Wisconsin Sales Tax Revenues Slow

August 12, 2024

Wisconsin Sales Tax Revenues Slow

According to the Department of Revenue, in January, March and May of 2024, Wisconsin’s five percent sales tax produced less revenue than in the same months of 2023. The preliminary data also shows county sales tax revenue declined the first six months of 2024 when compared to the first six months of 2023. Most counties had significant sales tax revenue growth from 2022-2023, but that growth has slowed during the first six months of 2024, with the exception of counties in Northwest Wisconsin, where strong growth has continued. The retail sector brings in more sales tax revenue than any other sector of the economy. In 2023, the retail sector collected $7.22 billion, or 48 percent of the total sales tax receipts. The Wisconsin Policy Forum noted slower sales tax revenue growth may be partly a result of lower inflation but cautions “revenues in the coming months will be critical to determining estimates in future budgets, which in turn will impact decisions on both spending and other forms of taxation in 2025. It is still too early for great concern, but sales tax revenue numbers over the summer will be closely watched.”

Topics:

Uncategorized

State:

Wisconsin

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