Press Release
Department of Revenue Collections, February Fiscal Year 2022 General Purpose Revenue ($ in thousands – rounded)
| Collections for Month | Collections to Date | |||||
| Revenue Source | FY21 | FY22 | % change | FY21 | FY22 | % change |
| Individual Income | 398,115 | 104,781 | -73.7% | 5,519,757 | 6,115,118 | 10.8% |
| Adjusted | 349,239 | 104,781 | -70.0% | 5,774,720 | 6,115,118 | 5.9% |
| General Sales & Use | 464,338 | 491,953 | 5.9% | 3,575,133 | 4,009,679 | 12.2% |
| Corporate | 38,943 | 43,100 | 10.7% | 1,394,636 | 1,484,129 | 6.4% |
| Excise Taxes | 46,442 | 47,395 | 2.1% | 401,114 | 394,455 | -1.7% |
| Other | 7,754 | 5,982 | -22.9% | 251,557 | 264,633 | 5.2% |
| Total GPR | 955,593 | 693,210 | -27.5% | 11,142,197 | 12,268,014 | 10.1% |
| Adjusted | 906,717 | 693,210 | -23.5% | 11,397,159 | 12,268,014 | 7.6% |
This report includes general purpose revenue (GPR) taxes collected by the Wisconsin Department of Revenue and does not include taxes collected by the Office of the Commissioner of Insurance, administrative fees, and other miscellaneous revenues. Total General Fund tax collections are reported in the Department of Administration’s Report of Monthly General Fund Financial Information, which includes GPR and program revenue taxes collected by all state agencies.
Notes:
- Enacted changes to individual income taxes (rate cuts and updated withholding tables) will be realized in January 2022. Individual income tax revenues will decline due to the combination of large refunds (from the tax year 2021 rate cuts) and lower withholding on paychecks beginning in January. As a result, growth rates will remain positive until January 2022, at which point they will slow and then turn negative.
- In fiscal year FY21, the adjusted lines for the Collections for the Month exclude withholding that was received on the first working days of February, rather than the last day of January, which was a weekend. Also in FY21, the adjusted lines for the Collections for the Month and Collections to Date include withholding which was received on the first day of March, instead of the last day of February, which was also a weekend.
- Individual Income includes 60.1% of pass-thru withholding. Corporate Income includes the remaining 39.9%.
- The Other category includes estate, utility, and real estate transfer tax collections.
- Total does not include insurance premium taxes.
- This report is generated from the STAR Accounting System. Timing differences may cause the amounts in this report to differ from reports produced by the Department of Administration.
- All data are preliminary and unaudited.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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