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Wisconsin / State / 2025-26 Legislature

2025 Wisconsin Act 15, creating Wis. Stat. 71.05(6)(b)54m. Added an age 67 retirement subtraction that bars every 71.07 credit, the veterans property tax credit included

Catalog reconciledEnactedScope changed

Signed Takes effect

Expands and restricts Adds a retirement subtraction at 67, but a claimant loses every 71.07 credit, the veterans property tax credit included.

For taxable years beginning after December 31, 2024, an individual of sixty-seven or older may subtract up to $24,000 of retirement plan and IRA distributions, $48,000 for a joint return where both spouses are sixty-seven, but subdivision 54m.d. bars anyone who claims it from claiming any credit listed under 71.07 for the same year. That includes the uncapped veterans and surviving spouses property tax credit in 71.07(6e). The budget act was enacted July 3, 2025.

Progress

Path to law: Bill in a two-chamber legislature

  1. Introduced Done, Senate
  2. In committee Done, Joint Committee on Finance
  3. Passed one chamber Done, Senate
  4. Passed both chambers Done, Assembly
  5. Signed by the governor Done, With partial vetoes
  6. In effect Done,

Sponsors

  • Joint Committee on Finance, at the request of the GovernorSponsor, Senate

What it touches

  • Wis. Stat. § 71.05(6)(b)54m.
  • Wis. Stat. § 71.07(6e)

Catalog entry

Official record

Read 2025 Wisconsin Act 15, creating Wis. Stat. 71.05(6)(b)54m. on the jurisdiction's own record