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(a) Definitions.
In this subsection: 1. “Claimant” means an individual who is eligible to claim the credit under this subsection. 2. “Department” means the department of revenue. 3. “Household” means a claimant and an individual related to the claimant as husband or wife. 4. “Net tax liability” means a claimant’s income tax liability after he or she completes the computations listed in s. 71.10 (4) (a) to (d).
“Claimant” means an individual who is eligible to claim the credit under this subsection.
“Department” means the department of revenue.
“Household” means a claimant and an individual related to the claimant as husband or wife.
“Net tax liability” means a claimant’s income tax liability after he or she completes the computations listed in s. 71.10 (4) (a) to (d).
Subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, one of the following amounts: 1. If the claimant is single and his or her adjusted gross income is less than $9,000 in the year to which the claim relates, an amount equal to his or her net tax liability. 2. If the claimant is single and his or her adjusted gross income is at least $9,000 but less than $10,000 in the year to which the claim relates, an amount that is calculated as follows: a. Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the claimant’s adjusted gross income and $9,000. b. Subtract from 1.0 the amount that is calculated under subd. 2. a. c. Multiply the amount of the claimant’s net income tax liability by the amount that is calculated under subd. 2. b. 3. If the claimant is married and filing jointly and the sum of the claimant’s adjusted gross income and his or her spouse’s adjusted gross income is less than $18,000 in the year to which the claim relates, an amount equal to the married couple’s net tax liability. 4. If the claimant is married and filing jointly and the sum of the claimant’s adjusted gross income and his or her spouse’s adjusted gross income is at least $18,000 but less than $19,000 in the year to which the claim relates, an amount that is calculated as follows: a. Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the married couple’s adjusted gross income and $18,000. b. Subtract from 1.0 the amount that is calculated under subd. 4. a. c. Multiply the amount of the married couple’s net income tax liability by the amount that is calculated under subd. 4. b. 5. If the claimant is married and filing separately and his or her adjusted gross income is less than $9,000 in the year to which the claim relates, an amount equal to his or her net tax liability. 6. If the claimant is married and filing separately and his or her adjusted gross income is at least $9,000 but less than $10,000 in the year to which the claim relates, an amount that is calculated as follows: a. Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the claimant’s adjusted gross income and $9,000. b. Subtract from 1.0 the amount that is calculated under subd. 6. a. c. Multiply the amount of the claimant’s net income tax liability by the amount that is calculated under subd. 6. b.
If the claimant is single and his or her adjusted gross income is less than $9,000 in the year to which the claim relates, an amount equal to his or her net tax liability.
If the claimant is single and his or her adjusted gross income is at least $9,000 but less than $10,000 in the year to which the claim relates, an amount that is calculated as follows: a. Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the claimant’s adjusted gross income and $9,000. b. Subtract from 1.0 the amount that is calculated under subd. 2. a. c. Multiply the amount of the claimant’s net income tax liability by the amount that is calculated under subd. 2. b.
Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the claimant’s adjusted gross income and $9,000.
Subtract from 1.0 the amount that is calculated under subd. 2. a.
Multiply the amount of the claimant’s net income tax liability by the amount that is calculated under subd. 2. b.
If the claimant is married and filing jointly and the sum of the claimant’s adjusted gross income and his or her spouse’s adjusted gross income is less than $18,000 in the year to which the claim relates, an amount equal to the married couple’s net tax liability.
If the claimant is married and filing jointly and the sum of the claimant’s adjusted gross income and his or her spouse’s adjusted gross income is at least $18,000 but less than $19,000 in the year to which the claim relates, an amount that is calculated as follows: a. Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the married couple’s adjusted gross income and $18,000. b. Subtract from 1.0 the amount that is calculated under subd. 4. a. c. Multiply the amount of the married couple’s net income tax liability by the amount that is calculated under subd. 4. b.
Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the married couple’s adjusted gross income and $18,000.
Subtract from 1.0 the amount that is calculated under subd. 4. a.
Multiply the amount of the married couple’s net income tax liability by the amount that is calculated under subd. 4. b.
If the claimant is married and filing separately and his or her adjusted gross income is less than $9,000 in the year to which the claim relates, an amount equal to his or her net tax liability.
If the claimant is married and filing separately and his or her adjusted gross income is at least $9,000 but less than $10,000 in the year to which the claim relates, an amount that is calculated as follows: a. Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the claimant’s adjusted gross income and $9,000. b. Subtract from 1.0 the amount that is calculated under subd. 6. a. c. Multiply the amount of the claimant’s net income tax liability by the amount that is calculated under subd. 6. b.
Calculate the value of a fraction, the denominator of which is $1,000 and the numerator of which is the difference between the claimant’s adjusted gross income and $9,000.
Subtract from 1.0 the amount that is calculated under subd. 6. a.
Multiply the amount of the claimant’s net income tax liability by the amount that is calculated under subd. 6. b.
1. No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2). 2. Part-year residents and nonresidents of this state are not eligible for the credit under this subsection. 3. Except as provided in subd. 4., only one credit per household is allowed each year. 4. If a married couple files separately, each spouse may claim the credit calculated under par. (b) 5. or 6., except a married person living apart from the other spouse and treated as single under section 7703 (b) of the Internal Revenue Code may claim the credit under par. (b) 1. or 2. 5. The credit under this subsection may not be claimed by a person who may be claimed as a dependent on the individual income tax return of another taxpayer.
No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).
Part-year residents and nonresidents of this state are not eligible for the credit under this subsection.
Except as provided in subd. 4., only one credit per household is allowed each year.
If a married couple files separately, each spouse may claim the credit calculated under par. (b) 5. or 6., except a married person living apart from the other spouse and treated as single under section 7703 (b) of the Internal Revenue Code may claim the credit under par. (b) 1. or 2.
The credit under this subsection may not be claimed by a person who may be claimed as a dependent on the individual income tax return of another taxpayer.
The department of revenue may enforce the credit under this subsection and may take any action, conduct any proceeding and proceed as it is authorized in respect to taxes under this chapter. The income tax provisions in this chapter relating to assessments, refunds, appeals, collection, interest and penalties apply to the credit under this subsection.