State Revenues Coming Up Short

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.