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Sunday, November 24, 2024

Michigan's income tax revenue up 80.6 percent in year since Q1 2020

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Michigan collected $2.5 billion in individual income taxes during the first quarter of 2021, a 80.6 percent increase over the same period the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the first quarter of 2020, $1.4 billion was collected.

Individual income taxes are based on net personal income and taxes imposed on such income as 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 that it sets the tax classifications among the survey categories, and they may differ from the classifications set by state governments.

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

Q1 Michigan Tax Collections

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

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