State Fiscal Year Revenues Plunge

From the legislature’s finance agency, the Commission on Government Forecasting and Accountability:

The “Big Three” revenue sources felt the brunt of COVID-19. For the fiscal year, gross personal income taxes fell $947 million, or $765 million net.

Gross corporate income taxes dropped $430 million, or $308 million net, while gross sales taxes were off $206 million, or $154 million net from last year’s levels.

In total, the combined net drop of the “Big Three” was $1.227 billion.

Most of the other revenue sources experienced a down year as well, with all other revenue sources dropping a net $255 million.


Comments

State Fiscal Year Revenues Plunge — 1 Comment

  1. I will keep shopping, dining and buying as much gas as possible in Wisconsin.

    Maybe Illinois will have to raise taxes even more?

    You think?

    Isn’t that always their answer?

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