May 15, 2019 – Germantown, WI – Rep. Dan Knodl (R-Germantown) issued the following statement regarding today’s new revenue projections from the Legislative Fiscal Bureau:
“Today we received more proof that Wisconsin’s fiscal outlook is strong thanks to common sense reforms and tax relief passed by Republicans over the last eight years. New projections announced this afternoon by the non-partisan Legislative Fiscal Bureau show that state revenue will be $753 million higher than previously thought over the next three years.
“This is excellent news. It shows that reducing the tax burden, balancing our state budget, and passing pro-growth reforms leads to economic growth and higher state revenues. Our intention is to put these extra dollars into additional tax relief and continue growing our state’s Rainy Day Fund.”
A portion of the revenue projections report is below.
Based on our review of collections data and the economic forecast, we now believe that general fund taxes will be higher than the previous estimates by $592 million in 2018-19, $68 million in 2019-20, and $93 million in 2020-21. The three-year increase is $753 million, or 1.5%.
Over the three-year forecast period, the individual income tax estimates have been increased by $460 million, the corporate income/franchise tax estimates have been increased by $610 million, and taxes on insurance companies have been increased by $25 million. The sales and use tax estimates have been reduced by $280 million, the cigarette tax estimates have been reduced by $37 million, and public utility taxes have been reduced by $25 million over the three-year forecast period.
The estimates for other general fund taxes have not been revised because collections are consistent with the January figures.
Click HERE to read the rest of the report from the Legislative Fiscal Bureau.
