Wisconsin tax parity bill passes Finance Committee

Wisconsin's Assembly Bill 31 has passed the Joint Finance Committee and been referred to the Rules Committee. The bill would open up the Wisconsin state income tax deduction to contributions made to any state's 529 plan by Wisconsin taxpayers. An amendment to the bill would also provide the option of claiming a tax credit instead of a tax deduction, beginning in 2007. The credit would be calculated based on the taxpayers marginal tax rate.
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