Education

This bill proposes changes to Wisconsin state income tax calculations and education funding, primarily affecting individual taxpayers and school districts. It allows residents to subtract certain qualified tips and overtime compensation from their taxable income, aligning state rules more closely with federal tax deductions for these earnings. Additionally, the legislation increases state aid for school districts, special education programs, and technical colleges while adjusting how surplus refund payments are handled. The bill also updates the definition of "income" for tax purposes to include specific items like capital gains and certain public assistance benefits.

This bill proposes changes to Wisconsin state tax law and education funding, primarily affecting individual taxpayers and school districts. It would allow residents to subtract certain federal deductions for tips and overtime pay from their state income tax, while also increasing funding for special education, school-age parents programs, and technical colleges. The legislation includes specific rules for calculating these tax benefits and defines how various income sources are treated for state tax purposes. Additionally, it establishes a revenue limit for technical college districts and provides for surplus refund payments.