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Wednesday, November 27, 2024

Wisconsin's license tax revenue down 1.7% in Q1 compared to previous quarter

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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 $351 million in license taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 1.7% decrease from the previous quarter, when license tax revenue was $357 million.

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.

Overall, Wisconsin collected $5.2 billion in combined tax revenues in Q1.

Q1 Wisconsin Tax Collections

Type of TaxAmount (millions)
Income Taxes$2,417
License Taxes$351
Other Taxes$23
Property Taxes$0
Sales and Gross Receipts Taxes$2,370

Source: U.S. Census Bureau

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