LRB-1963/1
MES:kjf:rs
2009 - 2010 LEGISLATURE
April 9, 2009 - Introduced by Senators Darling, Leibham, Hopper, Schultz, A.
Lasee and Plale, cosponsored by Representatives Knodl, Kerkman,
Gundrum, Bies, Lothian, Brooks, Murtha, Kaufert, Spanbauer, Gunderson,
Honadel and Van Roy. Referred to Committee on Health, Health Insurance,
Privacy, Property Tax Relief, and Revenue.
SB164,1,3
1An Act to amend 71.07 (9) (b) 1. and 71.07 (9) (b) 5.; and
to create 71.07 (9) (b)
26. of the statutes;
relating to: increasing the maximum claim under the school
3property tax credit for older claimants.
Analysis by the Legislative Reference Bureau
Under current law, the school property tax rent credit may be claimed by an
individual for property taxes paid on the claimant's principal dwelling, or rent
constituting property taxes paid on the claimant's principal dwelling, during the
taxable year for which the credit is claimed. The credit, which may be claimed up
to the amount of the claimant's tax liability, is 12 percent of the first $2,500 of
property taxes, or rent constituting property taxes ($300), paid or 12 percent of the
first $1,250 of property taxes, or rent constituting property taxes ($150), paid by a
married person filing separately.
For a claimant who reaches the age of 65 before the close of the taxable year to
which his or her claim relates, this bill increases the maximum credit which may be
claimed to 12 percent of the first $5,000 of property taxes, or rent constituting
property taxes ($600), paid or 12 percent of the first $2,500 of property taxes, or rent
constituting property taxes ($300), paid by a married person filing separately. The
bill first applies to taxable years beginning after December 31, 2008.
For further information see the state and local 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:
SB164, s. 1
1Section
1. 71.07 (9) (b) 1. of the statutes is amended to read:
SB164,2,72
71.07
(9) (b) 1. Subject to the limitations under this subsection and except as
3provided in subds. 2., 4.
and, 5.,
and 6., a claimant may claim as a credit against, but
4not to exceed the amount of, taxes
imposed under s. 71.02,
10% 10 percent of the first
5$2,000 of property taxes or rent constituting property taxes, or
10% 10 percent of the
6first $1,000 of property taxes or rent constituting property taxes of a married person
7filing separately.
SB164, s. 2
8Section
2. 71.07 (9) (b) 5. of the statutes is amended to read:
SB164,2,149
71.07
(9) (b) 5. For taxable years beginning after December 31, 1999, subject
10to the limitations under this subsection
, a claimant may claim as a credit against,
11but not to exceed the amount of, taxes
imposed under s. 71.02,
12% 12 percent of the
12first $2,500 of property taxes or rent constituting property taxes, or
12% 12 percent 13of the first $1,250 of property taxes or rent constituting property taxes of a married
14person filing separately.
SB164, s. 3
15Section
3. 71.07 (9) (b) 6. of the statutes is created to read:
SB164,3,316
71.07
(9) (b) 6. For taxable years beginning after December 31, 2008, subject
17to the limitations under this subsection, a claimant who does not claim the credit
18under subd. 5. and who has reached the age of 65 before the close of the taxable year
19to which his or her tax return relates may claim as a credit against, but not to exceed
20the amount of, taxes imposed under s. 71.02, 12 percent of the first $5,000 of property
21taxes or rent constituting property taxes, or 12 percent of the first $2,500 of property
1taxes or rent constituting property taxes of a married person filing separately if that
2person has reached the age of 65 before the close of the taxable year to which his or
3her tax return relates.
