Relating to: creating an individual income tax deduction for certain income earned by an individual from the practice of psychiatry or from providing psychiatric or mental health services. (FE)

SB 72 creates a state income tax deduction for psychiatrists and psychiatric mental health nurse practitioners who work in Wisconsin. It allows eligible individuals to deduct up to $100,000 annually from their taxable income if they practice outside medically underserved areas, or up to $200,000 if they work in such areas (as defined by state law). To qualify, professionals must claim the deduction within their first two years of practicing in Wisconsin or returning to the state, and can only use it for up to five consecutive years. The bill directly affects licensed psychiatrists and certified psychiatric mental health nurse practitioners who meet the location and eligibility requirements.