Wisconsin DOR Proposes Individual Income, Property Tax Regulations Related to Homestead Credit

The Wisconsin Department of Revenue (DOR) Aug. 3 proposed individual income and property tax regulations related to the homestead credit. In a Statement of Scope, the DOR proposed to explain that: 1) persons must have earned income to claim the homestead credit, unless the person is over the age of 61 or disabled; 2) farmers whose primary income is from farming and whose farming generates less than $250,000 in gross receipts don’t have to add back disqualified losses to household income; 3) the definition of income from farming includes the farmer’s gross receipts, rather than net income, for purposes of ...