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State Treasury projects $99 million revenue loss as business tax refunds increase

May 19, 2016

The Michigan Department of Treasury is projecting a $99 million net loss in revenue due to an increase of tax refunds to businesses across the state.

Larger companies in Michigan are cashing in tax credits after creating more jobs, leading to more employees who can pay their own taxes to the state. However, the deductions that companies take on their taxes not only strains Michigan's budget, but increases political tensions as lawmakers prepare to debate whether businesses are paying their fair share or not.