Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AB471 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 471
5	5	October 11, 2023 - Introduced by Representatives BARE, RIEMER, C. ANDERSON, J.
6	6	ANDERSON, BALDEH, CABRERA, CONLEY, CONSIDINE, JACOBSON, JOERS, MOORE
7	7	OMOKUNDE, MYERS, OHNSTAD, ORTIZ-VELEZ, PALMERI, SHANKLAND, SINICKI,
8	8	HAYWOOD and CLANCY, cosponsored by Senators ROYS, L. JOHNSON, AGARD,
9	9	HESSELBEIN, LARSON, PFAFF, SPREITZER and WIRCH. Referred to Committee on
10	10	Ways and Means.
11	11	*AUTHORS SUBJECT TO CHANGE*
12	12	AN ACT to amend 71.07 (9e) (aj) (intro.) and 73.03 (73) (f) 1.; and to create 71.07
13	13	(9e) (ak) of the statutes; relating to: increasing the earned income tax credit
14	14	for claimants with fewer than three children.
15	15	Analysis by the Legislative Reference Bureau
16	16	This bill increases the amount that an individual with fewer than three
17	17	qualifying children may claim as the Wisconsin earned income tax credit. Under
18	18	current law, the Wisconsin EITC is equal to a percentage of the federal EITC. The
19	19	percentage is 4 percent of the federal EITC if the individual has one qualifying child,
20	20	11 percent if the individual has two qualifying children, and 34 percent if the
21	21	individual has three or more qualifying children. The credit is refundable, which
22	22	means that if the credit exceeds the individual's tax liability, he or she will receive
23	23	the excess as a refund check.
24	24	Under the bill, the percentage of the federal EITC that an eligible individual
25	25	may claim for Wisconsin purposes is 16 percent if the individual has one qualifying
26	26	child, 25 percent if the individual has two qualifying children, and 34 percent if the
27	27	individual has three or more qualifying children.
28	28	For further information see the state fiscal estimate, which will be printed as
29	29	an appendix to this bill.
30	30	The people of the state of Wisconsin, represented in senate and assembly, do
31	31	enact as follows:
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34	34	3 - 2 -2023 - 2024 Legislature LRB-3934/1
35	35	KP:amn
36	36	SECTION 1 ASSEMBLY BILL 471
37	37	SECTION 1. 71.07 (9e) (aj) (intro.) of the statutes is amended to read:
38	38	71.07 (9e) (aj) (intro.) For taxable years beginning after December 31, 2010,
39	39	and before January 1, 2023, an individual may credit against the tax imposed under
40	40	s. 71.02 an amount equal to one of the following percentages of the federal basic
41	41	earned income credit for which the person is eligible for the taxable year under
42	42	section 32 of the Internal Revenue Code:
43	43	SECTION 2. 71.07 (9e) (ak) of the statutes is created to read:
44	44	71.07 (9e) (ak) For taxable years beginning after December 31, 2022, an
45	45	individual may credit against the tax imposed under s. 71.02 an amount equal to one
46	46	of the following percentages of the federal basic earned income credit for which the
47	47	individual is eligible for the taxable year under section 32 of the Internal Revenue
48	48	Code:
49	49	1. If the individual has one qualifying child who has the same principal place
50	50	of abode as the individual, 16 percent.
51	51	2. If the individual has 2 qualifying children who have the same principal place
52	52	of abode as the individual, 25 percent.
53	53	3. If the individual has 3 or more qualifying children who have the same
54	54	principal place of abode as the individual, 34 percent.
55	55	SECTION 3. 73.03 (73) (f) 1. of the statutes is amended to read:
56	56	73.03 (73) (f) 1. Subject to subd. 2., for taxable years beginning after December
57	57	31, 2020, the department shall make the pilot program described under par. (b)
58	58	permanent and applicable to all eligible claimants of the earned income tax credit
59	59	under s. 71.07 (9e) (aj), based on the specifications described under pars. (b) and (c)
60	60	2.
61	61	(END)
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