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Friday, May 17, 2024

Wisconsin sees less individual income tax revenue as of Q1 2023 compared to Q1 2022

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Secretary Peter W. Barca at Wisconsin Department of Revenue | Wisconsin Department of Revenue

Secretary Peter W. Barca at Wisconsin Department of Revenue | Wisconsin Department of Revenue

Wisconsin collected $2 billion in individual income taxes during the first quarter of 2023, a 6.1% decrease from the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the first quarter of 2022, $2.1 billion was collected in individual income taxes.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by state governments.

Overall, Wisconsin collected $5.7 billion in combined tax revenues in the first quarter of 2023.

Q1 2023 Wisconsin Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$0
Sales and Gross Receipts Taxes$2,477
License Taxes$377
Individual Income Taxes$1,997
Total Income Taxes$2,823
Other Taxes$25

Source: U.S. Census Bureau

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