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Mon May 16, 2011
State economists expect Michigan tax revenues to be up
LANSING, Mich. (AP) - State economists agree that Michigan is expected to take in $429 million more this fiscal year than they forecast in January.
But their predictions for the next budget year have dropped as deep business tax cuts take effect.
Lawmakers will be able to use some of this year's surplus in the next budget year, and lawmakers are likely to consider putting some of the money toward easing deep cuts for public schools in 2011-12.
Without the business tax cut, the state would have gotten nearly $500 million more in the next budget year than state economists had predicted in January. But that will largely disappear as business revenue declines.
The heads of the Treasury Department and House and Senate fiscal agencies agreed on the revenue figures Monday.