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1. “Claimant" means an individual who is eligible for and claims the federal
9child and dependent care tax credit for the taxable year to which the claim under this
10subsection relates.
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2. “Federal child and dependent care tax credit” means the tax credit under
26
12USC section 21.
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(b)
Filing claims. Subject to the limitations provided in this subsection, a
14claimant may claim as a credit against the tax imposed under s. 71.02, up to the
15amount of those taxes, an amount equal to 50 percent of the federal child and
16dependent care tax credit claimed by the claimant on his or her federal income tax
17return for the taxable year to which the claim under this subsection relates.
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(c)
Limitations. 1. No credit may be allowed under this subsection unless it
19is claimed within the period under s. 71.75 (2).
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2. No credit may be allowed under this subsection for a taxable year covering
21a period of less than 12 months, except for a taxable year closed by reason of the death
22of the claimant.
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3. The credit under this subsection may not be claimed by a part-year resident
24or a nonresident of this state.
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14. A claimant who claims the credit under this subsection is subject to the
2special rules in
26 USC 21 (e) (2) and (4).
AB68-SSA1,687,43
(d)
Administration. Subsection (9e) (d), to the extent that it applies to the credit
4under that subsection, applies to the credit under this subsection.
AB68-SSA1,1347
5Section 1347
. 71.09 (13) (a) 2. of the statutes is amended to read:
AB68-SSA1,687,136
71.09
(13) (a) 2. The tax shown on the return for the preceding year. If
a
7husband and wife spouses who filed separate returns for the preceding taxable year
8file a joint return, the tax shown on the return for the preceding year is the sum of
9the taxes shown on the separate returns of the
husband and wife spouses. If
a
10husband and wife spouses who filed a joint return for the preceding taxable year file
11separate returns, the tax shown on the return for the preceding year is
the husband's
12or wife's each spouse's proportion of that tax based on what their respective tax
13liabilities for that year would have been had they filed separately.
AB68-SSA1,1348
14Section 1348
. 71.10 (4) (cs) of the statutes is created to read:
AB68-SSA1,687,1515
71.10
(4) (cs) Additional child and dependent care tax credit under s. 71.07 (9g).
AB68-SSA1,1349
16Section 1349
. 71.10 (4) (ct) of the statutes is created to read:
AB68-SSA1,687,1717
71.10
(4) (ct) Work opportunity tax credit under s. 71.07 (4t).
AB68-SSA1,1350
18Section 1350
. 71.10 (4) (ha) of the statutes is created to read:
AB68-SSA1,687,1919
71.10
(4) (ha) Flood insurance premiums credit under s. 71.07 (8m).
AB68-SSA1,1351
20Section 1351
. 71.10 (4) (hd) of the statutes is created to read:
AB68-SSA1,687,2121
71.10
(4) (hd) Family caregiver tax credit under s. 71.07 (8p).
AB68-SSA1,1352
22Section 1352
. 71.10 (4) (k) of the statutes is created to read:
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71.10
(4) (k) Any amount computed under s. 71.83 (1) (ch).
AB68-SSA1,1353
24Section 1353
. 71.10 (10) of the statutes is created to read:
AB68-SSA1,688,2
171.10
(10) First-time homebuyer savings accounts. (a)
Definitions. In this
2subsection:
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1. “Account holder” means an individual who creates, individually or jointly
4with his or her spouse, an account under par. (b) 1.
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2. “Allowable closing costs” means disbursements listed in a settlement
6statement for the purchase of a single-family residence by a beneficiary.
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3. “Beneficiary" means a first-time homebuyer who is designated by an account
8holder as the beneficiary of an account created under par. (b) 1.
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4. “Eligible costs” means the down payment and allowable closing costs for the
10purchase of a single-family residence in this state by a beneficiary.
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5. “Financial institution" means a bank, trust company, savings institution,
12savings bank, savings and loan association, industrial loan association, consumer
13finance company, credit union, or a benefit association, insurance company, safe
14deposit company, money market mutual fund, or similar entity authorized to do
15business in this state.
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6. “First-time homebuyer” means an individual who resides in this state and
17did not have, either individually or jointly, a present ownership interest in a
18single-family residence during the 36 months before the month in which the
19individual purchases a single-family residence in this state.
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7. “Single-family residence” means a residence intended for occupation by a
21single family unit that is purchased by a beneficiary for use as his or her principal
22residence.