Compromise tax cut plan passes budget committee - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Compromise tax cut plan passes budget committee

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MADISON (WKOW) -- The Wisconsin legislature's Joint Finance Committee signed off Wednesday on a compromise version of Governor Scott Walker's $504 million property and income tax cut plan. The vote was 12-4.

Walker proposes using the state's $977 million projected surplus to pay for the tax cuts and the state Assembly approved his plan earlier this month. However, Senate Republicans were hesitant to fully embrace the proposal, saying they had concerns that Walker's plan would increase a projected shortfall in the state's next budget to $807 million.

Republicans reached a deal Tuesday that calls for placing $118 million into the state's general fund rather than in its rainy day account, requiring state agencies to return $38 million to the state's general fund during the fiscal year that begins July 1, 2015.

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