state raise $1.631 billion in the month.
The sales tax raised $522.6 million during the month. It was helped by a 17.3 percent increase in taxes collected on motor vehicle sales, netting $55.6 million, though that actually was the lowest total collected in 24 months, according to the Senate Fiscal Agency.
The state's income tax netted $563.1 million, down 5.4 percent from the year before. Gross taxes totaled $591.3 million, down just 3.1 percent. But refunds of $28.2 million were 84.3 percent higher than a year ago.
The state's use tax raised $96.5 million, down 8.3 percent from a year ago.
The MBT raised $57 million in November, up 3.3 percent from a year ago.
The casino tax raised $9.7 million, up 2.1 percent. The oil and gas severance tax raised $6.3 million, up 23.5 percent from the year before.
And the state's education property tax raised $239 million, up 14.4 percent from the year before, although the SFA said that if October and November collections are combined, the collections would actually be down by 7.3 percent from the year before.
In other taxes: the tobacco tax netted $85.7 million, down 6.5 percent, and the real estate transfer tax netted $11.8 million, down 13.2 percent.
This story was provided by Gongwer News Service. To subscribe, click on Gongwer.Com
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Author: Staff Writer
Source:
Gongwer News Service
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