Corporate collections increased 72.6 percent in fiscal 2021 compared to the previous year.
Despite a pandemic-triggered recession, Wisconsin saw this corporation tax increase in the first five months of fiscal 2021, according to the Treasury Department, saw GPR collections grow 5.2 percent year over year.
November 2020 increased by 4.3 percent compared to November 2019.
Fiscal year 2021 collections since July 1 have totaled over $ 6.6 billion, an increase of nearly $ 330 million over the same fiscal year 2020 period. Almost $ 1.6 billion was raised in November alone, compared to more than $ 1.5 billion in November 2019. according to DOR’s adjusted data.
Corporate collections contributed $ 7.6 million.
DOR spokeswoman Patty Mayers attributed the increase in corporate collections to successful exams, an increase in exam collections, changes in tax law that allowed individuals to file taxes at the company level, and changes in response to the 2017 Tax Cuts and Jobs Act.
Mayers could not tell which companies were involved in the audits.
The second largest increase in sales to date in the 2021 financial year compared to the previous year were “other” sources with an increase of 3.5 percent. “Other” collections may include estate, utility, and real estate transfer tax collections.
Corporate and “other” revenue streams combined raised over $ 1 billion, compared to nearly $ 688 million for the same period in fiscal 2020.
Excise taxes fell by 1.8 percent. That source raised approximately $ 246 million, compared to approximately $ 250 million for the same period last year. Individual income fell 0.3 percent, but brought in the largest revenue at 3.3 billion US dollars.
General sales and usage revenue increased 0.6 percent, bringing the second largest value of more than $ 2 billion.
The DOR’s report does not contain any taxes, administration fees or other income levied by the Office of the Insurance Commissioner.
See the report: https://www.wisbusiness.com/2020/dept-of-revenue-collections-november-fy2021/