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7-12-17 wi budget-the latest

todayJuly 11, 2017

MADISON, Wis. (AP) — Wisconsin legislative leaders say they aren’t worried about a $51 million hit to the state budget caused by fallout from income tax increases in Illinois.  Sen. Alberta Darling and Rep. John Nygren are co-chairs of the Legislature’s budget-writing Joint Finance Committee. They said Tuesday they expect the loss to Wisconsin to be temporary “as more and more companies are taxed out of Illinois.”  And Assembly Majority Leader Jim Steineke says, “We’ll make that up thanks to the influx of businesses and people moving” from Illinois to Wisconsin.  The estimated loss is caused by increased payments the state will have to make to Illinois under an income tax reciprocity deal and higher tax credits people who live in Wisconsin but work in Illinois will claim.

Written by: Radio Plus

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