State Senate Approves Returning State Surplus Back to Taxpayers
(Wisconsin State Capitol - Madison) – The State Senate took up and passed legislation this week that will complete efforts to return the state’s budget surplus back to hard-working taxpayers. The final package will lower property taxes for seniors and working families, lowers the bottom income tax rate, and improves the fiscal condition of the state’s general fund as compared to the original proposal.
“We are listening to taxpayers and returning the state’s surplus back to the pockets of those that earned it,” Harsdorf said. “I am pleased that this additional tax relief will help families during these challenging economic times and encourage further economic growth and activity.”
In addition to the tax relief included in the legislation passed this week, the Wisconsin Department of Revenue is modifying paycheck withholdings for state income taxes to reflect recent reductions in tax rates. These changes will ensure that workers take home more of their wages by lowering the amount the state takes out of each paycheck beginning in April. Between the property and income tax changes approved by the State Legislature and the withholding changes, it is anticipated that the average working family will see an approximate $700 annual benefit.
“Our action continues to put taxpayers first and is the third significant tax relief measure passed this session,” Harsdorf continued. “It is encouraging that our efforts to improve our state’s business climate and restore fiscal responsibility are paying off for taxpayers.”
Along with the tax relief, the State Legislature is committing a portion of the budget surplus to further ongoing efforts to address the skills gap. These funds will be used to provide more funding for job training in high-demand fields, grants for collaborative private-public partnerships to provide high school students with technical skills, and additional resources to assist those with disabilities to find employment.