Report: State tax collections exceeded projections
MADISON, Wis. (AP) -- Wisconsin collected about $71 million more in taxes during the last fiscal year than anticipated.
The Legislative Fiscal Bureau released figures Wednesday showing the state took in about $14.54 billion during the year that ended June 30. The final estimate for 2014-15 collections in January projected the state would take in about $14.47 billion.
The report shows much of that increase was attributable to a bump in corporate income and franchise tax collections. They came in about $70 million higher than projected.
Under state law, about $12 million of the excess collections must go into the state's rainy day fund. The remaining $60 million or so will increase the opening general fund balance for the 2015-16 fiscal year, which began July 1.