(The Center Square) – Wisconsin collected 8.8% less in taxes and fees in February than it did the year before, a $90 million drop in general purpose revenue.
The state is still 4.5% ahead of what it collected last fiscal year through February, according to numbers released Friday by the Department of Revenue.
The largest drop was in individual income taxes, a 30.3% drop from the year before, representing $122 million of the drop. The state is 4.8% above the year before in adjusted income tax collections for the fiscal year.
Overall, Wisconsin has collected $13.5 billion of general purpose revenue through February compared to $12.9 billion the year before.
Wisconsin is expected to have $2.3 billion more than estimated in surplus at the end of its current two-year budget cycle. That was due to an estimated nearly $1.4 billion in increased tax collections over that span.
