Senate Bill 529 aims to repeal a variety of obsolete tax credits and provisions in Wisconsin law, reflecting changes in tax policy and the expiration of certain credits. The bill specifically targets numerous tax credits that are no longer applicable due to sunset provisions, including the armed forces member credit, biodiesel fuel production credit, and the jobs tax credit, among others. Additionally, it seeks to repeal outdated tax provisions, such as those related to income tax rates and brackets for tax years prior to 2025, and the alternative minimum tax. The bill also includes amendments to existing statutes to ensure that the repeal of nonrefundable tax credits is delayed until the credits can no longer be utilized.

The proposed legislation includes significant deletions from current law, such as the repeal of sections related to various tax credits and provisions, including those concerning the computation of apportionment of business income for tax years prior to 2008 and obsolete definitions from the Internal Revenue Code. Furthermore, it amends certain sections to update the definitions and administrative processes related to income tax checkoff voluntary payments. Overall, the bill aims to streamline Wisconsin's tax code by removing outdated elements and ensuring that taxpayers are not burdened by provisions that are no longer relevant.

Statutes affected:
Bill Text: 13.94(1)(ms), 13.94, 20.250(2)(h), 20.250, 20.566(1)(hp), 20.566, 20.835(2)(bb), 20.835, 20.835(2)(cc), 20.835(2)(ff), 71.01(6)(j), 71.01, 71.01(6)(k), 71.01(6)(m), 71.01(7g), 71.01(7r), 71.01(13), 71.03(7)(a), 71.03, 71.03(7)(b), 71.03(7)(c), 71.04(1)(a), 71.04