WI
Wisconsin Assembly Bill AB888

Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AB888

Introduced
1/2/24  
Refer
1/2/24  

Caption

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.

Latest AB888 Activity

Companion Bills

No companion bills found.

Previously Filed As

WI SB861

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)

WI HB629

Provides relative to individual income tax, corporation income tax, corporation franchise tax, and ad valorem tax

WI HF3115

Individual income tax and corporate franchise tax phased out.

WI AB1217

Creating an employee ownership conversion costs tax credit and an exemption for capital gains from the transfer of a business to employee ownership. (FE)

WI AB1124

Income tax credits for beginning farmers and owners of farm assets and making an appropriation. (FE)

WI SB1025

Income tax credits for beginning farmers and owners of farm assets and making an appropriation. (FE)

WI SB136

Provides for the elimination of the refundability of certain corporation income and franchise tax credits. (See Act)

WI AB17

Creating an employee ownership conversion costs tax credit, a deduction for capital gains from the transfer of a business to employee ownership, and an employee ownership education and outreach program. (FE)

WI SB21

Creating an employee ownership conversion costs tax credit, a deduction for capital gains from the transfer of a business to employee ownership, and an employee ownership education and outreach program. (FE)

WI HF494

Individual income and corporate franchise tax provisions modified, and tax credits for parental leave costs allowed.

Similar Bills

WI SB861

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)

NJ S2285

Allows property tax rebate for disabled veterans.

NJ S3084

Allows property tax rebate for disabled veterans.

NJ A3169

Allows property tax rebate for disabled veterans.

NJ A3604

Allows property tax rebate for disabled veterans.

NJ A3107

Requires application for homestead property tax reimbursement to be filed with NJ gross income tax return.

NJ A462

Requires application for homestead property tax reimbursement to be filed with NJ gross income tax return.

NJ A1

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.