SB7-SSA1, s. 124 14Section 124. 71.10 (3) (a) of the statutes is amended to read:
SB7-SSA1,50,1915 71.10 (3) (a) Every individual filing an income tax return who has a tax liability
16or is entitled to a tax refund may designate $1 $5 for the Wisconsin election campaign
17fund for the use of eligible candidates and political party committees under s. 11.50.
18If the individuals filing a joint return have a tax liability or are entitled to a tax
19refund, each individual may make a designation of $1 $5 under this subsection.
SB7-SSA1, s. 125 20Section 125. 71.26 (1) (intro.) of the statutes is amended to read:
SB7-SSA1,50,2321 71.26 (1)Exempt and excludable income. (intro.) There Except as provided
22in sub. (1g), there
shall be exempt from taxation under this subchapter income as
23follows:
SB7-SSA1, s. 126 24Section 126. 71.26 (1) (a) of the statutes is amended to read:
SB7-SSA1,52,2
171.26 (1) (a) Certain corporations. Income of corporations organized under ch.
2185, except income of a cooperative sickness care association organized under s.
3185.981, or of a service insurance corporation organized under ch. 613, that is derived
4from a health maintenance organization as defined in s. 609.01 (2) or a limited
5service health organization as defined in s. 609.01 (3), or operating under subch. I
6of ch. 616 which are bona fide cooperatives operated without pecuniary profit to any
7shareholder or member, or operated on a cooperative plan pursuant to which they
8determine and distribute their proceeds in substantial compliance with s. 185.45,
9and the income, except the unrelated business taxable income as defined in section
10512 of the internal revenue code and except income that is derived from a health
11maintenance organization as defined in s. 609.01 (2) or a limited service health
12organization as defined in s. 609.01 (3), of all religious, scientific, educational,
13benevolent or other corporations or associations of individuals not organized or
14conducted for pecuniary profit. In computing unrelated business taxable income for
15the purposes of this paragraph, the expenses that are deductible under section 162
16(e) (1) of the Internal Revenue Code because of the exception contained in section 162
17(e) (5) of the Internal Revenue Code may not be deducted.
This paragraph does not
18apply to the income of savings banks, mutual loan corporations or savings and loan
19associations. This paragraph applies to the income of credit unions except to the
20income of any credit union that is derived from public deposits for any taxable year
21in which the credit union is approved as a public depository under ch. 34 and acts as
22a depository of state or local funds under s. 186.113 (20). For purposes of this
23paragraph, the income of a credit union that is derived from public deposits is the
24product of the credit union's gross annual income for the taxable year multiplied by
25a fraction, the numerator of which is the average monthly balance of public deposits

1in the credit union during the taxable year, and the denominator of which is the
2average monthly balance of all deposits in the credit union during the taxable year.
SB7-SSA1, s. 127 3Section 127. 71.26 (1g) of the statutes is created to read:
SB7-SSA1,52,74 71.26 (1g) Loss of exemption. If any corporation that is exempt under sub. (1),
5either by itself or by means of an affiliate or agent, violates s. 11.095, that
6corporation's exemption is revoked for ten taxable years, beginning with the taxable
7year during which the violation occurs.
SB7-SSA1, s. 128 8Section 128. 71.26 (2) (b) 1g. of the statutes is created to read:
SB7-SSA1,52,149 71.26 (2) (b) 1g. In computing the net income under this paragraph of a
10corporation, conduit or common law trust that qualifies as a regulated investment
11company, real estate mortgage investment conduit or real estate investment trust,
12expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code
13because of the exception contained in section 162 (e) (5) of the Internal Revenue Code
14may not be deducted.
SB7-SSA1, s. 129 15Section 129. 71.26 (3) (e) 4. of the statutes is created to read:
SB7-SSA1,52,1816 71.26 (3) (e) 4. So that expenses that are deductible under section 162 (e) (1)
17of the Internal Revenue Code because of the exception contained in section 162 (e)
18(5) of the Internal Revenue Code may not be deducted.
SB7-SSA1, s. 130 19Section 130. 71.34 (1) (ad) of the statutes is created to read:
SB7-SSA1,52,2220 71.34 (1) (ad) The expenses that are deductible under section 162 (e) (1) of the
21Internal Revenue Code because of the exception contained in section 162 (e) (5) of the
22Internal Revenue Code may not be deducted.
SB7-SSA1, s. 131 23Section 131. 71.45 (1) of the statutes is amended to read:
SB7-SSA1,53,1524 71.45 (1) Exempt and excludable income. There Except as provided in sub.
25(1g), there
shall be exempt from taxation under this subchapter income of insurers

1exempt from federal income taxation pursuant to section 501 (c) (15) of the internal
2revenue code, town mutuals organized under or subject to ch. 612, foreign insurers,
3and domestic insurers engaged exclusively in life insurance business, domestic
4insurers insuring against financial loss by reason of nonpayment of principal,
5interest and other sums agreed to be paid under the terms of any note or bond or other
6evidence of indebtedness secured by a mortgage, deed of trust or other instrument
7constituting a lien or charge on real estate and corporations organized under ch. 185,
8but not including income of cooperative sickness care associations organized under
9s. 185.981, or of a service insurance corporation organized under ch. 613, that is
10derived from a health maintenance organization as defined in s. 609.01 (2) or a
11limited service health organization as defined in s. 609.01 (3), or operating under
12subch. I of ch. 616 which are bona fide cooperatives operated without pecuniary profit
13to any shareholder or member, or operated on a cooperative plan pursuant to which
14they determine and distribute their proceeds in substantial compliance with s.
15185.45.
SB7-SSA1, s. 132 16Section 132. 71.45 (1g) of the statutes is created to read:
SB7-SSA1,53,2017 71.45 (1g) Loss of exemption. If any insurer that is exempt under sub. (1),
18either by itself or by means of an affiliate or agent, violates s. 11.095, that insurer's
19exemption is revoked for 10 taxable years, beginning with the taxable year during
20which the violation occurs.
SB7-SSA1, s. 133 21Section 133. 71.45 (2) (a) 15. of the statutes is created to read:
SB7-SSA1,53,2422 71.45 (2) (a) 15. By adding to federal taxable income the amount of any
23expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code
24because of the exception contained in section 162 (e) (5) of the Internal Revenue Code.
SB7-SSA1, s. 134 25Section 134. 230.08 (2) (f) of the statutes is amended to read:
SB7-SSA1,54,3
1230.08 (2) (f) All legislative officers and, in addition, policy research personnel,
2assistants to legislators, research staff assigned to legislative committees and party
3caucuses
and other persons employed under s. 13.20.
SB7-SSA1, s. 135 4Section 135. 806.04 (11m) of the statutes is created to read:
SB7-SSA1,54,105 806.04 (11m) Campaign finance registration. Any person who proposes to
6publish, disseminate or broadcast, or cause to be published, disseminated or
7broadcast any communication, or who proposes to retain any person to engage in
8persuasive telephoning, as defined in s. 11.095 (1) (a), may commence a proceeding
9under this section to determine the application to that person of a registration
10requirement under s. 11.05 (1), (2) or (2g).
SB7-SSA1, s. 136 11Section 136. Nonstatutory provisions.
SB7-SSA1,54,2112 (1) Initial terms of office. The members of the elections board who are serving
13on the effective date of this subsection may continue to hold office until all members
14of the elections board who are initially appointed under this act are nominated by the
15governor and with the advice and consent of the senate appointed and qualified, at
16which time the members who are serving on the effective date of this subsection shall
17cease to hold office. Notwithstanding section 15.61 of the statutes, as affected by this
18act, of the members of the elections board who are initially appointed under this act,
19the governor shall designate 2 members to serve for terms expiring on May 1, 1999,
202 members to serve for terms expiring on May 1, 2001, and 2 members to serve for
21terms expiring on May 1, 2003.
SB7-SSA1,54,2222 (2) Elimination of partisan caucus staffs.
SB7-SSA1,54,2523 (a) The authorized FTE positions for the assembly, funded from the
24appropriation under section 20.765 (1) (a) of the statutes, are decreased by 30.0 GPR
25positions on July 1, 1998, to eliminate staffing of party caucuses.
SB7-SSA1,55,3
1(b) The authorized FTE positions for the senate, funded from the appropriation
2under section 20.765 (1) (b) of the statutes, are decreased by 24.0 GPR positions on
3July 1, 1998, to eliminate staffing of party caucuses.
SB7-SSA1, s. 137 4Section 137. Initial applicability.
SB7-SSA1,55,65 (1) Except as provided in subsections (2) to (4 ), this act first applies to elections
6held on January 1, 1998, or the day after publication, whichever is later.
SB7-SSA1,55,97 (2)  The treatment of sections 11.21 (16) and 20.510 (1) (i) of the statutes first
8applies with respect to campaign finance reports that are required to be filed after
9June 30, 1999.
SB7-SSA1,55,1310 (3) The treatment of sections 11.50 (2m), 71.05 (6) (a) 20., 71.07 (5) (a) 8., 71.10
11(3) (a), 71.26 (1) (a), (2) (b) 1g. and (3) (e) 4., 71.34 (1) (ad) and 71.45 (2) (a) 15. of the
12statutes first applies to tax returns for taxable years beginning on the January 1
13following the effective date of this subsection.
SB7-SSA1,55,1514 (4) The treatment of section 11.31 (9) of the statutes first applies to adjustment
15of disbursement limitations for the biennium beginning on January 1, 1999.
SB7-SSA1, s. 138 16Section 138. Effective dates. This act takes effect on the day after
17publication, except as follows:
SB7-SSA1,55,1918 (1) The treatment of section 11.20 (10) (a) of the statutes takes effect on July
191, 1998.
SB7-SSA1,55,2120 (2) The treatment of sections 13.14 (3), 13.20 (1), 20.923 (6) (h) and 230.08 (2)
21(f) of the statutes takes effect on July 1, 1998.
SB7-SSA1,55,2322 (3) The treatment of section 20.510 (1) (d) of the statutes takes effect on
23January 1, 1999.
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