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Michigan fiscal agencies see revenue changes

Increases to taxes on individual retirement income are expected to total $1.4 billion, while business tax cuts will total about $1.9 billion.

By Kathy Barks Hoffman | Updated on May 15, 2012

LANSING, Mich. (AP) — Michigan’s House and Senate fiscal agencies have come out with their revenue estimates for the 2012-2013 fiscal year — and the news isn’t all good.

Both say they expect the state general fund to take in less revenue in the fiscal year that starts Oct. 1 than it will this year as companies pay less money because of the business tax cut that took effect early this year. They expect the drop to be bigger than they forecast in January, with the House agency forecasting $67 million less than January’s $9 billion estimate and the Senate agency forecasting $106.4 million less.

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