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Fri May 13, 2011
Michigan to take in $427M more than expected
The House Fiscal Agency says it expects Michigan to take in $427 million more by Sept. 30 than earlier forecasts.
It tempers the good news with a warning that the new business tax cut just enacted will create a deficit in the next budget year that will have to be filled with about $77 million of the extra revenue.
The agency released its figures Friday in anticipation of Monday's revenue estimating conference where state economists will forecast how much tax money the state will take in through 2012.
Some Democrats have called for using any extra money to lessen cuts to public education set to take effect Oct. 1.
Republican Gov. Rick Snyder and Republicans who control the House and Senate have not said how they'd use any extra cash.