Michigan's revenue is expected to be nearly $900 million less this fiscal year than had been previously forecasted in January due to an income tax rate reduction and corporate tax incentives, state officials said Friday.

Michigan taxpayers will see even more savings next year due to the state’s high revenues, with the state treasurer announcing Wednesday that the income tax rate will temporarily be lowered to 4.05% from 4.25%.

Michigan Attorney General Dana Nessel said Tuesday that an income tax rate reduction expected to be triggered for the 2023 tax year by the state’s high revenues will be temporary and will revert back to the normal rate the following year.

Gretchen Whitmer held a live discussion Tuesday to address Michigan’s economy and how to get back on track by defeating COVID-19. Whitmer was joined by State Budget Director David Massaron and State Treasurer Rachel Eubanks. Michigan announced 1,738 new cases of COVID-19 and 41 additional deaths Tuesday, bringing the state totals to 540,115 cases and 13,865 deaths since the start of the pandemic. On Sunday, state officials confirmed the first case of the new COVID-19 variant had been found in Michigan. Restaurants are still closed for indoor dining, and entertainment venues aren’t allowed to serve food and drink concessions.