Relating to: a refundable income tax credit based on property taxes paid and making an appropriation. (FE)

This bill creates a refundable income tax credit for Wisconsin residents who pay property taxes or rent that includes property taxes, aiming to help lower-income households offset these costs. Eligible individuals must have a household income under $125,000 and cannot be claimed as a dependent by another taxpayer, with specific exclusions for part-year residents and those with property assessed over $1 million. The credit amount varies based on income levels and the year the tax year begins, ranging from 10% to 40% of the portion of taxes that exceed 4% of household income. If the calculated credit exceeds the taxes owed, the remaining amount is paid directly to the claimant as a refund. The legislation also establishes an appropriation to fund these payments and integrates this new credit into the state's existing list of allowable tax credits.