Wisconsin collected $21.3B in general purpose revenue taxes for fiscal year '24

(The Center Square) – Wisconsin collected nearly $276 million more in general purpose revenues for the recently ended fiscal year than estimated.

Preliminary numbers show the state collected $21.3 billion after collecting nearly $21 billion the year before.

Sales and use tax collections were up more than $131 million from the year before but well $16.1 million short of estimated collections from the Legislative Fiscal Bureau.

The overall tax collections were a 1.7% increase year over year for the fiscal year.

The preliminary numbers will be reviewed by Wisconsin’s Controller’s Office and are scheduled to be released in the Department of Administration’s Annual Fiscal Report on Oct. 15.

Wisconsin collection $9.7 billion in individual income tax for the year, beating the estimate of $9.5 billion and above the $9.4 billion from fiscal year 2023.

The state also collected $2.7 billion in corporate income and franchise taxes, down more than $46 million from the fiscal year before but $112 million above budgeted estimates.

The state also collected $202.7 million in cigarette taxes, $85.7 million in tobacco products taxes, $7.1 million in vapor product taxes, $68.3 million in liquor and wine taxes and $8.0 million in beer taxes during the fiscal year.