Department Releases May Revenue Collections
For Release: June 19, 2008
Contact: Jessica Iverson, Communications Officer, 608-266-2300
This report includes general purpose revenue (GPR) taxes collected by the Wisconsin Department of Revenue, and does not include taxes collected by the Office of the Commissioner of Insurance (OCI), administrative fees, and other miscellaneous revenues. Total General Fund tax collections are reported in the Department of Administration's Report of Monthly General Fund Financial Information, which includes GPR and program revenue taxes collected by all state agencies.
Department of Revenue Collections, May FY2008
($ thousands)
|
Collections for Month |
Collections to Date |
||||
Revenue Source |
FY 2007 |
FY 2008 |
% change |
FY 2007 |
FY 2008 |
% change |
Individual Income* |
431,472 |
300,772 |
-30.3% |
5,597,218 |
5,608,854 |
0.2% |
General Sales & Use |
332,198 |
308,173 |
-7.2% |
3,423,793 |
3,468,930 |
1.3% |
Corporation Franchise & Income* |
10,279 |
41,239 |
301.2% |
750,540 |
685,525 |
-8.7% |
Cigarette |
24,595 |
45,272 |
84.1% |
243,135 |
351,095 |
44.4% |
Tobacco Products |
1,550 |
3,335 |
115.1% |
14,498 |
21,921 |
51.2% |
Other |
177,735 |
183,418 |
3.2% |
508,821 |
542,311 |
6.6% |
TOTAL GPR TAXES |
$977,829 |
$882,209 |
-9.8% |
$10,538,006 |
$10,678,636 |
1.3% |
* Individual Income includes 83% of pass-thru withholding and Corporate Franchise & Income includes the remaining 17%. Individual Income also includes prior-year recovery accounts 9549 and 9563.
+ The 'Other' category includes beer, liquor and wine, estate, utility, and real estate transfer fee collections.
Notes:
- Individual Income for May 2008 was impacted by the timing of withholding payments – a large payment was made on May 31 but because the 31 st fell on a weekend, the payment was not recorded until June. Hence, May individual income tax collections are artificially low, distorting the growth rates for individual income tax and total taxes. Adjusting for the late posting, individual income taxes decreased 4.4% in May and total collections increased 1.7%. Year-to-date, individual income tax collections increased 2.2% and total DOR GPR collections increased 2.4%.
- All data are preliminary and unaudited.
Last updated June 19, 2008