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% and raises the maximum allowable household income from $24,680 to $35,000. Additionally, it introduces indexing for inflation for the income thresholds and the maximum property tax amount, which is set at $1,460. The bill also repeals certain provisions related to eligibility and modifies the requirements for disabled claimants, ensuring they provide proof of their disability for the tax year in question.

The new legal language includes the creation of a new section (71.54 (1) (h)) that outlines the updated credit calculations for claims filed in 2026 and thereafter, while also amending existing sections to reflect these changes. The bill repeals sections that previously limited eligibility based on earned income and modifies the language regarding the proof of disability. Overall, the bill seeks to make the homestead tax credit more accessible to a broader range of Wisconsin residents by adjusting income limits and credit calculations.

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)