LANSING Michigan revenues for the third quarter of the current fiscal year are down $15.4 million from last year’s, but year-to-date totals have the state $74.8 million ahead of 2002-03. The biggest dip came from single business and insurance tax collections, which posted a 17.1 percent decline.
For the states 2003-04 fiscal year, that total is 5.2 percent below the 2002-03 year, the House Fiscal Agency revenue review shows.
The state’s other revenue, such as the cigarette and Real Estate Transfer taxes and the lottery, had a 6.2 percent higher earning rate ($527 million to $496) compared to third quarter (May-July) in 2002-03. Overall, the state is up $40.4 million in the first three quarters compared to the same time last year.
Income tax returns saw a 3.6 percent boost – from $1.323 to $1.370 billion – between the 2002-03 third quarter and that this year. Year-to-date totals show a 2.4 percent increase, or roughly $100 million, from last fiscal year’s first three quarters.
Sales and use taxes practically had the same draw for the quarter this year as last with $1.98 billion in 2003-04 compared to $1.977 billion. For the current fiscal year, totals are up $17.9 million compared to the same time last year.
State revenue needs to increase by 1.7 percent in the last quarter to keep in line with revenue conference estimates from May.
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