Signed by Governor Scott Walker

Vote Smart's Synopsis:

Vote to pass a bill that creates a nonrefundable individual income tax credit for a health savings account that may be deducted from federal income taxes.

Highlights:

-Defines "claimant" as an individual who claims a deduction for a contribution to exempt earnings relating to a health savings account (Sec. 1). -Defines "deduction amount" as the allowable amount of a deduction claimed on a claimant's federal income tax return for a contribution to a health savings account (Sec. 1). -Authorizes an individual to claim a credit of 6.5 percent of the tax deductible amount contributed to a health savings account (Sec. 1). -Specifies that a non-resident or part-year resident of the state who is single or married but filing separately will multiply the eligible credit amount by a fraction of his or her Wisconsin gross income over his or her federal gross income (Sec. 1). -Specifies that a claimant who is or whose spouse is a non-resident or part-year resident of the state who is married and filing jointly will multiply the eligible credit amount by a fraction of their joint Wisconsin gross income over their federal joint gross income (Sec. 1). -This act is effective January 1, 2011 if it passes before July 31, 2011, and January 1, 2012 if it passes after July 31, 2011 (Sec. 4).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that creates a nonrefundable individual income tax credit for a health savings account that may be deducted from federal income taxes.

Highlights:

-Defines "claimant" as an individual who claims a deduction for a contribution to exempt earnings relating to a health savings account (Sec. 1). -Defines "deduction amount" as the allowable amount of a deduction claimed on a claimant's federal income tax return for a contribution to a health savings account (Sec. 1). -Authorizes an individual to claim a credit of 6.5 percent of the tax deductible amount contributed to a health savings account (Sec. 1). -Specifies that a non-resident or part-year resident of the state who is single or married but filing separately will multiply the eligible credit amount by a fraction of his or her Wisconsin gross income over his or her federal gross income (Sec. 1). -Specifies that a claimant who is or whose spouse is a non-resident or part-year resident of the state who is married and filing jointly will multiply the eligible credit amount by a fraction of their joint Wisconsin gross income over their federal joint gross income (Sec. 1). -This act is effective January 1, 2011 if it passes before July 31, 2011, and January 1, 2012 if it passes after July 31, 2011 (Sec. 4).

Full Bill Text