Creating a nonrefundable individual and corporate income and franchise tax credit for costs paid to eliminate exposure to a lead hazard in a dwelling. (FE)
Impact
The passage of AB888 aims to foster healthier living conditions by reducing lead exposure risks, particularly in older homes where lead paint is a common hazard. Advocates argue that addressing lead hazards is crucial for public health, especially for children who are more vulnerable to lead poisoning. The bill's fiscal implications may lead to increased participation in lead hazard abatement projects, thereby enhancing community safety and potentially stimulating local economies. However, since the credits are nonrefundable, they may not provide adequate financial relief for all homeowners, especially those with lower incomes.
Summary
Assembly Bill 888 introduces a nonrefundable individual income tax credit and a corporate income and franchise tax credit for expenses incurred in the elimination of lead hazards within dwellings and residential condominium units in Wisconsin. The bill allows homeowners to claim up to $1,500 for costs associated with lead hazard abatement, provided they meet specific conditions outlined in the text. These conditions include obtaining an investigation by a certified professional to confirm the existence of lead hazards and ensuring that all remediation activities comply with regulations established by the Department of Health Services.
Contention
Some points of contention arise from the fact that the bill places certain restrictions on eligibility for claiming the credit. For instance, part-year residents and nonresidents cannot claim the benefits, potentially leaving a segment of the population without assistance in addressing lead hazards. Additionally, partnerships and certain corporate entities are not allowed to claim the credit directly, which may limit participation in lead abatement from rental property owners. Stakeholders have raised concerns about whether these limitations sufficiently balance the intent of the bill with equitable access to the tax credits.
Creating a nonrefundable individual and corporate income and franchise tax credit for costs paid to eliminate exposure to a lead hazard in a dwelling. (FE)
Creating an employee ownership conversion costs tax credit and an exemption for capital gains from the transfer of a business to employee ownership. (FE)
Creating a nonrefundable individual and corporate income and franchise tax credit for costs paid to eliminate exposure to a lead hazard in a dwelling. (FE)
Establishes Stay NJ property tax credit program; establishes Stay NJ Task Force; expands income limit and modifies ownership requirement for eligibility to receive homestead property tax reimbursement; enhances ANCHOR benefits for seniors; and makes appropriations.