Post by Logan on Jan 11, 2017 23:03:00 GMT -6
LANSING — State officials will receive positive financial news, coupled with serious budget warnings, when they meet at the Capitol on Thursday to reach a consensus on how much revenue the state can expect to collect over the next few years.
The good news is higher-than-expected fund balances for both 2016 and 2017.
The bad news is forecasts for slower growth and tax policies — largely built around business tax cuts — that analysts say will seriously crimp state revenues going forward. And that's without any further tax cuts, including the possible elimination of the state's personal income tax, now being discussed by Republican lawmakers.
In a report released Tuesday, the House Fiscal Agency said net general fund and School Aid Fund revenues are expected to be up $329 million for 2016 from what officials estimated in May, while combined revenues for 2017 are expected to be up $231.2 million.
Read more: www.freep.com/story/news/politics/2017/01/10/michigan-tax-revenue/96150856/
The good news is higher-than-expected fund balances for both 2016 and 2017.
The bad news is forecasts for slower growth and tax policies — largely built around business tax cuts — that analysts say will seriously crimp state revenues going forward. And that's without any further tax cuts, including the possible elimination of the state's personal income tax, now being discussed by Republican lawmakers.
In a report released Tuesday, the House Fiscal Agency said net general fund and School Aid Fund revenues are expected to be up $329 million for 2016 from what officials estimated in May, while combined revenues for 2017 are expected to be up $231.2 million.
Read more: www.freep.com/story/news/politics/2017/01/10/michigan-tax-revenue/96150856/