State tax revenues

Legislation for a local government revenue sharing trust fund in Michigan has stalled in the state Senate. On Tuesday, supportive officials gathered in Lansing.

General fund revenue growth of only 1.1% in the fiscal year that ended Saturday, marks a continued slowdown since fiscal 2022's 26.4% increase.

Oregon Democrats and Republicans had opposite takes on the possibility the state could be dispersing a kicker credit of $582 million for the 2025-27 biennium.

The state reported a $7.07 billion budget balance and $1.8 billion in its rainy day fund.

In January 2022, mobile sports betting went live. With a 51% tax rate on gross gaming revenues, New York, Rhode Island and New Hampshire have the highest gaming taxes in the nation.

Revenue for the state's fiscal 2024-25 biennium that began Sept. 1 is projected to exceed the enacted budget by nearly $18.3 billion.

State Controller Malia Cohen said she stepped up to help draft audit guidelines following a charter school fraud case that cost the state $400 million.

Although the strike shouldn't "have significant adverse revenue consequences for Michigan or its local governments, it nevertheless highlights longer-term challenges for a state that is still disproportionately exposed to the domestic auto and auto parts industries," Moody's says.

The state is capping transfers of fossil fuel-related revenue to its general fund and will invest money that exceeds the cap through a Severance Tax Permanent Fund.

Weakening revenues should be a red flag for states, particularly those planning tax cuts, said Lucy Dadayan of the Urban Institute's Tax Policy Center.