LRB-3413/1
JK:jlg:mrc
1999 - 2000 LEGISLATURE
February 17, 2000 - Introduced by Representatives Powers, Brandemuehl,
Goetsch, Ladwig, Olsen, Musser and Pettis. Referred to Committee on Ways
and Means.
AB761,1,2
1An Act to amend 71.07 (6) (am) 2. c. and 71.07 (6) (am) 2. d. of the statutes;
2relating to: the married persons individual income tax credit.
Analysis by the Legislative Reference Bureau
Under current law, married persons that file a joint individual income tax
return receive a tax credit equal to a percentage of one spouse's earned income. For
taxable years beginning after December 31, 1999, and ending before January 1,
2001, the tax credit is 2.75% of the earned income of the spouse with the lower earned
income, but not more than $385. For taxable years beginning after December 31,
2000, the tax credit is 3% of the earned income of the spouse with the lower earned
income, but not more than $420.
Under this bill, for taxable years beginning after December 31, 1999, and
ending before January 1, 2001, the tax credit for married persons that file a joint
individual income tax return is 2.75% of the earned income of the spouse with the
lower earned income or 2.75% of $10,000, whichever is greater, but not more than
$385. For taxable years beginning after December 31, 2000, the tax credit is 3% of
the earned income of the spouse with the lower earned income or 3% of $10,000,
whichever is greater, but not more than $420.
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:
AB761, s. 1
1Section
1. 71.07 (6) (am) 2. c. of the statutes is amended to read:
AB761,2,42
71.07
(6) (am) 2. c. For taxable years beginning after December 31, 1999, and
3before January 1, 2001, 2.75% of the earned income of the spouse with the lower
4earned income
or 2.75% of $10,000, whichever is greater, but not more than $385.
AB761, s. 2
5Section
2. 71.07 (6) (am) 2. d. of the statutes is amended to read:
AB761,2,86
71.07
(6) (am) 2. d. For taxable years beginning after December 31, 2000, 3%
7of the earned income of the spouse with the lower earned income
or 3% of $10,000,
8whichever is greater, but not more than $420.
AB761,2,1110
(1)
Married persons credit. This act first applies to taxable years beginning
11on January 1, 2000.
