Wednesday is the last chance to file income income tax returns for last year. In Wisconsin, higher state income tax collections could lead to less severe cuts in the state budget.
State tax collections were higher than expected in February, and lawmakers hope new tax collection forecasts later this month can make some tough decisions a little less painful.
“Typically, our monthly collection releases come out toward the end of the month; usually around the 25th or so,” said Stephanie Marquis, spokeswoman for the Wisconsin Department of Revenue. “So, I think we’ll have more information about where we are in March after that time. But based upon what we saw in February, we were tracking ahead of the forecasts.”
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If the forecasts are up, state Assembly Speaker Robin Vos has said more money could be spent to lessen the proposed $300 million cut for the University of Wisconsin System, and $127 million reduction in aid to public schools.
The state Legislature’s Joint Finance Committee has already made some revisions to the budget, but the most difficult decisions likely won’t be made until next month.
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