Assembly Bill 1028 proposes to authorize counties and municipalities in Wisconsin to impose a local income tax on high-income taxpayers. The bill allows local governments to levy a tax on individuals and married couples whose Wisconsin taxable income exceeds $1,000,000 or $500,000, respectively, under certain conditions, such as residency, property ownership, or employment presence in the locality for at least 30 days during the taxable year. The tax can only be imposed after the adoption of an ordinance approved by local electors, and the ordinance must specify the tax rate and the first taxable year for the tax.

Additionally, the bill creates new sections in Chapter 77 of the statutes, including provisions for the administration of the local income tax and the distribution of tax revenues. It establishes that the local income tax is due on the same date as the state income tax return, and it mandates that local governments provide a credit for any local income tax paid to another state. The bill also outlines the procedures for the imposition and repeal of the tax, as well as the responsibilities of the Department of Revenue in collecting and distributing the tax.