Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB529 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 SENATE BILL 529
5	5	October 16, 2023 - Introduced by Senators PFAFF, CARPENTER, SPREITZER and SMITH,
6	6	cosponsored by Representatives DOYLE, SHANKLAND, OHNSTAD, SINICKI, JOERS,
7	7	MOORE OMOKUNDE, BALDEH, STUBBS, SNODGRASS, SUBECK, BARE, ANDRACA,
8	8	ORTIZ-VELEZ, CABRERA, J. ANDERSON, PALMERI, JACOBSON and C. ANDERSON.
9	9	Referred to Committee on Universities and Revenue.
10	10	AN ACT to amend 71.07 (6e) (b) and 71.07 (6e) (c) 3.; and to create 71.07 (6e) (a)
11	11	6. of the statutes; relating to: allowing renters to claim the veterans and
12	12	surviving spouses property tax credit.
13	13	Analysis by the Legislative Reference Bureau
14	14	Under current law, an eligible veteran or surviving spouse may claim a
15	15	refundable income tax credit equal to the amount of property taxes the claimant paid
16	16	during the year on his or her principal dwelling in Wisconsin. Current law does not
17	17	expressly address the treatment of renters. The Department of Revenue allows an
18	18	eligible veteran or surviving spouse who is a renter to claim the credit if the claimant
19	19	is required to pay the property taxes under the rental agreement or other written
20	20	agreement with the landlord and pays the property taxes directly to the municipality.
21	21	Under this bill, an eligible veteran or surviving spouse may claim the credit in
22	22	an amount equal to his or her rent constituting property taxes. The bill defines “rent
23	23	constituting property taxes" to mean a specified percentage of the rent paid by the
24	24	claimant during the year for the use of a principal dwelling as housing. The specified
25	25	percentage is 20 percent if heat is included in the rent and 25 percent if heat is not
26	26	included.
27	27	For further information see the state fiscal estimate, which will be printed as
28	28	an appendix to this bill.
29	29	The people of the state of Wisconsin, represented in senate and assembly, do
30	30	enact as follows:
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33	33	3 - 2 -2023 - 2024 Legislature LRB-4723/1
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35	35	SECTION 1 SENATE BILL 529
36	36	SECTION 1. 71.07 (6e) (a) 6. of the statutes is created to read:
37	37	71.07 (6e) (a) 6. “Rent constituting property taxes" has the meaning given in
38	38	sub. (9) (a) 4.
39	39	SECTION 2. 71.07 (6e) (b) of the statutes is amended to read:
40	40	71.07 (6e) (b) Filing claims. Subject to the limitations provided in this
41	41	subsection, a claimant may claim as a credit against the tax imposed under s. 71.02
42	42	the amount of the claimant's property taxes or rent constituting property taxes. If
43	43	the allowable amount of the claim exceeds the income taxes otherwise due on the
44	44	claimant's income, the amount of the claim not used as an offset against those taxes
45	45	shall be certified by the department of revenue to the department of administration
46	46	for payment to the claimant by check, share draft, or other draft from the
47	47	appropriation under s. 20.835 (2) (em).
48	48	SECTION 3. 71.07 (6e) (c) 3. of the statutes is amended to read:
49	49	71.07 (6e) (c) 3. If an eligible veteran and an eligible spouse file separate
50	50	returns, each spouse may claim a credit under this subsection for property taxes
51	51	based on their his or her respective ownership interest in the eligible veteran's
52	52	principal dwelling or for rent constituting property taxes based on 50 percent of the
53	53	total rent constituting property taxes paid during the taxable year for the eligible
54	54	veteran's principal dwelling.
55	55	SECTION 4.0Initial applicability.
56	56	(1) This act first applies to taxable years beginning on January 1, 2023.
57	57	(END)
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