State Income Tax Revenue Higher Than Expected

By: Associated Press
By: Associated Press

Income tax revenue is coming in higher than expected in Michigan, a sign that more people are working or earning more money.
Gov. Jennifer Granholm said Monday that the state general fund is expected to have about $100 million more than state economists estimated in May when the books are closed on the budget year that ended Sept. 30.
She calls the $100 million "a significant chunk of money," although it's only a tiny percentage of the $7.8 billion general fund. The state uses that fund to pays for everything from prisons to food inspections and health care for low-income residents.
Although income tax revenue is up, money from the state's main business tax is lower than expected.
Revenue for the school aid fund is running slightly above expectations.


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