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State revenues for the current and upcoming fiscal years are coming up way short of expectations, according to the House Fiscal Agency.
The HFA is forecasting a $454 million shortfall in the current 2014-15 fiscal year, with much of the shortfall being blamed on tax credits, with businesses cashing in about $200 million in tax credits against their tax liabilities.
Earlier this month, the Senate Fiscal Agency predicted a $162.2 million general fund deficit.
Governor Rick Snyder’s Treasury Department is also expecting a budget shortfall, but wont release its numbers until Friday when all three agencies meet for a consensus revenue estimating conference.
