Assembly Bill 525 aims to repeal various obsolete tax credits and provisions in Wisconsin law, reflecting changes in taxpayer eligibility and the expiration of certain credits. The bill specifically targets credits that are no longer available 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 Additionally, it seeks to repeal outdated tax provisions, such as those related to income tax rates and brackets for tax years prior to 2025, and obsolete definitions from the Internal Revenue Code.

The bill also includes amendments to existing statutes, such as updating the definition of Wisconsin adjusted gross income by removing outdated modifications. It delays the repeal of any nonrefundable tax credits until the date they can no longer be utilized, ensuring that taxpayers can still benefit from any credits they may have accrued. Overall, the legislation is designed to streamline the tax code by eliminating unnecessary complexities and ensuring that it reflects current tax practices and regulations.

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