WI SB454

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 by $100 for each $1,000 of modified adjusted gross income above $150,000 for individuals (complete phase-out at $275,000) and above $300,000 for joint filers (complete phase-out at $550,000)

Requires claimants to include their Social Security number on the return, and married individuals must file jointly to claim the subtraction

Adds qualified overtime compensation subtracted under this provision to the definition of "income" for purposes of calculating the homestead tax credit