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

This bill establishes a refundable income tax credit designed to help Wisconsin residents offset property taxes they have paid. It directly affects individuals with household incomes under $125,000 who own or rent a principal dwelling in the state, excluding those who can be claimed as dependents by others. The credit allows eligible claimants to receive a percentage of their property taxes that exceed 4% of their household income, with the specific percentage increasing over time from 10% to 40% between 2024 and 2026. If the calculated credit amount is larger than the taxes owed, the difference is paid directly to the claimant as a refund. The legislation also sets income thresholds and limits, such as excluding nonresidents and properties assessed over $1,000,000, while requiring an appropriation to fund the payments.