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Thursday, November 21, 2024

Wisconsin's combined tax revenues down 6.5% in Q2 compared to same quarter of the previous year

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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 $8.4 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 6.5% decrease from the same quarter of the previous year, when combined tax revenues were $9 billion.

The majority of the state's tax revenue was collected through income taxes ($4.3 billion) and sales and gross receipts taxes ($3.5 billion).

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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q2 Wisconsin Tax Collections

Type of TaxAmount (millions)
Income Taxes$4,334
License Taxes$426
Other Taxes$32
Property Taxes$52
Sales and Gross Receipts Taxes$3,536

Source: U.S. Census Bureau

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