Senate Bill 1 proposes a one-time individual income tax rebate for Wisconsin taxpayers who filed a tax return for the year 2024 and owed state income tax. The rebate amounts to $1,000 for married couples filing jointly and $500 for all other individuals, with the total rebate not exceeding the taxpayer's net income tax liability for that year. The Wisconsin Department of Revenue will automatically issue these rebate payments by September 15, 2026, without requiring any action from the taxpayers. If a taxpayer does not receive the full rebate amount, they can file a claim through a designated portal on the Department of Revenue's website, but claims must be submitted by December 31, 2026.

The bill also includes provisions that align the rebate process with existing income tax refund regulations, allowing the Department of Revenue to enforce the rebate and apply relevant tax laws regarding assessments, refunds, appeals, collections, interest, and penalties. This ensures that the rebate process is consistent with the established framework for income tax administration in Wisconsin.