Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB272 Compare Versions

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

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1	1	LRB-2831/1
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3	3	2023 - 2024 LEGISLATURE
4	4	2023 SENATE BILL 272
5	5	May 8, 2023 - Introduced by Senators LARSON, ROYS and SPREITZER, cosponsored by
6	6	Representatives SHELTON, SNODGRASS, J. ANDERSON, ANDRACA, BALDEH, BARE,
7	7	CABRERA, CONLEY, CONSIDINE, EMERSON, GOYKE, HONG, JOERS, MADISON, MOORE
8	8	OMOKUNDE, OHNSTAD, PALMERI, RATCLIFF, VINING and CLANCY. Referred to
9	9	Committee on Universities and Revenue.
10	10	AN ACT to amend 71.10 (4) (i); and to create 20.835 (2) (er) and 71.07 (8w) of the
11	11	statutes; relating to: refundable income tax credit for bicycle purchases and
12	12	making an appropriation.
13	13	Analysis by the Legislative Reference Bureau
14	14	This bill creates a refundable tax credit that may be claimed by individuals who
15	15	purchase bicycles, including electric bicycles, for their dependents. The credit is
16	16	equal to the price paid for each bicycle, limited to $200 per dependent. The credit may
17	17	be claimed only by individuals whose family income does not exceed 200 percent of
18	18	the federal poverty line. Under the bill, the individual must submit with his or her
19	19	tax return any documentation required by the Department of Revenue regarding the
20	20	bicycle's purchase price. Because the credit is refundable, if an individual is eligible
21	21	to claim an amount as a credit that exceeds his or her income tax liability, the
22	22	individual receives the excess as a refund.
23	23	For further information see the state fiscal estimate, which will be printed as
24	24	an appendix to this bill.
25	25	The people of the state of Wisconsin, represented in senate and assembly, do
26	26	enact as follows:
27	27	SECTION 1. 20.835 (2) (er) of the statutes is created to read:
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33	33	SECTION 1 SENATE BILL 272
34	34	20.835 (2) (er) Bicycle credit. A sum sufficient to make the payments under s.
35	35	71.07 (8w).
36	36	SECTION 2. 71.07 (8w) of the statutes is created to read:
37	37	71.07 (8w) BICYCLE CREDIT. (a) Definitions. In this subsection:
38	38	1. “Claimant" means an individual whose family income does not exceed 200
39	39	percent of the federal poverty line established under 42 USC 9902 (2) for a family the
40	40	size of the individual's family and who files a claim under this subsection.
41	41	2. “Dependent” has the meaning given in section 152 of the Internal Revenue
42	42	Code.
43	43	(b) Filing claims. Subject to the limitations provided in this subsection, for
44	44	taxable years beginning after December 31, 2023, a claimant may claim as a credit
45	45	against the tax imposed under s. 71.02 an amount equal to the amount paid in the
46	46	taxable year to purchase a bicycle, including an electric bicycle, for a dependent of
47	47	the claimant. If the allowable amount of the claim under this paragraph exceeds the
48	48	tax otherwise due under s. 71.02, the amount of the claim not used to offset the tax
49	49	due shall be certified by the department of revenue to the department of
50	50	administration for payment by check, share draft, or other draft drawn from the
51	51	appropriation under s. 20.835 (2) (er).
52	52	(c) Limitations. 1. The maximum credit that a claimant may claim each year
53	53	under this subsection is $200 per dependent of the claimant.
54	54	2. A claimant shall submit with the claimant's return any documentation
55	55	required by the department regarding the amount paid for each bicycle for which a
56	56	credit is claimed under this subsection.
57	57	3. No credit may be claimed under this subsection by a part-year resident or
58	58	a nonresident of this state.
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84	84	LRB-2831/1
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86	86	SECTION 2
87	87	SENATE BILL 272
88	88	4. No credit may be allowed under this subsection unless it is claimed within
89	89	the period specified in s. 71.75 (2).
90	90	5. No credit may be allowed under this subsection for a taxable year covering
91	91	a period of less than 12 months, except for a taxable year closed by reason of the death
92	92	of the taxpayer.
93	93	(d) Administration. Subsection (9e) (d), to the extent that it applies to the credit
94	94	under that subsection, applies to the credit under this subsection.
95	95	SECTION 3. 71.10 (4) (i) of the statutes is amended to read:
96	96	71.10 (4) (i) The total of claim of right credit under s. 71.07 (1), farmland
97	97	preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and
98	98	beyond under s. 71.613, homestead credit under subch. VIII, jobs tax credit under s.
99	99	71.07 (3q), business development credit under s. 71.07 (3y), research credit under s.
100	100	71.07 (4k) (e) 2. a., veterans and surviving spouses property tax credit under s. 71.07
101	101	(6e), bicycle credit under s. 71.07 (8w), enterprise zone jobs credit under s. 71.07 (3w),
102	102	electronics and information technology manufacturing zone credit under s. 71.07
103	103	(3wm), earned income tax credit under s. 71.07 (9e), estimated tax payments under
104	104	s. 71.09, and taxes withheld under subch. X.
105	105	(END)
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