Relating to: modifying the income and franchise tax rate structure for individuals and corporations, creating a school aid fund, supplemental school aid, school district revenue limits, and making an appropriation. (FE)

This bill modifies Wisconsin's income and franchise tax rates for both individuals and corporations while establishing a new School Aid Fund to support education. It creates a separate trust fund that receives annual transfers from the general fund, with specific provisions for supplemental school aid and revenue limits for school districts. The tax structure introduces graduated rates for higher income levels, with individual and corporate brackets adjusted to increase percentages on income exceeding certain thresholds, and includes provisions for partnerships to elect entity-level taxation. Changes take effect for taxable years beginning after December 31, 2025, with some rates already set for 2026.