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GPR Tax Collections in Line With Projections
By Wisconsin School Administrators Alliance staff | May 18, 2016
From WisPolitics.com …
Overall GPR tax collections through the end of April are in line with projections, according to the Department of Revenue.
Still, LFB Director Bob Lang said sales and corporate tax collections need to be watched, along with the impact of changes to the withholding tables.
The Department of Revenue reported yesterday afternoon adjusted general purpose revenue tax collections were up 4.5 percent through the end of April compared to the same period a year earlier. The Legislative Fiscal Bureau in January projected fund general fund tax collections in 2015-16 would come in 4.4 percent ahead of the year before.
Still, sales taxes were up just 1.3 percent in April compared to the month before, while corporate income taxes dropped 9.3 percent. For the first 10 months of the fiscal year, sales taxes are up 3 percent and corporate taxes are down 0.1 percent.
The change in withholding tables that Republicans pushed through in 2014 affect the refunds state taxpayers get. Lang said that is another thing to watch.
Earlier this month, the Walker administration put off repaying $101 million in commercial paper, giving it more room in the current budget but adding to the state’s long-term debt.
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