AB43: Bill Text

AB43,1423 Section 1423. 71.07 (6e) (b) of the statutes is amended to read:

AB43,,3599 71.07 (6e) (b) Filing claims. Subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02 the amount of the claimant’s property taxes or rent constituting property taxes. If the allowable amount of the claim exceeds the income taxes otherwise due on the claimant’s income, the amount of the claim not used as an offset against those taxes shall be certified by the department of revenue to the department of administration for payment to the claimant by check, share draft, or other draft from the appropriation under s. 20.835 (2) (em).

AB43,1424 Section 1424. 71.07 (6e) (c) 3. of the statutes is amended to read:

AB43,,3601 71.07 (6e) (c) 3. If an eligible veteran and an eligible spouse file separate returns, each spouse may claim a credit under this subsection for property taxes based on their respective ownership interest in the eligible veteran’s principal dwelling or for rent constituting property taxes based on 50 percent of the total rent constituting property taxes paid during the taxable year for the eligible veteran’s principal dwelling.

AB43,1425 Section 1425. 71.07 (6e) (c) 4. of the statutes is created to read:

AB43,,3603 71.07 (6e) (c) 4. If a service-connected disability rating is less than 100 percent, the amount that the claimant may claim under this subsection shall be multiplied by a percentage that equals that service-connected disability rating.

AB43,1426 Section 1426. 71.07 (8b) (a) 5. of the statutes is amended to read:

AB43,,3605 71.07 (8b) (a) 5. “Credit period” means the period of 6 10 taxable years beginning with the taxable year in which a qualified development is placed in service. For purposes of this subdivision, if a qualified development consists of more than one building, the qualified development is placed in service in the taxable year in which the last building of the qualified development is placed in service.

AB43,1427 Section 1427. 71.07 (8b) (a) 7. of the statutes is amended to read:

AB43,,3607 71.07 (8b) (a) 7. “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is financed with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of the Internal Revenue Code, allocated the credit under section 42 of the Internal Revenue Code, and located in this state; except that the authority may waive, in the qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code, the requirements of tax-exempt bond financing and federal credit allocation to the extent the authority anticipates that sufficient volume cap under section 146 of the Internal Revenue Code will not be available to finance low-income housing projects in any year.

AB43,1428 Section 1428. 71.07 (8m) of the statutes is created to read:

AB43,,3609 71.07 (8m) Universal changing station credit. (a) Definitions. In this subsection:

AB43,,3610 1. “Claimant” means a sole proprietor, a partner of a partnership, a member of a limited liability company, or a shareholder of a tax-option corporation who files a claim under this subsection and meets either of the following conditions during the preceding taxable year:

AB43,,3611 a. Had gross receipts that did not exceed $1,000,000.

AB43,,3612 b. Employed no more than 30 full-time employees.

AB43,,3613 2. “Full-time employee” means an individual who is employed for at least 30 hours per week for 20 or more calendar weeks during a taxable year.

AB43,,3614 3. “Universal changing station” means a powered and height-adjustable adult changing table that is either floor mounted or wall mounted with a safety rail and can be used by an individual with a disability of either sex and the individual’s care provider for personal hygiene and that satisfies all of the following:

AB43,,3615 a. The changing table can lower to a height of 8 inches and raise to a height of 34 inches.

AB43,,3616 b. The changing table is at least 31 inches wide by 72 inches long.

AB43,,3617 c. The changing table supports at least 350 pounds.

AB43,,3618 (b) Filing claims. For taxable years beginning after December 31, 2022, subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 50 percent of the amount the claimant paid during the taxable year to install a universal changing station.

AB43,,3619 (c) Limitations. 1. No credit may be claimed under this subsection unless the universal changing station is installed in a single-occupant restroom that measures at least 8 feet by 10 feet, with adequate space for a wheelchair and a care provider to maneuver; that is equipped with a waste receptacle, a toilet, a lavatory, a soap dispenser, and a paper towel dispenser; and that complies with accessibility standards under the federal Americans with Disabilities Act.

AB43,,3620 2. The credit claimed under this subsection may not exceed $5,125.

AB43,,3621 3. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on the amounts paid by the entity. A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members, and shareholders may claim the credit in proportion to their ownership interests.

AB43,,3622 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

AB43,1429 Section 1429. 71.07 (8p) of the statutes is created to read:

AB43,,3624 71.07 (8p) Family caregiver tax credit. (a) Definitions. In this subsection:

AB43,,3625 1. “Claimant” means an individual who files a claim under this subsection for amounts paid for qualified expenses to benefit a qualified family member.

AB43,,3626 2. “Physician” has the meaning given in s. 36.60 (1) (b).

AB43,,3627 3. “Qualified expenses” means amounts paid by a claimant in the year to which the claim relates for items that relate directly to the care or support of a qualified family member, including the following:

AB43,,3628 a. The improvement or alteration of the claimant’s primary residence to enable or assist the qualified family member to be mobile, safe, or independent.

AB43,,3629 b. The purchase or lease of equipment to enable or assist the qualified family member to carry out one or more activities of daily living.

AB43,,3630 c. The acquisition of goods or services, or support, to assist the claimant in caring for the qualified family member, including employing a home care aide or personal care attendant, adult day care, specialized transportation, legal or financial services, or assistive care technology.

AB43,,3631 4. “Qualified family member” means an individual to whom all of the following apply:

AB43,,3632 a. The individual is at least 18 years of age during the taxable year to which the claim relates.

AB43,,3633 b. The individual requires assistance with one or more daily living activities, as certified in writing by a physician.

AB43,,3634 c. The individual is the claimant’s family member, as defined in s. 46.2805 (6m).

AB43,,3635 (b) Filing claims. For taxable years beginning after December 31, 2022, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, 50 percent of the claimant’s qualified expenses.

AB43,,3636 (c) Limitations. 1. Subject to subds. 2. and 3., the maximum credit that may be claimed under this subsection each taxable year with regard to a particular qualified family member is $500 or, if a claimant is married and filing a separate return, $250. If more than one individual may file a claim under this subsection for a particular qualified family member, the maximum credit specified in this subdivision shall be apportioned among all eligible claimants based on the ratio of their qualified expenses to the total amount of all qualified expenses incurred on behalf of that particular qualified family member, as determined by the department.

AB43,,3637 2. If the claimant is married and filing jointly and the couple’s federal adjusted gross income in the taxable year exceeds $170,000, no credit may be claimed under this subsection. If the claimant is married and filing jointly and the couple’s federal adjusted gross income in the taxable year exceeds $150,000, but does not exceed $170,000, the credit claimed under this subsection may not exceed the amount determined as follows:

AB43,,3638 a. Determine the amount allowed under par. (b) without regard to this subdivision but with regard to subd. 1.

AB43,,3639 b. Subtract $150,000 from the couple’s federal adjusted gross income.

AB43,,3640 c. Divide the amount determined under subd. 2. b. by $20,000.

AB43,,3641 d. Multiple the amount determined under subd. 2. a. by the amount determined under subd. 2. c.

AB43,,3642 e. Subtract the amount determined under subd. 2. d. from the amount determined under subd. 2. a.

AB43,,3643 3. If the claimant files as a single individual or head of household, or is married and files separately, and the claimant’s federal adjusted gross income in the taxable year exceeds $85,000, no credit may be claimed under this subsection. If the claimant files as a single individual or head of household, or is married and files separately, and the claimant’s federal adjusted gross income in the taxable year exceeds $75,000, but does not exceed $85,000, the credit claimed under this subsection may not exceed the amount determined as follows:

AB43,,3644 a. Determine the amount allowed under par. (b) without regard to this subdivision but with regard to subd. 1.

AB43,,3645 b. Subtract $75,000 from the claimant’s federal adjusted gross income.

AB43,,3646 c. Divide the amount determined under subd. 3. b. by $10,000.

AB43,,3647 d. Multiple the amount determined under subd. 3. a. by the amount determined under subd. 3. c.

AB43,,3648 e. Subtract the amount determined under subd. 3. d. from the amount determined under subd. 3. a.

AB43,,3649 4. No credit may be allowed under this subsection unless it is claimed within the period specified under s. 71.75 (2).

AB43,,3650 5. No credit may be claimed under this subsection by nonresidents or part-year residents of this state.

AB43,,3651 6. Qualified expenses may not include any of the following:

AB43,,3652 a. General food, clothing, or transportation expenses.

AB43,,3653 b. Ordinary household maintenance or repair expenses that are not directly related or necessary for the care of the qualified family member.

AB43,,3654 c. Any amount that is paid or reimbursed by insurance or other means.

AB43,,3655 7. No credit may be allowed under this subsection for a taxable year covering a period of less than 12 months, except for a taxable year closed by reason of the death of the taxpayer.

AB43,,3656 (d) Administration. Subsection (9e) (d), to the extent that it applies to the credit under that subsection, applies to the credit under this subsection.

AB43,1430 Section 1430. 71.07 (8s) of the statutes is created to read:

AB43,,3658 71.07 (8s) Flood insurance premiums credit. (a) Definitions. In this subsection:

AB43,,3659 1. “Claimant” means an individual who files a claim under this subsection.

AB43,,3660 2. “Flood insurance” means a flood insurance policy that covers the principal dwelling of the claimant.

AB43,,3661 (b) Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2022, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 10 percent of the amount of the premiums the claimant paid in the taxable year for flood insurance, but the amount of the credit may not exceed $60 in any taxable year.

AB43,,3662 (c) Limitations. 1. No credit may be claimed under this subsection by a part-year resident or a nonresident of this state.

AB43,,3663 2. No credit may be allowed under this subsection unless it is claimed within the period specified in s. 71.75 (2).

AB43,,3664 3. No credit may be allowed under this subsection for a taxable year covering a period of less than 12 months, except for a taxable year closed by reason of the death of the taxpayer.

AB43,,3665 (d) Administration. Subsection (9e) (d), to the extent that it applies to the credit under that subsection, applies to the credit under this subsection.

AB43,1431 Section 1431. 71.07 (9) (a) 3. of the statutes is amended to read:

AB43,,3667 71.07 (9) (a) 3. “Property taxes” means real and personal property taxes, exclusive of special assessments, delinquent interest and charges for service, paid by a claimant on the claimant’s principal dwelling during the taxable year for which credit under this subsection is claimed, less any property taxes paid which are properly includable as a trade or business expense under section 162 of the Internal Revenue Code. If the principal dwelling on which the taxes were paid is owned by 2 or more persons or entities as joint tenants or tenants in common or is owned by spouses as marital property, “property taxes” is that part of property taxes paid that reflects the ownership percentage of the claimant. If the principal dwelling is sold during the taxable year the “property taxes” for the seller and buyer shall be the amount of the tax prorated to each in the closing agreement pertaining to the sale or, if not so provided for in the closing agreement, the tax shall be prorated between the seller and buyer in proportion to months of their respective ownership. “Property taxes” includes monthly municipal permit fees in respect to a principal dwelling collected under s. 66.0435 (3) (c).

AB43,1432 Section 1432. 71.07 (9e) (aj) (intro.) of the statutes is amended to read:

AB43,,3669 71.07 (9e) (aj) (intro.) For taxable years beginning after December 31, 2010, and before January 1, 2023, an individual may credit against the tax imposed under s. 71.02 an amount equal to one of the following percentages of the federal basic earned income credit for which the person is eligible for the taxable year under section 32 of the Internal Revenue Code:

AB43,1433 Section 1433. 71.07 (9e) (ak) of the statutes is created to read:

AB43,,3671 71.07 (9e) (ak) For taxable years beginning after December 31, 2022, an individual may credit against the tax imposed under s. 71.02 an amount equal to one of the following percentages of the federal basic earned income credit for which the individual is eligible for the taxable year under section 32 of the Internal Revenue Code:

AB43,,3672 1. If the individual has one qualifying child who has the same principal place of abode as the individual, 16 percent.

AB43,,3673 2. If the individual has 2 qualifying children who have the same principal place of abode as the individual, 25 percent.

AB43,,3674 3. If the individual has 3 or more qualifying children who have the same principal place of abode as the individual, 34 percent.

AB43,1434 Section 1434. 71.07 (9e) (b) of the statutes is amended to read:

AB43,,3676 71.07 (9e) (b) No credit may be allowed under this subsection to married persons, except married persons living apart who are treated as single under section 7703 (b) of the internal revenue code Internal Revenue Code, if the husband and wife spouses report their income on separate income tax returns for the taxable year.

AB43,1435 Section 1435. 71.07 (9g) (b) of the statutes is renumbered 71.07 (9g) (b) 1. and amended to read:

AB43,,3678 71.07 (9g) (b) 1. For taxable years beginning after December 31, 2021, and before January 1, 2023, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 50 percent of the federal child and dependent care tax credit claimed by the claimant on his or her federal income tax return for the taxable year to which the claim under this subsection relates.

AB43,1436 Section 1436. 71.07 (9g) (b) 2. of the statutes is created to read:

AB43,,3680 71.07 (9g) (b) 2. For taxable years beginning after December 31, 2022, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to the federal child and dependent care tax credit claimed by the claimant on his or her federal income tax return for the taxable year to which the claim under this subsection relates.

AB43,1437 Section 1437. 71.09 (13) (a) 2. of the statutes is amended to read:

AB43,,3682 71.09 (13) (a) 2. The tax shown on the return for the preceding year. If a husband and wife spouses who filed separate returns for the preceding taxable year file a joint return, the tax shown on the return for the preceding year is the sum of the taxes shown on the separate returns of the husband and wife spouses. If a husband and wife spouses who filed a joint return for the preceding taxable year file separate returns, the tax shown on the return for the preceding year is the husband’s or wife’s each spouse’s proportion of that tax based on what their respective tax liabilities for that year would have been had they filed separately.

AB43,1438 Section 1438. 71.10 (4) (gye) of the statutes is created to read:

AB43,,3684 71.10 (4) (gye) Family and individual reinvestment credit under s. 71.07 (5me).

AB43,1439 Section 1439. 71.10 (4) (ha) of the statutes is created to read:

AB43,,3686 71.10 (4) (ha) Universal changing station credit under s. 71.07 (8m).