Wisconsin Budget Committee OKs Tax Cut Plan

By: Associated Press
By: Associated Press

The Wisconsin Legislature's budget committee has signed off on a deal to move Gov. Scott Walker's $504 million property and income tax cut bill forward.

Walker wants to use dollars from the state's projected $977 million surplus to fund the cuts. The state Assembly passed the bill earlier this month but Senate Republicans have been hesitant to embrace the proposal. They're worried Walker's plan would increase a projected shortfall in the state's next budget to $807 million.

Republicans reached a deal Tuesday that calls for placing $118 million into the state's general fund rather than in its rainy day account, requiring state agencies to return $38 million to the state's general fund during the fiscal year that begins July 1, 2015.

The Joint Finance Committee approved the changes 12-4 Wednesday.

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