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Thursday, February 25, 2010

 4:28 PM 

IRA conversion bill gets unanimous approval

The state would end the penalty on high-income earners converting traditional IRAs to Roth IRAs under a bill adopted by the Assembly today.

SB 439 makes state law consistent with the federal tax code. It allows conversion to a Roth IRA without penalty. Wisconsin is the last state to adopt the standard.

The bill, already approved unanimously by the Senate, now goes to Gov. Jim Doyle, who included the change in his 2009-11 budget only to have it removed by legislators.

Rep. Robin Vos, R-Caledonia, used the occasion to blast Dems for all the wrong moves he believes they made in the state budget. He said perhaps it could lead Democrats to reverse themselves on other budget initiative like new taxes, early release of some non-violent offenders from state prisons and mandatory increases to minimum auto insurance coverage levels.

"I hope this is the first of many do-over bills," Vos said.

Rep. Pedro Colon, D-Milwaukee, chided Vos for taking the opportunity to make a political point.

"Why do you have to bring all that nasty stuff up?" Colon said. "The reality is the bill is going to pass unanimously, and you're still angry. Why are you so angry?"


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