Assembly Bill 264 proposes an amendment to the current law regarding the claiming of property tax credits for veterans and surviving spouses. Under existing regulations, individuals who claim the farmland preservation tax credit are prohibited from also claiming the veterans and surviving spouses property tax credit in the same tax year. This bill seeks to change that by allowing individuals to claim both credits concurrently, thereby providing additional financial relief to eligible veterans and their spouses. The specific legal language amended in the bill is found in section 71.07 (6e) (c) 2., where the phrase "(3m) or<&span> (9) or subch. VIII or IX<&span>" is removed, thereby eliminating the restriction that prevents individuals from claiming both credits if they have filed for certain other tax credits in the same year. The bill is set to take effect for taxable years beginning on January 1, 2025.

Statutes affected:
Bill Text: 71.07(6e)(c)2, 71.07