LRB-1937/2
MES:jrd:kaf
1995 - 1996 LEGISLATURE
May 10, 1995 - Introduced by Representatives Grothman, Ainsworth, Baldus,
Black, Bock, Coleman, Cullen, Duff, Freese, Grobschmidt, Hahn, Kaufert,
Ladwig, Lazich, Murat, Musser, Otte, Robson, Ryba, Williams, Ziegelbauer
and Ott, cosponsored by Senator Andrea. Referred to Committee on Ways and
Means.
AB366,1,2
1An Act to amend 71.07 (8) (b) of the statutes;
relating to: increasing the amount
2of the personal exemptions tax credit for certain dependents.
Analysis by the Legislative Reference Bureau
Under current law, there is a nonrefundable individual income tax credit of $50
that may be claimed by a taxpayer for each dependent of the taxpayer. In general,
"dependent" is defined, under the internal revenue code, as a child of the taxpayer
who is under 19 years of age, or under 24 years of age if he or she is a student.
"Dependent" also includes, in general, certain other persons who are related to the
taxpayer, who derive over half of their support from the taxpayer and whose gross
income in the year to which the claim relates is less than the federal exemption
amount of $2,000.
This bill increases the amount of the credit to $250 for each dependent of the
taxpayer and first applies to taxable years beginning on January 1, 1998.
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:
AB366, s. 1
3Section
1. 71.07 (8) (b) of the statutes is amended to read:
AB366,1,64
71.07
(8) (b) An exemption of
$50
$250 for each person for whom the taxpayer
5is entitled to an exemption for the taxable year under section 151 (c) of the federal
6internal revenue code.
AB366,2,1
1(1) This act first applies to taxable years beginning on January 1, 1998.
