Assembly Bill 525 aims to repeal a variety of obsolete tax credits and provisions in Wisconsin law. The bill specifically targets numerous tax credits that are no longer applicable due to sunset provisions, including the armed forces member credit, biodiesel fuel production credit, and the jobs tax credit, among others. Additionally, it seeks to repeal outdated tax provisions related to income tax rates and brackets for tax years prior to 2025, as well as provisions concerning the computation of apportionment of business income for tax years prior to 2008. The bill also includes amendments to existing statutes to reflect these changes and ensure that any nonrefundable tax credits that are being repealed will remain in effect until they can no longer be utilized.

The bill includes several deletions from current law, such as the repeal of sections related to various tax credits and provisions, including 13.94 (1) (ms), 20.250 (2) (h), and multiple sections under 71.01 and 71.03. It also amends certain sections to remove references to obsolete provisions, ensuring that the tax code is updated and streamlined. The overall goal of the bill is to simplify the tax code by eliminating outdated and unused tax credits, thereby improving clarity and efficiency in tax administration.

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