Senate Bill 60 aims to expand the homestead income tax credit in Wisconsin by making several key changes to the existing law. The bill proposes to reduce the percentage used to calculate the credit for household income exceeding $8,060 from 8.785% to 5.614%. Additionally, it raises the maximum allowable household income for claiming the credit from $24,680 to $35,000. The bill also introduces provisions to index the income thresholds and maximum property tax amounts for inflation in future tax years.

Furthermore, the bill repeals certain existing provisions related to the credit and amends others to clarify eligibility requirements. Specifically, it removes the stipulation that no credit may be claimed if the claimant has no earned income unless they are disabled or over the age of 61. The new legal language created under section 71.54 (1) (h) establishes the limits for claims filed in 2026 and thereafter, while also ensuring that the maximum property taxes used for calculating the credit remains at $1,460. Overall, these changes are designed to make the homestead tax credit more accessible to a broader range of Wisconsin residents.

Statutes affected:
Bill Text: 71.54(1)(g)(intro.), 71.54, 71.54(1)(g)4, 71.54(1)(g)5, 71.54(1)(g)6.(intro.), 71.54(1)(g)7, 71.54(2)(b)4, 71.54(2m)