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Michigan tax revenues are $2.1B above earlier projections

Michigan Treasury Dept. warns of scheme targeting tax preparers
Posted at 6:08 PM, Jan 15, 2021

LANSING, Mich. — Projected tax revenues in Michigan’s two major accounts will be $2.1 billion higher than previously anticipated over two years, driven by increased federal unemployment benefits and consumers’ online purchases in the coronavirus pandemic.

Economists in the Legislature and Gov. Gretchen Whitmer’s administration agreed Friday to economic and fiscal forecasts.

The Democratic governor will use the numbers to craft her third annual spending plan.

State Treasurer Rachael Eubanks says while the revenue shortfall is not as severe as feared, additional federal COVID-19 relief will be needed.