Wisconsin SB1 proposes an income tax subtraction for qualified tips and overtime compensation, surplus refund payments, increased funding for special.
Wisconsin SB1 introduces an income tax subtraction for qualified tips and overtime compensation, allowing claimants to deduct these amounts on their federal income tax returns. It also provides surplus refund payments to taxpayers who filed a Wisconsin individual income tax return for tax year 2024 and owed tax. The bill increases funding for special education and school age parents programs by $85,000,000 in fiscal year 2025-26 and $230,000,000 in fiscal year 2026-27.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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