Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AB276 Compare Versions

Only one version of the bill is available at this time.

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3	3	2023 - 2024 LEGISLATURE
4	4	2023 ASSEMBLY BILL 276
5	5	May 17, 2023 - Introduced by Representatives SHELTON, SNODGRASS, J. ANDERSON,
6	6	ANDRACA, BALDEH, BARE, CABRERA, CONLEY, CONSIDINE, EMERSON, GOYKE,
7	7	HONG, JOERS, MADISON, MOORE OMOKUNDE, OHNSTAD, PALMERI, RATCLIFF,
8	8	VINING and CLANCY, cosponsored by Senators LARSON, ROYS and SPREITZER.
9	9	Referred to Committee on Ways and Means.
10	10	*AUTHORS SUBJECT TO CHANGE*
11	11	AN ACT to amend 71.10 (4) (i); and to create 20.835 (2) (er) and 71.07 (8w) of the
12	12	statutes; relating to: refundable income tax credit for bicycle purchases and
13	13	making an appropriation.
14	14	Analysis by the Legislative Reference Bureau
15	15	This bill creates a refundable tax credit that may be claimed by individuals who
16	16	purchase bicycles, including electric bicycles, for their dependents. The credit is
17	17	equal to the price paid for each bicycle, limited to $200 per dependent. The credit may
18	18	be claimed only by individuals whose family income does not exceed 200 percent of
19	19	the federal poverty line. Under the bill, the individual must submit with his or her
20	20	tax return any documentation required by the Department of Revenue regarding the
21	21	bicycle's purchase price. Because the credit is refundable, if an individual is eligible
22	22	to claim an amount as a credit that exceeds his or her income tax liability, the
23	23	individual receives the excess as a refund.
24	24	For further information see the state fiscal estimate, which will be printed as
25	25	an appendix to this bill.
26	26	The people of the state of Wisconsin, represented in senate and assembly, do
27	27	enact as follows:
28	28	SECTION 1. 20.835 (2) (er) of the statutes is created to read:
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34	34	SECTION 1 ASSEMBLY BILL 276
35	35	20.835 (2) (er) Bicycle credit. A sum sufficient to make the payments under s.
36	36	71.07 (8w).
37	37	SECTION 2. 71.07 (8w) of the statutes is created to read:
38	38	71.07 (8w) BICYCLE CREDIT. (a) Definitions. In this subsection:
39	39	1. “Claimant" means an individual whose family income does not exceed 200
40	40	percent of the federal poverty line established under 42 USC 9902 (2) for a family the
41	41	size of the individual's family and who files a claim under this subsection.
42	42	2. “Dependent” has the meaning given in section 152 of the Internal Revenue
43	43	Code.
44	44	(b) Filing claims. Subject to the limitations provided in this subsection, for
45	45	taxable years beginning after December 31, 2023, a claimant may claim as a credit
46	46	against the tax imposed under s. 71.02 an amount equal to the amount paid in the
47	47	taxable year to purchase a bicycle, including an electric bicycle, for a dependent of
48	48	the claimant. If the allowable amount of the claim under this paragraph exceeds the
49	49	tax otherwise due under s. 71.02, the amount of the claim not used to offset the tax
50	50	due shall be certified by the department of revenue to the department of
51	51	administration for payment by check, share draft, or other draft drawn from the
52	52	appropriation under s. 20.835 (2) (er).
53	53	(c) Limitations. 1. The maximum credit that a claimant may claim each year
54	54	under this subsection is $200 per dependent of the claimant.
55	55	2. A claimant shall submit with the claimant's return any documentation
56	56	required by the department regarding the amount paid for each bicycle for which a
57	57	credit is claimed under this subsection.
58	58	3. No credit may be claimed under this subsection by a part-year resident or
59	59	a nonresident of this state.
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85	85	LRB-2796/1
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87	87	SECTION 2
88	88	ASSEMBLY BILL 276
89	89	4. No credit may be allowed under this subsection unless it is claimed within
90	90	the period specified in s. 71.75 (2).
91	91	5. No credit may be allowed under this subsection for a taxable year covering
92	92	a period of less than 12 months, except for a taxable year closed by reason of the death
93	93	of the taxpayer.
94	94	(d) Administration. Subsection (9e) (d), to the extent that it applies to the credit
95	95	under that subsection, applies to the credit under this subsection.
96	96	SECTION 3. 71.10 (4) (i) of the statutes is amended to read:
97	97	71.10 (4) (i) The total of claim of right credit under s. 71.07 (1), farmland
98	98	preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and
99	99	beyond under s. 71.613, homestead credit under subch. VIII, jobs tax credit under s.
100	100	71.07 (3q), business development credit under s. 71.07 (3y), research credit under s.
101	101	71.07 (4k) (e) 2. a., veterans and surviving spouses property tax credit under s. 71.07
102	102	(6e), bicycle credit under s. 71.07 (8w), enterprise zone jobs credit under s. 71.07 (3w),
103	103	electronics and information technology manufacturing zone credit under s. 71.07
104	104	(3wm), earned income tax credit under s. 71.07 (9e), estimated tax payments under
105	105	s. 71.09, and taxes withheld under subch. X.
106	106	(END)
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