Wisconsin has net budget surplus of $977 million - WKOW 27: Madison, WI Breaking News, Weather and Sports

Wisconsin has net budget surplus of $977 million

Posted:

MADISON (WKOW) -- Wisconsin's net budget surplus has grown to $977 million thanks largely to $893 million in tax collections above earlier projections, according to information released by the nonpartisan Legislative Fiscal Bureau on Thursday. 

Governor Scott Walker and Republican legislative leaders have said they're planning to spend that surplus on income and property tax cuts.

"The additional revenue should be returned to taxpayers because it's their money, and my administration will work with the Legislature to determine the most prudent course of action," Walker said in a statement. The governor is expected to announce tax relief measures in his State of the State speech next Wednesday.

The state was originally projected to have a nearly $130 million surplus as of mid-2015. That is projected to grow by $912 million, resulting in a net surplus of $977 million after $65 million is put into savings.

Of the major taxes, sales tax collections are projected to be $350 million more than original estimates, individual income taxes by $265 million, corporate income taxes by $214 million and cigarette taxes by $52 million.

  • What would you like Wisconsin lawmakers to do with the surplus?

  • Thank you for participating in our poll. Here are the results so far:

    Cut property taxes
    36%
    177 votes
    Cut income taxes
    16%
    77 votes
    Put it into job creation
    12%
    60 votes
    More funding for schools
    36%
    176 votes
  • Join the conversation on Facebook
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WKOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Anna Engelhart at 608-661-2767. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.