MacIver News Service | November 19, 2013[Madison, Wisc…] Individuals and businesses continue to show signs of improvement as tax collections are up 6.9 percent over the last fiscal year according to new data from the Department of Revenue (DOR).
Individual income tax collections are up $119 million year to date compared to fiscal year 2013 (FY13), an increase of 5.5 percent. Corporate taxes are up even more with an increase of 18.1 percent. These tax collections increased from $224.2 million in FY13 to $264.7 million in FY14.
Wisconsinites are also spending more money than last fiscal year. General Sales and Use tax collections are up 8.2 percent, an increase of $92.6 million.
Overall, GPR tax collections are up 6.9 percent, an increase from $3.73 billion in FY13 to $3.99 billion in FY14.
The full release from DOR is available here.