The Sconi

State budget negotiations in Wisconsin concluded with the signing of a new biennial budget bill. The budget, passed swiftly on July 3rd, represents a compromise between the Republican-majority legislature and Democrat Governor Tony Evers.

The budget introduces several measures affecting small businesses in Wisconsin. Notably, it includes a $1.5 billion tax cut aimed at returning surplus funds to taxpayers. This cut is achieved by expanding the second income tax bracket and creating a retirement income exemption.

Additionally, the budget proposes lower workers' compensation fees for businesses. By setting new maximum fees for hospital care under the workers' compensation program, it aims to reduce costs related to workplace injuries.

Funding for the Wisconsin Department of Tourism has reached unprecedented levels, reflecting its high return rate among state agencies. There are also increased allocations for workforce education within both the Wisconsin Technical College and University Systems.

Transportation infrastructure sees a significant boost with nearly $1.3 billion allocated for roads and bridges.

With these developments, the state legislature will recess for the summer and plans to reconvene later in the year.

"NFIB fought to ensure at least a portion of these funds were returned to taxpayers instead of creating new ongoing programs."

"We expect the rate that businesses pay for their workers’ compensation insurance will go down to the extent that the fee schedule lowers medical costs in the program in the years to come."

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