Earned income tax credit.
(aj)#
For taxable years beginning after December 31, 2010, an individual may credit against the tax imposed under s. 71.02 an amount equal to one of the following percentages of the federal basic earned income credit for which the person is eligible for the taxable year under section 32 of the Internal Revenue Code: 1. If the person has one qualifying child who has the same principal place of abode as the person, 4 percent. 2. If the person has 2 qualifying children who have the same principal place of abode as the person, 11 percent. 3. If the person has 3 or more qualifying children who have the same principal place of abode as the person, 34 percent.
(aj)(1)#
If the person has one qualifying child who has the same principal place of abode as the person, 4 percent.
(aj)(2)#
If the person has 2 qualifying children who have the same principal place of abode as the person, 11 percent.
(aj)(3)#
If the person has 3 or more qualifying children who have the same principal place of abode as the person, 34 percent.
(b)#
No credit may be allowed under this subsection to married persons, except married persons living apart who are treated as single under section 7703 (b) of the internal revenue code, if the husband and wife report their income on separate income tax returns for the taxable year.
(c)#
Part-year residents and nonresidents of this state are not eligible for the credit under this subsection.
(d)#
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.
(e)#
No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).
(f)#
Except as provided in s. 71.80 (3) and (3m), if the allowable amount of the claim under this subsection exceeds the taxes otherwise due under this chapter or no taxes are due under this chapter, the amount of the claim not used to offset taxes due shall be certified by the department of revenue to the department of administration for payment by check, share draft or other draft drawn from the appropriation under s. 20.835 (2) (f) or (kf).