Wisconsin has made the following changes to the tax laws for the 2019 tax year:
- The tax rate for the first and second tax bracket is reduced from 4% to 3.86% and from 5.84% to 5.04%, respectively. You can review the 2019 tax table, here.
- The allowed subtraction for contributions to a WI state-sponsored college savings account has been increased to $3,280 per beneficiary ($1,640 if you are filing as married filing separate).
- The tuition and fees expense subtraction remains at $6,974 per student. The phaseout amounts have changed, however. Please click here for the new phaseout amounts based on your filing status.
For more information regarding these changes, please click here.