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Wisconsin tax collection forecast drops $282 million

MADISON, Wis. (AP) — Wisconsin tax collections are projected to be down about $282 million from a previous estimate, although the state will still collect about $2.4 billion more in taxes through the middle of 2021.

The new estimates from the nonpartisan Legislative Fiscal Bureau will be used by Gov. Tony Evers as he puts together his state budget proposal. Evers will submit the spending plan to the Legislature in late February, which will then make changes to his proposal before passing it later in the year.

The latest economic analysis predicts the state will see a 3.3 percent increase in tax collections in the current fiscal year ending in July. Tax collections are predicted to grow by 4.2 percent in the first year of the new budget and 2.3 percent in the second.

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