MY0 SB1: Bill Text

LRB-4930/1

MES&JK:cjs:kjf

May 2000 Special Session

1999 - 2000 LEGISLATURE

Senate BILL 1

May 4, 2000 - Introduced by Committee on Senate Organization. Referred to Joint committee on Finance.

SB1,1,2 An Act to amend 71.07 (9) (b) 1. and 71.07 (9) (b) 4.; and to create 71.07 (9) (b) 5. of the statutes; relating to: restoring the school property tax rent credit.

Analysis by the Legislative Reference Bureau

Under current law, an individual may not receive the individual income tax school property tax rent credit for taxable years beginning after December 31, 1998. This bill allows an individual to claim and receive the credit for property taxes paid, or rent constituting property taxes paid, on the individual's principal dwelling during the taxable year to which the claim relates. The credit may be claimed for taxable years beginning after December 31, 1999.

Under the bill, the credit that may be claimed by an individual is 13.3% of the first $2,000 of property taxes accrued or rent constituting property taxes, or 13.3% of the first $1,000 of property taxes accrued or rent constituting property taxes for a married person filing separately. The credit is nonrefundable, meaning that it may be claimed only up to the amount of a claimant's tax liability.

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:

SB1, s. 1 Section 1. 71.07 (9) (b) 1. of the statutes, as affected by 1999 Wisconsin Act 10, is amended to read:

SB1,2,5 71.07 (9) (b) 1. Subject to the limitations under this subsection and except as provided in subds. 2. and, 4. and 5., a claimant may claim as a credit against, but not to exceed the amount of, taxes under s. 71.02, 10% of the first $2,000 of property taxes or rent constituting property taxes, or 10% of the first $1,000 of property taxes or rent constituting property taxes of a married person filing separately.

SB1, s. 2 Section 2. 71.07 (9) (b) 4. of the statutes, as created by 1999 Wisconsin Act 10, is amended to read:

SB1,2,13 71.07 (9) (b) 4. For taxable years beginning after December 31, 1998 and before January 1, 2000, subject to the limitations under this subsection a claimant may claim as a credit against, but not to exceed the amount of, taxes under s. 71.02, 8.4% of the first $0 of property taxes or rent constituting property taxes, or 8.4% of the first $0 of property taxes or rent constituting property taxes of a married person filing separately.

SB1, s. 3 Section 3. 71.07 (9) (b) 5. of the statutes is created to read:

SB1,2,19 71.07 (9) (b) 5. For taxable years beginning after December 31, 1999, subject to the limitations under this subsection a claimant may claim as a credit against, but not to exceed the amount of, taxes under s. 71.02, 13.3% of the first $2,000 of property taxes or rent constituting property taxes, or 13.3% of the first $1,000 of property taxes or rent constituting property taxes of a married person filing separately.

SB1, s. 4 Section 4. Initial applicability.

SB1,2,21 (1) This act first applies to taxable years beginning on January 1, 2000.

SB1,2,22 (End)