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Friday, November 22, 2024

Michigan collects $651 million in license tax revenue in Q1

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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 $651 million in license taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

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 $7.5 billion in combined tax revenues in Q1.

Q1 Michigan Tax Collections

Type of TaxAmount (millions)
Income Taxes$2,150
License Taxes$651
Other Taxes$88
Property Taxes$84
Sales and Gross Receipts Taxes$4,521

Source: U.S. Census Bureau

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