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Wednesday, December 25, 2024

Michigan collects $3.4 billion in individual income tax revenue in Q3 2022

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Michigan collected $3.4 billion in individual income taxes during the third quarter of 2022, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest and income from intangibles.

Overall, Michigan collected $10.2 billion in combined tax revenues in the third quarter.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Michigan Tax Collections in Q3 2022
Type of TaxAmount (in millions of dollars)
Property Taxes$885
Sales and Gross Receipts Taxes$4,657
Income Taxes$3,919
Source: U.S. Census Bureau

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