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Sunday, November 24, 2024

Michigan’s sales and gross receipts tax revenue down one percent in Q1 since the previous quarter

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Michigan collected $3.6 billion in 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 one percent decrease from the previous quarter when sales and gross receipts tax revenue was $3.7 billion.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities, and tobacco products.

Individual income taxes are based on net personal income and taxes imposed on dividends, interest, and income from intangibles.

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.

Overall, Michigan collected $7 billion in combined tax revenues during the first quarter of 2021.

Q1 Michigan Tax Collections

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

Source: U.S. Census Bureau

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