State panel blocks inflationary increases in tax credit for low-income families
By Jason Stein of the Journal Sentinel
May 12, 2011 11:48 a.m. |(22) Comments
Madison — Republican lawmakers voted Thursday to block increases in a property tax relief program for low-income families and seniors.
The party line 12-4 vote by the Joint Finance Committee upheld the 2011-'13 budget proposal by Gov. Scott Walker, which calls for stopping the adjustment for inflation of the long-standing homestead tax credit -
a change that would cost qualifying residents $8.1 million over two years.
The long-standing property tax break appears as a credit on income tax returns for low-income homeowners and renters.
In 2009, Democrats indexed the income threshold for the tax credit for inflation, but Walker's plan would end that practice and freeze the threshold for the credit at its existing income level.
Democrats said that Republicans blocking the increase in the credit while tax breaks are approved for the wealthy amounted to "skewed priorities."
http://www.jsonline.com/news/statepolitics/121714249.html
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