AB 914

This bill creates a refundable individual income tax credit for individuals who

are at least 18 years old and not claimed as a dependent on another individual's

federal income tax return. To be eligible to claim the credit, the claimant must have

received either social security retirement benefits, social security disability

insurance benefits, or supplemental security income (collectively, benefit payments)

in the taxable year to which the claim relates. If the claimant is married, his or her

spouse must also be at least 18 years old.

The amount of the credit that may be claimed each year is the difference

between 101 percent of the federal poverty line for a family the size of the claimant's

family, and the sum of benefit payments, Wisconsin adjusted gross income, and the

dollar value of food stamp benefits, all received by the claimant or by the claimant

and his or her spouse, in the taxable year to which the claim relates, except that the

sum of these amounts must be positive for a claimant to be able to claim the credit.

Because the credit is refundable, if the amount of the credit for which the claimant

is eligible exceeds his or her tax liability, the difference will be refunded to the

claimant by check.