Not that we consider ANY State tax collections to be 'good news' per se....
"Adjusting for the late posting, individual income taxes increased 8.0 percent in March, and the year-to-date increase is 3.0 percent. Total GPR collections, after the adjustment, are 1.3 percent for March and 2.3 percent YTD," the memo explains.
So tax revenues are not (yet) smacked down.
Overall, tax collections rose 18.2 percent over last year despite a 21 percent decrease in corporation franchise and income tax collections.
...but when Corporate income taxes decrease, there's a big cloud on the horizon. Corporate profitability, the predecessor to corporate tax payments, is apparently down--and (see Midwest Airlines) that can have consequences in employment.
Midwest was down, but Johnson Controls had a record setting quarter.
ReplyDeleteIf other Wisconsin companies could learn from the energy efficiency strategies being employed by Johnson Controls and the SC Johnson Company our state could weather the coming storm far better than average.
(full disclosure: my last name is Johnson (I wish there was a family connection))