MacIver News Service | August 8, 2013[Madison, Wisc…] Governor Scott Walker’s 2013-2015 budget is projected to reduce taxes by nearly $704 million over the next two years, according to a new memo released by the non-partisan Legislative Fiscal Bureau (LFB) on Thursday.
A majority of the tax reduction is in the form of a $648 million income tax cut that was championed by Representative Dale Kooyenga (R-Brookfield). The income tax cut lowers rates for all income taxpayers in Wisconsin, and reduces the amount of brackets from five to four.
On top of the income tax cut, the budget will provide $30 million for a private school tuition tax credit, $8.5 million for individuals to carry forward operating loss deductions on their taxes up to 20 years, and $8.6 million to expand the veterans and surviving spouses tax credit.
This release comes shortly after a memo that shows Wisconsin will end the biennium with a $91 million surplus.
The budget also increases net fees in Wisconsin by $7.9 million. It will increase the OWI driver improvement surcharge by $70 for each offense, increasing revenue by $1.9 million. The budget also will increase revenue by $3.8 million by adding a DNA analysis surcharge of $250 for all felony convictions and $200 for all misdemeanor convictions.
Each County Register of Deeds will see a fee increase for records that are filed with their office, raising state revenue by $2.6 million.
The full memo from LFB can be seen here.