Page 2 - Eric Bussis News Today

Forthcoming tax relief for retirees and lower-income families is contributing to lower-than-expected state tax revenues for the 2024 state budget.

With a healthy surplus built over several years, the state adopted a series of tax relief measures. Those actions, along with robust growth in fiscal 2022 that triggered an automatic tax cut, are driving revenue projections lower.

Detroit raised its fiscal 2023 and 2024 revenue projections but is proceeding with caution as a potential recession could put a dent in collections and pressures loom as pension payments resume.

Detroit's 2023 general fund revenues are expected to be more than $39 million higher than estimates last fall anticipated, the result of higher-than-expected tax collections, new figures show.

Michigan's latest revenue forecast boosts prior projections by more than $1 billion annually for fiscal 2022, 2023, and 2024.

Higher-than-expected tax revenue projections could trigger a law that automatically cuts Michigans personal income rate, state budget experts said.

Detroit revised its general fund estimates upward for the current fiscal year at its latest estimating conference Monday.

Soaring state tax revenues continue to shock forecasters from Michigans two legislative fiscal agencies. Friday estimates were revised upward by $5B.

Instead of investing in Michigans future, state lawmakers are squandering a state surplus on their own re-election.

Soaring state tax revenues continue to shock forecasters from Michigans two legislative fiscal agencies. Friday estimates were revised upward by $5B.