Senate Bill 1015 proposes an increase in the Wisconsin earned income tax credit (EITC) for individuals with fewer than three qualifying children. The bill amends current law to establish that for taxable years beginning after December 31, 2025, individuals with at least one qualifying child may claim 34 percent of the federal EITC, regardless of the number of qualifying children. For those without any qualifying children, the claimable percentage will be set at 15 percent of the federal EITC.

Additionally, the bill modifies the existing statute by inserting a new provision that applies to taxable years starting after 2025, while also amending the current law to specify the timeframe for the previous percentages applicable to taxable years beginning after December 31, 2010, and before January 1, 2026. This change aims to enhance financial support for families in Wisconsin, particularly benefiting those with lower incomes.

Statutes affected:
Bill Text: 71.07(9e)(aj)(intro.), 71.07