State Tax Collections Running Ahead of Projections
According to a recent Wisconsin Department of Revenue (DOR) report, state tax collections for the fiscal year that ended yesterday (June 30) were running ahead of projections, which could mean a revenue boost to the state’s general fund.
The DOR report showed general fund tax collections through the end of May were up 5.2% compared to the same period a year earlier. The Wisconsin Legislative Fiscal Bureau (LFB), which had projected general fund tax collections would drop by 3.2 percent for the recently completed fiscal year, attributed the increase in tax revenue to strong corporate tax collections.
Earlier this year, the LFB projected a $3.8 billion surplus for the 2021-23 state budget cycle, but LFB director Bob Lang recently noted that there is some uncertainty over the second year of the budget biennium due to inflation, interest rate increases, and a possible recession.
CLICK HERE to read the DOR report.