February 10, 2020 - Introduced by Representatives Tranel, Novak, Petryk,
Pronschinske, Tauchen, Magnafici, Summerfield, Kitchens, Oldenburg,
Plumer, Ballweg, Schraa, Krug, Skowronski, Tusler, Petersen and
Edming, cosponsored by Senators Marklein, Bernier and Testin. Referred to
Committee on Agriculture.

AB873,1,7 1An Act to amend 71.05 (6) (a) 15., 71.10 (4) (i), 71.21 (4) (a), 71.26 (2) (a) 4., 71.30
2(3) (f), 71.34 (1k) (g), 71.45 (2) (a) 10. and 71.49 (1) (f); to repeal and recreate
371.05 (6) (a) 15., 71.10 (4) (i), 71.21 (4) (a), 71.26 (2) (a) 4., 71.30 (3) (f), 71.34 (1k)
4(g), 71.45 (2) (a) 10. and 71.49 (1) (f); and to create 20.835 (2) (bh), 71.07 (8s),
571.28 (8s) and 71.47 (8s) of the statutes; relating to: an income tax credit for
6the property taxes paid on agricultural buildings and improvements and
7making an appropriation.

This bill creates an income and franchise tax credit equal to approximately 66
percent of the taxes levied on buildings and other improvements, not including
residential property, that are located in this state and used exclusively for farming.
The credit is limited to $7,500 for an individual, entity, or married couple filing
jointly. In addition, in order to claim the credit, the claimant must have at least
$35,000 in annual gross income from farming. The person will receive a refund if the
amount of the credit exceeds the person's tax liability.