Amendment SA1-AB29

LRBa1364/1

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2023 - 2024 LEGISLATURE

SENATE AMENDMENT 1, TO ASSEMBLY BILL 29

March 12, 2024 - Offered by Senators Carpenter, Wirch, Agard, Hesselbein, L. Johnson, Larson, Pfaff, Smith and Spreitzer.

AB29-SA1,1,1 At the locations indicated, amend the bill as follows:

AB29-SA1,1,3 1. Page 1, line 2: after “bullion" insert “and reducing the eligibility threshold to claim the veterans and surviving spouses property tax credit".

AB29-SA1,1,4 2. Page 1, line 3: before that line insert:

AB29-SA1,1,5 “ Section 1a. 71.07 (6e) (a) 2. b. of the statutes is amended to read:

AB29-SA1,1,13 71.07 (6e) (a) 2. b. An individual who had served on active duty under honorable conditions in the U.S. armed forces or in forces incorporated as part of the U.S. armed forces; who was a resident of this state at the time of entry into that active service or who had been a resident of this state for any consecutive 5-year period after entry into that active duty service; who was a resident of this state at the time of his or her death; and who had either a service-connected disability rating of 100 at least 70 percent under 38 USC 1114 or 1134 or a 100 percent disability rating based on individual unemployability.

AB29-SA1,1b Section 1b. 71.07 (6e) (a) 3. d. of the statutes is amended to read:

AB29-SA1,2,4 71.07 (6e) (a) 3. d. Has either a service-connected disability rating of 100 at least 70 percent under 38 USC 1114 or 1134 or a 100 percent disability rating based on individual unemployability.

AB29-SA1,1c Section 1c. 71.07 (6e) (c) 4. of the statutes is created to read:

AB29-SA1,2,9 71.07 (6e) (c) 4. If a claimant's service-connected disability rating is less than 100 percent, the amount that the claimant may claim under this subsection shall be multiplied by a percentage that equals the eligible veteran's service-connected disability rating.

AB29-SA1,1d Section 1d. 71.07 (6e) (c) 5. of the statutes is created to read:

AB29-SA1,2,14 71.07 (6e) (c) 5. For an individual whose service-connected disability rating is less than 100 percent, the amount of the credit claimed under this subsection may not exceed the amount of the property taxes paid on the first $350,000 of the property's assessed value for the taxable year to which the claim relates.

AB29-SA1,1e Section 1e. 71.07 (6e) (c) 6. of the statutes is created to read:

AB29-SA1,2,19 71.07 (6e) (c) 6. No credit may be claimed under this subsection by an individual who is first eligible to claim the credit for taxable years beginning after December 31, 2023, and whose taxable income for the taxable year to which the claim relates exceeds any of the following amounts:

AB29-SA1,2,20 a. For single individuals and heads of households, $100,000.

AB29-SA1,2,23 b. For married persons, $150,000. For purposes of this subd. 6. b. the sum of the taxable income of both persons may not exceed $150,000, regardless of whether the persons file a joint return or separate returns.”.

AB29-SA1,2,24 3. Page 2, line 5: after that line insert:

AB29-SA1,3,1 “ Section 2a. Initial applicability.

AB29-SA1,3,4 (1) Veterans and surviving spouses property tax credit. The treatment of s. 71.07 (6e) (a) 2. b. and 3. d. and (c) 4., 5., and 6. first applies to taxable years beginning after December 31, 2023.”.

AB29-SA1,3,5 (End)