Michigan Facing Nearly a Billion Dollar Revenue Drop from Tax Changes

Michigan faces a nearly $900 million revenue loss this year thanks to recent tax changes as lawmakers plan a record $81 billion budget for fiscal year 2024.

At Michigan’s Revenue Estimating Conference, state Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers, and House Fiscal Agency Director Mary Ann Cleary reached a consensus on revised revenue figures for fiscal years 2023, 2024, and 2025.

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Treasurer: Michigan Income Tax to Drop for One Year

Michiganders should see $50 of savings after the state income tax decreases to 4.05% for one year.

“Michigan’s strong economic position has led to a reduction in the state income tax from 4.25% to 4.05% for 2023,” Treasurer Rachael Eubanks said in a statement. “When Michiganders file their 2023 state income taxes in 2024, they will see the rate adjustment in the form of less tax owed or a larger refund.” 

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