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Fiscal bureau revises average income tax cut in state budget

MADISON, Wis. (AP) — The Legislature’s fiscal analysts are revising their estimates of the average income-tax reduction Wisconsinites can expect to see in 2020.

The Legislative Fiscal Bureau estimated in June that the tax reductions passed in the new state budget, coupled with another bill that promises to reduce taxes using revenue from online sales, would result in an average tax reduction of $91 in 2019 and $124 in 2020.

The fiscal bureau released a memo Thursday revising the average reduction predicted for 2020 to $118.

The memo explains that the June projection assumed the online-sales bill would be signed before July 1 and would take effect on Oct. 1. But Gov. Tony Evers didn’t sign the measure until July 3, which means it can’t take effect until Jan. 1. That means the cut will occur three months later than expected.

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