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Saturday, November 23, 2024

Michigan's miscellaneous tax revenues up 17.2% in Q3 2023

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Rachael Eubanks State Treasurer at Michigan Department of Treasury | Michigan Department of Treasury

Rachael Eubanks State Treasurer at Michigan Department of Treasury | Michigan Department of Treasury

Michigan collected $116 million in miscellaneous tax revenue during the third quarter of 2023, a 17.2% increase over the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $99 million in the previous quarter.

Net sales reflect companies' total revenue stream, minus the costs of discounts, allowances and product returns.

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 the state governments.

Q3 2023 Michigan Tax Collections

Type of TaxAmount (millions)
Property Taxes$802
Sales and Gross Receipts Taxes$5,112
Income Taxes$3,796
License Taxes$557
Miscellaneous Taxes$116

Source: U.S. Census Bureau

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