AB262: Bill Text

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.

AB262,,90 4. On all taxable income exceeding $300,000, 4.5 percent.

AB262,14 Section 14. 71.06 (2) (oo) of the statutes is created to read:

AB262,,92 71.06 (2) (oo) For married persons filing separately, for taxable years beginning after December 31, 2027, except as provided under s. 71.06 (4):

AB262,,93 1. On all taxable income from $0 to $5,000, 0 percent.

AB262,,94 2. On all taxable income exceeding $5,000 but not exceeding $10,000, 4.5 percent.

AB262,,95 3. On all taxable income exceeding $10,000 but not exceeding $150,000, 4.5 percent.

AB262,,96 4. On all taxable income exceeding $150,000, 4.5 percent.

AB262,15 Section 15. 71.06 (2e) (a) of the statutes is amended to read:

AB262,,98 71.06 (2e) (a) For taxable years beginning after December 31, 1998, and before January 1, 2000, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1m) and (2) (c) and (d), and for taxable years beginning after December 31, 1999, and before January 1, 2024, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1n), (1p) (a) to (c), (1q) (a) and (b), and (2) (e), (f), (g) 1. to 3., (h) 1. to 3., (i) 1. and 2., and (j) 1. and 2., shall be increased each year by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 1997, as determined by the federal department of labor, except that for taxable years beginning after December 31, 2000, and before January 1, 2002, the dollar amount in the top bracket under subs. (1p) (c) and (d), (2) (g) 3. and 4. and (h) 3. and 4. shall be increased by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 1999, as determined by the federal department of labor, except that for taxable years beginning after December 31, 2011, the adjustment may occur only if the resulting amount is greater than the corresponding amount that was calculated for the previous year.

AB262,16 Section 16. 71.06 (2e) (b) of the statutes is amended to read:

AB262,,100 71.06 (2e) (b) For taxable years beginning after December 31, 2009, and before January 1, 2024, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1p) (d), (1q) (c), and (2) (g) 4., (h) 4., (i) 3., and (j) 3., and the dollar amount in the top bracket under subs. (1p) (e), (1q) (d), and (2) (g) 5., (h) 5., (i) 4., and (j) 4., shall be increased each year by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 2008, as determined by the federal department of labor, except that for taxable years beginning after December 31, 2011, the adjustment may occur only if the resulting amount is greater than the corresponding amount that was calculated for the previous year.

AB262,17 Section 17. 71.06 (2e) (be) of the statutes is created to read:

AB262,,102 71.06 (2e) (be) 1. For taxable years beginning after December 31, 2023, and before January 1, 2025, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1r) (a) 1. and 2. and (2) (k) 1. and 2. and (km) 1. and 2., shall be increased by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 1997, as determined by the federal department of labor, except that the adjustment may occur only if the resulting amount is greater than the corresponding amount that was calculated for the previous year.

AB262,,103 2. For taxable years beginning after December 31, 2023, and before January 1, 2025, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1r) (a) 3. and (2) (k) 3. and (km) 3., and the dollar amount in the top bracket under subs. (1r) (a) 4. and (2) (k) 4. and (km) 4., shall be increased by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 2008, as determined by the federal department of labor, except that the adjustment may occur only if the resulting amount is greater than the corresponding amount that was calculated for the previous year.

AB262,18 Section 18. 71.06 (2e) (bm) of the statutes is created to read:

AB262,,105 71.06 (2e) (bm) 1. For taxable years beginning after December 31, 2024, and before January 1, 2026, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1r) (b) 1. and 2. and (2) (L) 1. and 2. and (Lm) 1. and 2. shall be increased by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 1997, as determined by the federal department of labor, except that the adjustment may occur only if the resulting amount is greater than the corresponding amount that was calculated for the previous year.

AB262,,106 2. For taxable years beginning after December 31, 2024, and before January 1, 2026, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1r) (b) 3. and (2) (L) 3. and (Lm) 3., and the dollar amount in the top bracket under subs. (1r) (b) 4. and (2) (L) 4. and (Lm) 4., shall be increased by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 2008, as determined by the federal department of labor, except that the adjustment may occur only if the resulting amount is greater than the corresponding amount that was calculated for the previous year.