Here are some highlights (not an all-inclusive list) of state budget proposals:

TAXES

• Implementation of combined reporting for certain corporate entities in Wisconsin.
• A new tax bracket of 7.75% for joint returns over $300,000 income.
• Reduction of the capital gains exclusion to 40% from the current 60%.
• A 75-cents per pack increase in the cigarette and tobacco tax.
• An assessment on oil company profits.
• Implementation of the Main Street Equity Act.
• Create a dairy cooperative investment and a meat processing facility tax credits program.

STATE CUTS

• Implementation of a 1% across-the-board reduction for state agencies.
• Change state corrections policy “to better focus resources on the most serious offenders.”
• Eliminate 17 positions at the Dept of Revenue because of automation of records and sales tax systems.
• Remove state staff from Wisconsin Welcome Centers.
• Consolidate brownfield operations, minority business certification, restaurant and food inspection activities and human resource functions.
• Close 39 mobile Division of Motor Vehicle Stations.
• Close two state trooper stations (Tomah and Spooner)
• Close 25 DNR service centers.
• No pay raises for state employees.
• Slow the expansion of the Family Care program to additional counties.
• Not move forward with the Badger Choice health initiative.

EDUCATION

• Over the two year budget cycle, a combination of state and federal funds will increase state education funding by $426 million.
• Allow school districts to exceed revenue limits for safety, transportation costs and school nursing expenses.
• Hold the line on tuition at the UW by providing a home harmless provision for families making less than $60,000.
• Allowing a UW tuition increase about the same as experienced in the past budget.
• Creation of a freshwater school and public health school at the UW-Milwaukee.
• Increase financial aid by $38 million.
• Make a $25 million down payment on the future costs of the Wisconsin Covenant. The first class is expected in 2011.
• The UW System will experience an overall $120 million cut from the current base.
• Require additional math and science credits for high school graduation.

TRANSPORTATION

• Spend $569 million for road projects, including $500 million in federal funds.
• Provide for improved Amtrak service between Milwaukee and Chicago and move toward passenger service between Madison and Milwaukee.
• Provide for implementation of regional transit authorities in Southeast Wisconsin, Fox Valley and Dane County.
• Implement a single license plate program.

OTHER PROVISIONS

• Create a domestic partner protection program.
• Implement a state-wide smoking ban.
• Create a child care quality rating system.
• Reform the Bureau of Milwaukee Child Welfare.

For the full text of the bill: http://www.legis.wisconsin.gov/2009/data/AB75hst.html