Assembly Bill 686 proposes to amend the eligibility criteria for the veterans and surviving spouses property tax credit in Wisconsin. The bill lowers the service-connected disability rating requirement from 100 percent to at least 70 percent for eligible veterans, their spouses, and unremarried surviving spouses to claim the credit. Additionally, the bill introduces a provision that allows the maximum credit amount to be multiplied by the percentage of the claimant's service-connected disability rating, thereby adjusting the credit based on the level of disability. However, the bill maintains the existing provisions for claimants who qualify based on individual unemployability ratings.

The specific legal changes include the deletion of the 100 percent requirement in current law and its replacement with the new 70 percent threshold in sections 71.07 (6e) (a) 2. b. and 71.07 (6e) (a) 3. d. Furthermore, a new section, 71.07 (6e) (c) 4., is created to clarify how the credit amount will be calculated for claimants with a disability rating below 100 percent. The bill is set to take effect for taxable years beginning on January 1 of the year it is enacted, with a provision for delayed applicability if enacted after July 31.

Statutes affected:
Bill Text: 71.07(6e)(a)2.b, 71.07, 71.07(6e)(a)3.d