WI AB461

Creates a Wisconsin income tax subtraction for qualified overtime compensation paid under the federal Fair Labor Standards Act, effective for taxable years beginning after December 31, 2024

Limits the subtraction to $12,500 per year for individual filers and $25,000 per year for married couples filing jointly

Phases out the subtraction for single filers with modified federal adjusted gross income between $150,000 and $275,000, and for joint filers with income between $300,000 and $550,000

Requires claimants to include their social security number on the tax return, and married individuals must file a joint return to claim the subtraction

Excludes qualified tips from the definition of qualified overtime compensation eligible for the subtraction