Michigan expects about $300M more in budget revenue
The money may be set aside in case the state loses legal fights over collecting income taxes on public pensions or having state workers pay more of their pension costs.
By Kathy Barks Hoffman|May 17, 2012 at 07:37 AM
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LANSING, Mich. (AP) — Michigan’s budget will have about $300 million more this year than predicted in January, a combination of higher-than-expected tax payments and fewer people receiving Medicaid and welfare benefits, state economists said Wednesday.
Much of the extra money may go into Michigan’s rainy day fund or be set aside in case the state loses legal fights over collecting income taxes on public pensions or having state workers pay more of their pension costs, budget director John Nixon said.
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