Fox News:
Surplus Surprises Michigan, but Is It Safe to Spend Again?
By MONICA DAVEY, NY Times
Published: February 8, 2012
Over most of the past decade, budget deliberations in Michigan have taken on a glum and familiar monotony: What do we cut now?
But the state that experienced an economic downturn earlier, deeper and longer than most of the rest of the country has made an unlikely discovery as its officials closed out its latest financial books: Michigan has a $457 million surplus.
Even more surprising: Revenues, which had sunk or had been mostly flat for all but one year since 2000, have grown. Not a lot, but grown.
[...]
Mr. Nixon attributed the improved state budget outlook to the state’s broader economic uptick, but also, in part, to tax and policy changes Governor Snyder pressed. The state replaced a business tax with a corporate income tax that is expected to save businesses $1.5 billion a year, though that change did not take effect until January.
(h/t) weaselzippers.com
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