Bill > SB456

Introduced Session

Under current law, the homestead tax credit is a refundable income tax credit that may be claimed by homeowners and renters. The credit is based on the claimant's household income and the amount of property taxes or rent constituting property taxes on his or her Wisconsin homestead. Because the credit is refundable, if the credit exceeds the claimant's income tax liability, he or she receives the excess as a refund check. Under current law, there are three key dollar amounts used when calculating the credit: 1. If household income is $8,060 or less, the credit is 80 percent of the property taxes or rent constituting property taxes. If household income exceeds $8,060, the property taxes or rent constituting property taxes are reduced by 8.785 percent of the household income exceeding $8,060, and the credit is 80 percent of the reduced property taxes or rent constituting property taxes. 2. The credit may not be claimed if household income exceeds $24,680. 3. The maximum property taxes or rent constituting property taxes used to calculate the credit is $1,460. Beginning with claims filed for the 2023 tax year, this bill reduces the percentage used for household income over $8,060 from 8.785 to 5.614 percent and LRB-4282/1 KP:klm 2023 - 2024 Legislature SENATE BILL 456 increases the maximum income amount from $24,680 to $35,000. The bill also indexes the $8,060, $35,000, and $1,460 amounts for inflation during future tax years. For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

AI Summary

Committee Categories

Melissa Agard (D)*,  Tim Carpenter (D)*,  Dianne Hesselbein (D)*,  LaTonya Johnson (D)*,  Chris Larson (D)*,  Brad Pfaff (D)*,  Kelda Roys (D)*,  Mark Spreitzer (D)*,  Lena Taylor (D)*,  Bob Wirch (D)*,  Jimmy Anderson (D),  Deb Andraca (D),  Samba Baldeh (D),  Mike Bare (D),  Marisabel Cabrera (D),  Ryan Clancy (D),  Dave Considine (D),  Evan Goyke (D),  Kalan Haywood (D),  Jenna Jacobson (D),  Alex Joers (D),  Darrin Madison (D),  Tod Ohnstad (D),  Sylvia Ortiz-Velez (D),  Lori Palmeri (D),  Melissa Ratcliff (D),  Daniel Riemer (D),  Katrina Shankland (D),  Christine Sinicki (D),  Lee Snodgrass (D),  Robyn Vining (D), 

Failed to pass pursuant to Senate Joint Resolution 1 (on 04/15/2024)

Official Document