2019 - 2020 LEGISLATURE
March 26, 2020 - Introduced by Representatives Considine, Pronschinske, B.
Meyers, Spreitzer, Milroy, Sinicki, Sargent, Hebl, Gruszynski, Billings,
Ohnstad, Shankland, Emerson, Subeck, Stubbs and Doyle, cosponsored by
Senators Erpenbach, Schachtner, Smith, Bewley, L. Taylor, Risser and
Larson. Referred to Committee on Rules.
1An Act to create
71.05 (6) (b) 54. of the statutes; relating to: income tax
2deduction for flood insurance premiums.
Analysis by the Legislative Reference Bureau
This bill allows an individual, when computing state income tax liability, to
deduct the premiums paid for flood insurance coverage on his or her owner-occupied
primary residence. The insurance must be purchased under the National Flood
Insurance Program or as private flood insurance that meets the qualifications under
Because this bill relates to an exemption from state or local taxes, it may be
referred to the Joint Survey Committee on Tax Exemptions for a report to be printed
as an appendix to the bill.
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:
71.05 (6) (b) 54. of the statutes is created to read:
(b) 54. For taxable years beginning after December 31, 2019, the 5
amount of premiums paid by an individual for flood insurance coverage on a dwelling
that is owned by the individual and used as the individual's primary residence. For 2
purposes of this subdivision, “flood insurance coverage” means coverage under the 3
National Flood Insurance Program or under private flood insurance, as defined in 442 USC 4012a