Tax Reductions Signed Into Law
Governor Scott Walker has signed another round of tax reductions into law that includes adjustments in the individual income tax withholding brackets.
The legislation passed the State Senate 17-15 and the Assembly by a vote of 61-35.
The adjustment will reduce the amount of state income taxes withheld from earned income by $322 million. For a typical family of four, the withholding change will put an additional $58 in their paycheck every month, or more than $520 in the family budget by the end of the year.
The package also includes over $400 million in property tax reductions, and nearly $100 million in individual income tax cuts, targeted to the lowest income tax bracket.
The legislations increases funding for the Wisconsin Fast Forward program by $35 million directed to five areas:
- Invest in technical colleges to eliminate waiting lists for high demand fields including manufacturing, agriculture, and Information Technology;
- Help high school students get training in high demand jobs through dual enrollment programs between our high schools and technical colleges;
- Support the year of A Better Bottom Line initiative, which helps people with disabilities enter the workforce;
- Allows certain tax credits to be used to offset liability under the alternative minimum tax;
- Authorizes corporate tax filers to carry forward business losses for up to 20 years.