| 1 | 1 | | LRB-5361/1 |
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| 2 | 2 | | KP:cjs |
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| 3 | 3 | | 2023 - 2024 LEGISLATURE |
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| 4 | 4 | | 2023 SENATE BILL 869 |
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| 5 | 5 | | January 5, 2024 - Introduced by Senators TESTIN, BRADLEY, CABRAL-GUEVARA, |
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| 6 | 6 | | HUTTON and QUINN, cosponsored by Representatives GUSTAFSON, GREEN, |
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| 7 | 7 | | ALLEN, DONOVAN, EDMING, RETTINGER, ROZAR, SCHMIDT and BEHNKE. Referred |
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| 8 | 8 | | to Committee on Universities and Revenue. |
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| 9 | 9 | | ***AUTHORS SUBJECT TO CHANGE*** |
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| 10 | 10 | | AN ACT to create 71.05 (6) (b) 57. and 71.05 (6) (b) 58. of the statutes; relating |
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| 11 | 11 | | to: an income tax subtraction for overtime wages and certain bonuses. |
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| 12 | 12 | | Analysis by the Legislative Reference Bureau |
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| 13 | 13 | | This bill creates an individual income tax exemption for hourly wages received |
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| 14 | 14 | | by an employee for work performed in excess of 40 hours for a single employer in any |
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| 15 | 15 | | week during the taxable year. The bill also creates an individual income tax |
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| 16 | 16 | | exemption of up to $2,500 for each taxable year for bonuses received by an employee |
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| 17 | 17 | | for work performed for an employer. |
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| 18 | 18 | | Because this bill relates to an exemption from state or local taxes, it may be |
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| 19 | 19 | | referred to the Joint Survey Committee on Tax Exemptions for a report to be printed |
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| 20 | 20 | | as an appendix to the bill. |
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| 21 | 21 | | For further information see the state fiscal estimate, which will be printed as |
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| 22 | 22 | | an appendix to this bill. |
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| 23 | 23 | | The people of the state of Wisconsin, represented in senate and assembly, do |
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| 24 | 24 | | enact as follows: |
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| 25 | 25 | | SECTION 1. 71.05 (6) (b) 57. of the statutes is created to read: |
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| 26 | 26 | | 71.05 (6) (b) 57. For taxable years beginning after December 31, 2023, income |
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| 27 | 27 | | received in the form of hourly wages received by an employee for work performed in |
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| 28 | 28 | | excess of 40 hours for a single employer in any week during the taxable year. |
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| 34 | 34 | | 6 - 2 -2023 - 2024 Legislature LRB-5361/1 |
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| 35 | 35 | | KP:cjs |
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| 36 | 36 | | SECTION 2 SENATE BILL 869 |
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| 37 | 37 | | SECTION 2. 71.05 (6) (b) 58. of the statutes is created to read: |
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| 38 | 38 | | 71.05 (6) (b) 58. a. For taxable years beginning after December 31, 2023, income |
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| 39 | 39 | | received in the form of a bonus received by an employee for work performed for an |
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| 40 | 40 | | employer. |
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| 41 | 41 | | b. The maximum amount of bonuses which a claimant may subtract under this |
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| 42 | 42 | | subdivision in a taxable year is $2,500. |
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| 43 | 43 | | (END) |
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