Fiscal bureau revises average income tax cut in state budget
MADISON, Wis. (AP) — The Legislature’s fiscal analysts are revising the average income tax cut Wisconsinites will see for 2020.
The Legislative Fiscal Bureau estimated in June that tax cuts in the state budget coupled with another bill that cuts taxes using revenue from online sales would result in an average tax reduction of $91 in 2019 and $124 in 2020.
The fiscal bureau released a memo Thursday revising the 2020 average reduction to $118.
The memo explains that the June projection assumed the online sales bill would be signed before July 1 and it would take effect Oct. 1. But Gov. Tony Evers didn’t sign the measure until July 3, which means it can’t take effect until Jan. 1. That means the cut will occur three months later than anticipated.