Income tax collections definition
Income tax collections means the total collection of a municipality under the city income tax act, 1964 PA 284, MCL 141.501 to 141.787, in any calendar year.
Examples of Income tax collections in a sentence
Income tax collections for fiscal 2007 are budgeted at $271.4 million, a $3.6 million decrease from the amount budgeted budgeted for fiscal 2006 and a decrease of $2.1 million from estimated fiscal 2006 income tax receipts.
Income tax collections for fiscal 2006 were budgeted at $275.1 million, an 11.5% decrease from the prior fiscal year.
Income tax collections for fiscal 2005 were budgeted at $319 million, a 6.2% increase over the prior fiscal year.
Income tax collections for fiscal 2004 were budgeted at $300.4 million, representing a 7.1% decrease from the prior year, reflecting once again the economic challenges in the City’s and State’s economies, as well as the 0.1% reduction in the income tax rate.