AB902: Bill Text

LRB-2141/1

MES:kmg:kat

1995 - 1996 LEGISLATURE

1995 Assembly BILL 902

February 19, 1996 - Introduced by Representatives Bell, Carpenter, R. Young, Hasenohrl, Krusick, Baldus, Wirch, Springer, Boyle, Notestein, Wilder, Riley, Ryba, Lorge, Plombon and Baldwin, cosponsored by Senators Andrea, Clausing, C. Potter, Moen, Chvala, Grobschmidt, Burke and Jauch. Referred to Committee on Ways and Means.

AB902,1,3 An Act to amend 71.54 (1) (d) (intro.) and 71.54 (2) (b) 3.; and to create 71.54 (1) (e) and 71.54 (2) (b) 4. of the statutes; relating to: increasing the maximum income and maximum property taxes for the homestead tax credit.

Analysis by the Legislative Reference Bureau

Under current law, for claims filed in 1991 and thereafter, the homestead tax credit threshold income is $8,000, the maximum property taxes that a claimant may use in calculating his or her credit are $1,450 and the maximum income is $19,154. This bill changes current law starting with claims filed in 1997. Under this bill, for claims filed in 1997 and thereafter, the maximum income is raised to $23,385 and the maximum property taxes are raised to $2,000. The threshold income remains the same as under current law.

For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB902, s. 1 Section 1. 71.54 (1) (d) (intro.) of the statutes is amended to read:

AB902,1,7 71.54 (1) (d) (title) 1991 and thereafter to 1996. (intro.) The amount of any claim filed in 1991 and thereafter to 1996 and based on property taxes accrued or rent constituting property taxes accrued during the previous year is limited as follows:

AB902, s. 2 Section 2. 71.54 (1) (e) of the statutes is created to read:

AB902,2,3 71.54 (1) (e) 1997 and thereafter. The amount of any claim filed in 1997 and thereafter and based on property taxes accrued or rent constituting property taxes accrued during the previous year is limited as follows:

AB902,2,6 1. If the household income was $8,000 or less in the year to which the claim re lates, the claim is limited to 80% of the property taxes accrued or rent constituting property taxes accrued or both in that year on the claimant's homestead.

AB902,2,10 2. If the household income was more than $8,000 in the year to which the claim relates, the claim is limited to 80% of the amount by which the property taxes accrued or rent constituting property taxes accrued or both in that year on the claimant's homestead exceeds 13% of the household income exceeding $8,000.

AB902,2,12 3. No credit may be allowed if the household income of a claimant exceeds $23,385.

AB902, s. 3 Section 3. 71.54 (2) (b) 3. of the statutes is amended to read:

AB902,2,15 71.54 (2) (b) 3. In calendar year 1990 or any subsequent calendar year years 1990 to 1995, $1,450.

AB902, s. 4 Section 4. 71.54 (2) (b) 4. of the statutes is created to read:

AB902,2,17 71.54 (2) (b) 4. In calendar year 1996 or any subsequent calendar year, $2,000.

AB902,2,18 (End)