AB262: Bill Text

Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.

For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

AB262,,4 The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB262,1 Section 1. 71.06 (1q) (intro.) of the statutes is amended to read:

AB262,,6 71.06 (1q) Fiduciaries, single individuals, and heads of households; after 2012 and before 2024. (intro.) The tax to be assessed, levied, and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates for taxable years beginning after December 31, 2012, and before January 1, 2024:

AB262,2 Section 2. 71.06 (1r) of the statutes is created to read:

AB262,,8 71.06 (1r) Fiduciaries, single individuals, and heads of households; after 2023. (a) The tax to be assessed, levied, and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates for taxable years beginning after December 31, 2023, and before January 1, 2025, except as provided under s. 71.06 (4):

AB262,,9 1. On all taxable income from $0 to $7,500, 3.15 percent.

AB262,,10 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 4.5 percent.

AB262,,11 3. On all taxable income exceeding $15,000 but not exceeding $225,000, 5 percent.

AB262,,12 4. On all taxable income exceeding $225,000, 7.40 percent.

AB262,,13 (b) The tax to be assessed, levied, and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates for taxable years beginning after December 31, 2024, and before January 1, 2026, except as provided under s. 71.06 (4):

AB262,,14 1. On all taxable income from $0 to $7,500, 2.20 percent.

AB262,,15 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 4.5 percent.

AB262,,16 3. On all taxable income exceeding $15,000 but not exceeding $225,000, 4.75 percent.

AB262,,17 4. On all taxable income exceeding $225,000, 6.70 percent.

AB262,,18 (c) The tax to be assessed, levied, and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates for taxable years beginning after December 31, 2025, and before January 1, 2027, except as provided under s. 71.06 (4):

AB262,,19 1. On all taxable income from $0 to $7,500, 1.25 percent.

AB262,,20 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 4.5 percent.

AB262,,21 3. On all taxable income exceeding $15,000 but not exceeding $225,000, 4.5 percent.

AB262,,22 4. On all taxable income exceeding $225,000, 6 percent.

AB262,,23 (d) The tax to be assessed, levied, and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates for taxable years beginning after December 31, 2026, and before January 1, 2028, except as provided under s. 71.06 (4):

AB262,,24 1. On all taxable income from $0 to $7,500, 0 percent.

AB262,,25 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 4.5 percent.

AB262,,26 3. On all taxable income exceeding $15,000 but not exceeding $225,000, 4.5 percent.

AB262,,27 4. On all taxable income exceeding $225,000, 5.20 percent.

AB262,,28 (e) The tax to be assessed, levied, and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates percent for taxable years beginning after December 31, 2027, except as provided under s. 71.06 (4):

AB262,,29 1. On all taxable income from $0 to $7,500, 0 percent.

AB262,,30 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 4.5 percent.

AB262,,31 3. On all taxable income exceeding $15,000 but not exceeding $225,000, 4.5 percent.

AB262,,32 4. On all taxable income exceeding $225,000, 4.5 percent.

AB262,3 Section 3. 71.06 (2) (i) (intro.) of the statutes is amended to read:

AB262,,34 71.06 (2) (i) (intro.) For joint returns, for taxable years beginning after December 31, 2012, and before January 1, 2024:

AB262,4 Section 4. 71.06 (2) (j) (intro.) of the statutes is amended to read:

AB262,,36 71.06 (2) (j) (intro.) For married persons filing separately, for taxable years beginning after December 31, 2012, and before January 1, 2024:

AB262,5 Section 5. 71.06 (2) (k) of the statutes is created to read:

AB262,,38 71.06 (2) (k) For joint returns, for taxable years beginning after December 31, 2023, and before January 1, 2025, except as provided under s. 71.06 (4):

AB262,,39 1. On all taxable income from $0 to $10,000, 3.15 percent.

AB262,,40 2. On all taxable income exceeding $10,000 but not exceeding $20,000, 4.5 percent.

AB262,,41 3. On all taxable income exceeding $20,000 but not exceeding $300,000, 5 percent.

AB262,,42 4. On all taxable income exceeding $300,000, 7.40 percent.

AB262,6 Section 6. 71.06 (2) (km) of the statutes is created to read:

AB262,,44 71.06 (2) (km) For married persons filing separately, for taxable years beginning after December 31, 2023, and before January 1, 2025, except as provided under s. 71.06 (4):

AB262,,45 1. On all taxable income from $0 to $5,000, 3.15 percent.

AB262,,46 2. On all taxable income exceeding $5,000 but not exceeding $10,000, 4.5 percent.

AB262,,47 3. On all taxable income exceeding $10,000 but not exceeding $150,000, 5 percent.

AB262,,48 4. On all taxable income exceeding $150,000, 7.40 percent.

AB262,7 Section 7. 71.06 (2) (L) of the statutes is created to read:

AB262,,50 71.06 (2) (L) For joint returns, for taxable years beginning after December 31, 2024, and before January 1, 2026, except as provided under s. 71.06 (4):

AB262,,51 1. On all taxable income from $0 to $10,000, 2.20 percent.

AB262,,52 2. On all taxable income exceeding $10,000 but not exceeding $20,000, 4.5 percent.

AB262,,53 3. On all taxable income exceeding $20,000 but not exceeding $300,000, 4.75 percent.

AB262,,54 4. On all taxable income exceeding $300,000, 6.70 percent.

AB262,8 Section 8. 71.06 (2) (Lm) of the statutes is created to read:

AB262,,56 71.06 (2) (Lm) For married persons filing separately, for taxable years beginning after December 31, 2024, and before January 1, 2026, except as provided under s. 71.06 (4):

AB262,,57 1. On all taxable income from $0 to $5,000, 2.20 percent.

AB262,,58 2. On all taxable income exceeding $5,000 but not exceeding $10,000, 4.5 percent.

AB262,,59 3. On all taxable income exceeding $10,000 but not exceeding $150,000, 4.75 percent.

AB262,,60 4. On all taxable income exceeding $150,000, 6.70 percent.

AB262,9 Section 9. 71.06 (2) (m) of the statutes is created to read:

AB262,,62 71.06 (2) (m) For joint returns, for taxable years beginning after December 31, 2025, and before January 1, 2027, except as provided under s. 71.06 (4):

AB262,,63 1. On all taxable income from $0 to $10,000, 1.25 percent.

AB262,,64 2. On all taxable income exceeding $10,000 but not exceeding $20,000, 4.5 percent.

AB262,,65 3. On all taxable income exceeding $20,000 but not exceeding $300,000, 4.5 percent.

AB262,,66 4. On all taxable income exceeding $300,000, 6 percent.

AB262,10 Section 10. 71.06 (2) (mm) of the statutes is created to read:

AB262,,68 71.06 (2) (mm) For married persons filing separately, for taxable years beginning after December 31, 2025, and before January 1, 2027, except as provided under s. 71.06 (4):

AB262,,69 1. On all taxable income from $0 to $5,000, 1.25 percent.

AB262,,70 2. On all taxable income exceeding $5,000 but not exceeding $10,000, 4.5 percent.

AB262,,71 3. On all taxable income exceeding $10,000 but not exceeding $150,000, 4.5 percent.

AB262,,72 4. On all taxable income exceeding $150,000, 6 percent.

AB262,11 Section 11. 71.06 (2) (n) of the statutes is created to read:

AB262,,74 71.06 (2) (n) For joint returns, for taxable years beginning after December 31, 2026, and before January 1, 2028, except as provided under s. 71.06 (4):

AB262,,75 1. On all taxable income from $0 to $10,000, 0 percent.

AB262,,76 2. On all taxable income exceeding $10,000 but not exceeding $20,000, 4.5 percent.

AB262,,77 3. On all taxable income exceeding $20,000 but not exceeding $300,000, 4.5 percent.

AB262,,78 4. On all taxable income exceeding $300,000, 5.20 percent.

AB262,12 Section 12. 71.06 (2) (nn) of the statutes is created to read:

AB262,,80 71.06 (2) (nn) For married persons filing separately, for taxable years beginning after December 31, 2026, and before January 1, 2028, except as provided under s. 71.06 (4):

AB262,,81 1. On all taxable income from $0 to $5,000, 0 percent.

AB262,,82 2. On all taxable income exceeding $5,000 but not exceeding $10,000, 4.5 percent.

AB262,,83 3. On all taxable income exceeding $10,000 but not exceeding $150,000, 4.5 percent.

AB262,,84 4. On all taxable income exceeding $150,000, 5.20 percent.

AB262,13 Section 13. 71.06 (2) (o) of the statutes is created to read:

AB262,,86 71.06 (2) (o) For joint returns, for taxable years beginning after December 31, 2027, except as provided under s. 71.06 (4):

AB262,,87 1. On all taxable income from $0 to $10,000, 0 percent.

AB262,,88 2. On all taxable income exceeding $10,000 but not exceeding $20,000, 4.5 percent.

AB262,,89 3. On all taxable income exceeding $20,000 but not exceeding $300,000, 4.5 percent.