Wisconsin tax collections were down more than $51 million year over year in February after being roughly even in January.
The numbers come despite one more day this February than the year before.
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Despite the likely feeling most Ohioans have about taxes, they could feel better knowing they have one of the nation’s highest returns on their tax dollars, according to a new report.
The personal finance website WalletHub ranked the Buckeye State fifth in the country in terms of taxpayer return on investment after analyzing state and local tax collections with the quality of services residents receive in each state using 29 different metrics.
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After several years of rapidly increasing spending and tax collections, Tennessee Gov. Bill Lee has proposed a budget that would spend nearly $10 billion less next year.
That includes $52.6 billion in spending with $25.4 billion from the state and $19.8 billion from federal funds.
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Tennessee has now collected $279.9 million less than budgeted through the first five months of the fiscal year.
December’s $1.9 billion in collections were $82.5 million less than budgeted In numbers released Friday afternoon.
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Tennessee tax collections released on Friday afternoon were $62.1 million lower than the budgeted estimate and $50.9 million lower than last October.
For the first three months of the fiscal year, done on an accrual basis, Tennessee has collected $108.9 million less than its budgeted estimates.
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A new analysis by the international research think tank Tax Foundation shows which states in the nation collect the least and most taxes per capita as of fiscal year (FY) 2021, the most recent year for which full state-by-state data are available.
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Tennessee was $7.4 million shy of reaching its budgeted estimate for tax and fee collections in September, putting the state $46.9 million below its budget for the first two months of the fiscal year.
The $2.2 billion in overall September collections were $29.4 million more than September 2022 collections.
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Tennessee has collected $2.3 billion more than budgeted in taxes and fees through the first 11 months of the fiscal year.
In June, the state collected $2.3 billion total, which was $283.3 million more than estimated and $38.7 million more than the June 2022 collections.
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Georgia reported decreased monthly tax collections for the fourth consecutive month.
Georgia’s net tax collections of more than $2.8 billion in June decreased 0.4 percent, or $10.9 million, compared to a year ago. The Peach State reported decreased tax collections in March, April and May.
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Georgia officials reported net tax collections for April decreased by 16.5% over a year ago.
The Peach State’s April net tax collections approached $4.2 billion, a decrease of $829.5 million compared to April 2022, when net tax collections surpassed $5 billion. Despite the drop, year-to-date net tax collections of nearly $27.8 billion are up 0.9%, or $256.9 million, compared to last fiscal year.
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Georgia reported its February net tax collections surpassed $2.1 billion, an increase of 8.7%, or $169.3 million, compared to last February.
The state reported more than $1.9 billion in net tax collections a year ago. So far this fiscal year, the state’s net tax collections surpassed $20.9 billion, an increase of 5.9%, or roughly $1.2 billion, over fiscal 2022.
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State tax revenues for the month of January exceeded budgeted estimates by $212.9 million, according to the monthly revenue announcement released Wednesday by Department of Finance and Administration Commissioner Jim Bryson.
The state’s surplus in year-to-date tax collections is $1.17 billion through six months.
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Tennessee’s collection of taxes and fees are expected to continue to rise over the next two years, but the rate of increase won’t match its recent record-breaking pace, according to estimates from the University of Tennessee’s Boyd Center for Business and Economic Research.
The numbers were presented as part of a series of financial presentations given to Tennessee’s State Funding Board as it prepares to give its estimates for the state’s finances for next fiscal year. Those estimates are then used in the state’s budget-making process.
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Georgia saw its May tax revenues increase by 1.6% from a year ago as tax collections approached $2.7 billion for the month.
This fiscal year, state general fund receipts exceeded $30.2 billion. That represents a 23.9%, or more than $5.8 billion, increase over collections last fiscal year, which exceeded $24.3 billion at the same point.
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Two Ohioans filed lawsuits this week challenging Ohio tax law that allows cities to tax income of workers who, the lawsuits say, do not live in nor work in the municipalities.
The Buckeye Institute, an independent research and educational group, filed the lawsuits on behalf of Eric Denison and Josh Schaad against the cities of Columbus and Cincinnati. The lawsuits ask the court to declare unconstitutional Ohio law that allows cities to tax workers who do not live in and have not been working in those cities.
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