LANSING, MI (AP)-- Michigan tax revenues are projected to be slightly higher than expected as Governor Rick Snyder and lawmakers work to finalize the next state budget.
The nonpartisan House Fiscal Agency said Wednesday that general and school aid fund revenues are $68 million higher in the current fiscal year than estimated in January and $59 million higher for the budget year starting in October.
It's positive news for legislators three months after they approved mid-year spending cuts because companies unexpectedly redeemed hundreds of millions of dollars in recession-era tax incentive credits.
The Snyder administration and legislative economists will meet Friday to settle on revenue projections. They want to finalize a $50 billion-plus spending plan by early June, though work on road-funding legislation could affect the timeline.