Wisconsin revenue projections jump by $1.2 billion

state capitol dome

MADISON, Wis. — Wisconsin state government’s financial future just got brighter. The Legislative Fiscal Bureau released projections Tuesday that show the state should finish the next three-year period with about $1.2 billion more than expected in November.

The bureau said the national gross domestic product is expected to rebound strongly in 2021 and 2022, bolstered by federal pandemic stimulus dollars. Vaccinations will lead to increases in employment over the next year.

The federal stimulus package also is expected to boost personal income in the 2021 and business investments are expected to increase over the three-year period, bolstered by investments in mining and petroleum.

State tax collections are expected to increase by 1% in 2021-22 and 4.6% in 2022-23.