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DOR Report on State Tax Collections
By Dee Pettack | April 26, 2022
From WisPolitics.com …
The latest Department of Revenue report shows sales tax revenues for the current fiscal year are 12.2 percent higher over the year.General sales and use tax revenue for the period covering mid-July 2021 to the end of March 2022 was nearly $4.5 billion, compared to just under $4 billion for the same period of fiscal year 2021, the report shows.But Emily Camfield, an economist with DOR, explained in a recent interview that inflation is impacting these figures.“These are nominal values, and considering that inflation is running at around 8.5 percent, that doesn’t show for particularly strong real growth; that’s closer to around 4 percent,” she said. “But as for sales, I would say that they’re coming in pretty much exactly as we had expected.”Still, she said the revenue growth is “stronger than we’ve seen” in the past decade or so.“These are coming off of depressed levels just because things had fallen so much over the year or two just because of the recession from the coronavirus,” she said.Meanwhile, corporate tax revenues are 12.3 percent higher over the same timeframe, reaching nearly $1.9 billion in the latest report.“Corporate tax revenues have been running very strong for several years now, and this is kind of a continuation of that,” she said. “And it’s not unique to Wisconsin. We see that corporate tax revenues are up across the nation, at the federal level and then as well as other states.”See the DOR release here.
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