Vacant big box stores in Michigan become tax-reducing boons to retail companies statewide when those establishments have property assessed at rates sometimes 50% lower than previous rates.
This is known as a “dark stores” strategy, which often leaves local taxpayers to foot the tab.
An S&P report released Thursday found the strategy is employed nationwide. Read More
Michigan budget officials Friday reached a consensus on revised economic and revenue figures for fiscal years 2021, 2022 and 2023.
The state general fund and school aid revenues will total $26.5 billion for the current budget year, exceeding January estimates by $2.2 billion. For the new budget cycle beginning Oct. 1, the agency projected revenues will total $26.6 billion, $1.3 billion more than January predictions.
A majority of that unexpected cash is a byproduct of billions of spending via stimulus checks and boosted unemployment benefits, which led to a spike in personal spending and increased state tax revenues by billions more than previously forecast. Read More
A net 70,000 New York City residents left the metropolitan region since COVID-19, resulting in roughly $34 billion in lost income, according to estimates released Tuesday from Unacast, a location analytics company.
Around 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year — and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said. Read More
As cigarette taxes have risen across the country, so too has cigarette smuggling across state lines, causing billions of dollars of tax revenue losses for high-tax states. Read More