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Michigan tax revenue declines in forecast

LANSING (WKZO) -- The State of Michigan will see tax revenues fall in the next two years.

The Treasury Department released their analysis this week of 2014 and 2015 state revenue and expect a decline of 400-million dollars. The figure is in stark contrast to projections in January of a nearly one-billion dollar surplus for the state over the next two years.

Analysts say lower than expected income and sales tax revenues during the winter and spring coupled with businesses cashing in tax credits greatly changed their outlook.