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Sunday, November 24, 2024

Michigan’s combined tax revenues up 60.1 percent in Q1 since the same quarter of the previous year

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Michigan collected $7 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the first quarter of 2021, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 60.1 percent increase over the same quarter the previous year when combined tax revenues were $4.4 billion.

The majority of the state’s tax revenue was collected through sales and gross receipts taxes ($3.6 billion) and income taxes ($2.6 billion).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q1 Michigan Tax Collections

Type of TaxAmount (in millions of dollars)
Income Taxes$2,554
License Taxes$604
Other Taxes$80
Property Taxes$112
Sales and Gross Receipts Taxes$3,619

Source: U.S. Census Bureau

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