A tentative bipartisan deal between Gov. Tony Evers and Republican leaders in the state Legislature calls for billions in new spending on public schools, child care and state universities, along with income tax cuts worth more than $1 billion.
In a statement, Evers said it’s contingent on his approval of any final changes to the two-year budget bill from the Republican-controlled Wisconsin Assembly and Senate. Still, the deal with Wisconsin Assembly Speaker Robin Vos, R-Rochester, Wisconsin Senate Majority Leader Devin LeMahieu, R-Ooostburg, and Senate Minority Leader Dianne Hesselbein, D-Middleton, is notable.
The text of the agreement has yet to be released, but Evers’ statement said it includes the largest increase to the state’s special education reimbursement rate in history, the largest increase to the Universities of Wisconsin in two decades and more than $330 million to support child care centers.
Under the deal, Evers’ office said income taxes for individuals will decrease by $600 million in each of the next two years, with 82 percent of the tax cut going toward people with adjusted annual gross incomes below $200,000.
Retirees age 67 and up would also be able to exclude up to $24,000 in retirement income from state income taxes.