Madison in the Morning

Madison in the Morning

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WI tax collections $4.4 billion more than previously thought NEW

MADISON (WKOW) -- Lawmakers in the middle of writing the next state budget learned the state is now projected to collect much more tax revenue than previously estimated.

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The nonpartisan Legislative Fiscal Bureaureleased the memoTuesday, which outlined an "unprecedented" increase in tax collections in 2021, particularly in the months of April and May.

Citing a "vastly improved" economic outlook for the rest of this year, as well as 2022 and 2023, the bureau's latest estimate for tax collections over the next three years increased by more than $4.4 billion.

The tax revenue estimate from LFB is always a key reference point for lawmaking during the biennial budget process but it had been delayed this year as both federal and state tax filing deadlines had been pushed back on account of the COVID-19 pandemic.

The budget-writing Joint Finance Committee is ramping up its work; this week marks the first time during this budget cycle where the committee will vote on departmental budgets twice in the same week.

Tuesday afternoon, the committee is set to vote on the transportation budget while Thursday's session will be headlined by the Department of Corrections.

A recurring theme so far this session has been Republicans rejecting the vast majority of Gov. Tony Evers' proposed spending increases for programs and services, saying the state should instead rely on the $2.5 billion it's slated to receive through the American Rescue Plan.

More at WKOW 27 News


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