On June 30, the state Senate put the final touches on the Legislature’s $89.2 billion budget Wednesday, clearing the way for the document to head to Dem Gov. Tony Evers. The budget passed both the Assembly and the Senate with bipartisan support in the Assembly. The governor may use the line-item veto before signing. There are many items in the budget including funding for broadband and I-94 East West. In addition, the budget contains the largest tax reform package in 10 years. Keeping property taxes low is a top priority for the REALTORS in Wisconsin – not just now, but always. Wisconsin currently has one of the highest tax burdens in the country. Because of federal aid and robust tax increases, Wisconsin has a historic surplus, which the legislature will return to taxpayers with over $3.4 billion in tax relief. Two important tax cuts include the Individual Income Tax Cut where the third individual income tax bracket ($23,900 – $263,480) is reduced from 6.27 to 5.3 percent, cutting taxes $2.3 billion, and saving the average Wisconsin family $900 over the biennium. The second is a change to the Property Tax that would reduce property taxes by approximately $650 million over the biennium by requiring schools and technical college districts to reduce their levy in exchange for additional state aid holding them harmless.
More information on the $87.5 Billion State Budget HERE