Senate Bill 1 aims to enhance funding for education and provide tax relief in Wisconsin. The bill proposes an additional $85 million for special education and school age parents programs in fiscal year 2025-26 and $230 million in fiscal year 2026-27, which is expected to increase the proration rate for aid to eligible costs. It also introduces a new per pupil state aid, which will be calculated based on a three-year average of statewide enrollment and will include independent charter school pupils. Additionally, the bill creates income tax subtractions for qualified tips and overtime compensation, allowing taxpayers to deduct these amounts from their federal income tax returns without a sunset provision.

Furthermore, the bill includes provisions for surplus refund payments to taxpayers who filed a Wisconsin individual income tax return for tax year 2024, with payments of $600 for married couples and $300 for individuals, subject to certain eligibility criteria. It also increases state aid to technical colleges by $50 million while reducing the property tax levy that technical college district boards can impose. The bill amends various sections of the statutes to reflect these changes, including the addition of new subsections related to the income tax subtractions and adjustments to existing definitions and calculations for state aid.

Statutes affected:
Bill Text: 71.52(6), 71.52, 115.437(1), 115.437, 121.07(7)(b), 121.07, 121.105(title), 121.105, 121.105(1)