AB 264

Under current law, a person who claims the farmland preservation tax credit is prohibited from claiming the veterans and surviving spouses property tax credit in the same tax year. This bill allows a person to claim both the farmland preservation tax credit and the veterans and surviving spouses property tax credit in the same tax year.

Current law allows a person to claim a farmland preservation income tax credit for the person’s land engaged in an agricultural use, if the land is covered by a farmland preservation agreement, located in a farmland preservation zoning district, or covered by an agricultural conservation easement. Also, under current law, an eligible veteran or surviving spouse may claim a refundable income tax credit that equals the amount of property taxes paid during the year on the claimant’s principal dwelling in Wisconsin.