Deal includes tobacco cash, corporate tax increases; conference committee meeting later today
The state would pull $209 million out of tobacco securitization payments and delay $125 million in school aid payments into the next biennium to take care of the bulk of Wisconsin's budget deficit, under a deal legislative leaders are scheduled to announce later this morning.
The plan also calls for a $15 million revenue upper by making changes to target rental and interest expenses some companies had claimed to reduce their state tax bill, according to a Legislative Fiscal Bureau memo that WisPolitics obtained this morning.
Dems had been particularly critical of Wal-Mart, for example, for creating an arrangement on the rent of its facilities in Wisconsin that reduced its tax bill.
Senate Majority Leader Russ Decker, D-Weston, and Assembly Speaker Mike Huebsch, R-West Salem, were scheduled to announce the details at an 11 a.m. news conference in the Capitol.
A conference committee will meet later today to consider the budget repair bill.
The deal would also take $57 million out of the state's budget stabilization fund and drop the statutory balance by $40 million to $25 million.
It also includes provisions to add cell phones to Wisconsin's Do Not Call list, target invasive species and provide new child care subsidies.
Senate members have been told to prepare for session days tomorrow and Wednesday. The Assembly has not sent out a notice yet to inform members of when they will be on the floor, but one is expected to be sent soon.
An LFB memo is circulating among some members, but a source said it includes an error and is being re-drafted.
Labels: Budget_Repair_Bill
