LRB-5360/1
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2023 - 2024 LEGISLATURE
2023 ASSEMBLY BILL 938
January 12, 2024 - Introduced by Representatives GUSTAFSON, GREEN, DONOVAN,
ALLEN, EDMING, RETTINGER and ROZAR, cosponsored by Senators TESTIN,
BRADLEY, CABRAL-GUEVARA, HUTTON and QUINN. Referred to Committee on
Ways and Means.
***AUTHORS SUBJECT TO CHANGE***
AN ACT to create 71.05 (6) (b) 57. and 71.05 (6) (b) 58. of the statutes; relating
to: an income tax subtraction for overtime wages and certain bonuses.
Analysis by the Legislative Reference Bureau
This bill creates an individual income tax exemption for hourly wages received
by an employee for work performed in excess of 40 hours for a single employer in any
week during the taxable year. The bill also creates an individual income tax
exemption of up to $2,500 for each taxable year for bonuses received by an employee
for work performed for an employer.
Because this bill relates to an exemption from state or local taxes, it may be
referred to the Joint Survey Committee on Tax Exemptions for a report to be printed
as an appendix to the bill.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SECTION 1. 71.05 (6) (b) 57. of the statutes is created to read:
71.05 (6) (b) 57. For taxable years beginning after December 31, 2023, income
received in the form of hourly wages received by an employee for work performed in
excess of 40 hours for a single employer in any week during the taxable year.
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SECTION 2 ASSEMBLY BILL 938
SECTION 2. 71.05 (6) (b) 58. of the statutes is created to read:
71.05 (6) (b) 58. a. For taxable years beginning after December 31, 2023, income
received in the form of a bonus received by an employee for work performed for an
employer.
b. The maximum amount of bonuses which a claimant may subtract under this
subdivision in a taxable year is $2,500.
(END)
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