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AB 1029

Relating to: imposing an estate tax. (FE)

2025-2026 Regular Session Introduced by Ryan Clancy and 7 co-sponsors

Wisconsin would establish or authorize a state estate tax, outlining thresholds, rates, and exemptions for taxing the transfer of a deceased person’s estate.

Failed to pass pursuant to Senate Joint Resolution 1
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WeVote Research Nonpartisan
Bill Summary · AB 1029

Summary of Assembly Bill 1029 (2025) – Wisconsin

Status: Introduced February 6, 2026; referred to the Committee on Ways and Means. Co-authored by seven Assembly members and one Senator as of sponsor list. Note: Legislative history indicates a measure intended to impose an estate tax; no fiscal estimate details are included in the provided materials.

1) Purpose and Intent

  • The bill is titled “Relating to: imposing an estate tax,” indicating its primary aim is to authorize or establish an estate tax within Wisconsin.
  • Estate taxes are taxes on the transfer of assets from a deceased person to heirs or beneficiaries, typically assessed on the value of the decedent’s estate at death or on distributions from trusts, with thresholds and rates defined in the statute.

2) Key Provisions and Changes (as implied by the bill title)

  • Establishment or authorization of an estate tax in Wisconsin (the bill’s central change).
  • Potential specification of:
    • Taxable estates: threshold(s) at which the tax applies (e.g., a specific dollar amount or progressive brackets).
    • Tax rate(s): marginal rates applied to estate value above thresholds.
    • Valuation rules: how assets are valued at death (e.g., date of death value, appraisal methods).
    • Exemptions and deductions: amounts or classes of property/exemptions (e.g., family-owned farms, small estates, charitable bequests) to reduce tax liability.
    • Credits, exclusions, or special treatment for certain recipients or purposes.
    • Administrative provisions: who collects the tax, timing of payments, penalties for noncompliance, and reporting requirements.
    • Allocation and distribution: rules governing how tax revenues are allocated or deposited into state funds.

Note: The exact text of provisions is not in the provided materials; the summary reflects typical components of an estate tax statute and the bill’s stated subject.

3) Who or What Would Be Affected

  • Decedents’ estates subject to Wisconsin state taxation at death, and potentially certain trusts or transfers as defined by the statute.
  • Heirs, beneficiaries, and executors/administrators responsible for filing and paying the tax.
  • Tax administration and the Wisconsin Department of Revenue, which would oversee assessments, collections, and enforcement.
  • Potential impact on families with large estates, professional fiduciaries, and estate planning professionals, depending on thresholds and exemptions established by the bill.

4) Procedural and Timeline Aspects

  • Introduced: February 6, 2026.
  • Assigned to: Committee on Ways and Means (purpose: to analyze fiscal impact and policy merits).
  • Action history indicates a formal fiscal estimate was received on March 10, 2026, suggesting ongoing consideration of the bill’s revenue implications.
  • Sponsorship:
    • Primary sponsors in the Assembly: Clancy, Madison, Hong, Phelps, Tenorio, Moore Omokunde, Rivera-Wagner, Sinicki.
    • Co-sponsors: Francesca Hong, Christine Sinicki, Ryan Clancy, Amaad Rivera-Wagner, Christian Phelps, Supreme Moore Omokunde, Darrin Madison, Angelito Tenorio.
    • Senate co-sponsor: Senator Larson.
  • As of the provided information, no final passage status is recorded; the bill remains under committee review, with potential fiscal and policy analysis to determine viability, revenue impact, and administrative feasibility.

5) Additional Context from Supporting Documentation

  • Public lobbying activity is noted with entities such as the Badger Institute (supporting) and Citizen Action of Wisconsin (opposing) listed, though no detailed advocacy activity is recorded in the materials provided.
  • The “FE” designation typically signals a fiscal effect or fiscal impact focus, aligning with consideration of revenue implications.

What to Watch

  • The bill’s specific provisions: taxable thresholds, rates, exemptions, and credits.
  • Fiscal notes detailing estimated revenue impact, distribution of funds, and any proposed uses of estate tax proceeds.
  • Any amendments adopted in committee that could alter the scope (e.g., exemptions for farms, family-owned businesses, or charitable bequests).
  • Interactions with existing federal estate tax considerations and state tax reciprocity.

If the full text becomes available, I can provide a line-by-line breakdown of provisions and a more precise impact assessment.

Compiled from official sources — confirm details with the bill’s official record.

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