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Corporate Income Tax Collections Down
By Wisconsin School Administrators Alliance staff | November 23, 2016
From WisPolitics.com …
Corporate income tax collections in October were down more than 46 percent compared to the same month in 2015, according to the latest figures from the Department of Revenue.
The October collections underscore the softening in corporate tax collections that, in part, prompted the Walker administration this week to revise down revenue projections for the remainder of this fiscal year, which runs through June 30.
In January, the Legislative Fiscal Bureau projected the state would take in more than $15.6 billion in general fund taxes for 2016-17. That included just more than $1 billion in corporate taxes.
The report DOA released Monday dropped the revenue estimate for the current fiscal year to just over $15.4 billion. That includes a new estimate of $888.5 million in corporate tax collections for 2016-17.
DOR reported yesterday between July and October, corporate tax collections were down 16 percent compared to the same period in the previous fiscal year.
See the DOR release here.
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