Walker wants $100 per-child tax credit
Gov. Scott Walker is pushing a new tax credit that would send checks to parents as soon as September.
The tax credit would be $100 for every kid you have under 18 that's living at home. The state estimates that impacts more than 600,000 families, with a combined 1.2 million kids. The credit would be permanent and become part of the state tax process.
But for the first year only, it would be offered as a rebate. Wisconsin would become the sixth state in the country to have a child tax credit. If passed, Walker says parents would be eligible to apply starting May 15.
He wants the Department of Revenue to either directly deposit the money into accounts or send out checks by September first. Walker says that will give families the money in time for back to school shopping.
The plan will cost about $120 million. Walker says projections show the state will have a surplus $137.5 million higher than expected during this budget, which will pay for the first year.
"Our thought was we've got a bigger than expected surplus," Walker said. "Before people want to spend it on all sorts of other things, lets send it right back to taxpayers as we promised time and time again. Lets send it right back to parents, so they can see it tie into their kids. And the timing is perfect."
Opponents say there are only a couple months left in the legislative session, and many doubt that is enough time for the plan to pass.