Michigan's revenue is expected to be nearly $900 million less this fiscal year than had been previously forecasted in January due to an income tax rate reduction and corporate tax incentives, state officials said Friday. The lowered projections could complicate the state's next budget, which lawmakers are currently working to finish before July 1. Earlier this year, Gov. Gretchen Whitmer proposed a $79 billion budget, which would be the state's highest ever. The new estimates, released Friday at a revenue estimating conference, show that the state's revenue will be $2.6 billion lower than previously forecasted the next two years due to tax policy changes and rate reductions.
