Senate Bill 261 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 who also engage in agricultural activities.

The specific legal language amended in the bill removes the restriction that prevents individuals from claiming the veterans and surviving spouses property tax credit if they have filed a claim under certain subsections related to farmland preservation. The bill is set to take effect for taxable years beginning on January 1, 2025, thereby impacting the upcoming tax year and potentially benefiting many veterans and their families in Wisconsin.

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