LRBb1448/1
MES:jld:pg
2001 - 2002 LEGISLATURE
ASSEMBLY AMENDMENT 35,
TO ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 2001 SENATE BILL 55
June 29, 2001 - Offered by Representative Wasserman.
SB55-ASA1-AA35,1,3
3"
Section 2144m. 71.06 (1p) (intro.) of the statutes is amended to read:
SB55-ASA1-AA35,1,94
71.06
(1p) Fiduciaries, single individuals
, and heads of households; after
52000 2001. (intro.) The tax to be assessed, levied and collected upon the taxable
6incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or
7reserve funds, and single individuals and heads of households shall be computed at
8the following rates for taxable years beginning after December 31, 2000
, and before
9January 1, 2002:
SB55-ASA1-AA35,2,311
71.06
(1q) Fiduciaries, single individuals, and heads of households; after
122001. The tax to be assessed, levied, and collected upon the taxable incomes of all
1fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and
2single individuals and heads of households shall be computed at the following rates
3for taxable years beginning after December 31, 2001:
SB55-ASA1-AA35,2,44
(a) On all taxable income from $0 to $7,790, 4.73%.
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(b) On all taxable income exceeding $7,790 but not exceeding $50,000, 6.0%.
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(c) On all taxable income exceeding $50,000 but not exceeding $100,000, 6.33%.
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(d) On all taxable income exceeding $100,000 but not exceeding $200,000,
86.55%.
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(e) On all taxable income exceeding $200,000, 6.75%.
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71.06
(2) (g) (intro.) For joint returns, for taxable years beginning after
12December 31, 2000
, and before January 1, 2002:
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71.06
(2) (h) (intro.) For married persons filing separately, for taxable years
15beginning after December 31, 2000
, and before January 1, 2002:
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71.06
(2) (i) For joint returns, for taxable years beginning after
18December 31, 2001:
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1. On all taxable income from $0 to $13,000, 4.73%.
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2. On all taxable income exceeding $13,000 but not exceeding $60,000, 6.0%.
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3. On all taxable income exceeding $60,000 but not exceeding $120,000, 6.33%.
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4. On all taxable income exceeding $120,000 but not exceeding $240,000,
236.55%.
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5. On all taxable income exceeding $240,000, 6.75%.
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171.06
(2) (j) For married persons filing separately, for taxable years beginning
2after December 31, 2001:
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1. On all taxable income from $0 to $6,500, 4.73%.
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2. On all taxable income exceeding $6,500 but not exceeding $30,000, 6.0%.
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3. On all taxable income exceeding $30,000 but not exceeding $60,000, 6.33%.
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4. On all taxable income exceeding $60,000 but not exceeding $120,000, 6.55%.
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5. On all taxable income exceeding $120,000, 6.75%.".
SB55-ASA1-AA35,3,12
93. Page 730, line 2: after "and (h)" insert "
and for taxable years beginning after
10December 31, 2001, the maximum dollar amount in each tax bracket, and the
11corresponding minimum dollar amount in the next bracket, under subs. (1q) and (2)
12(i) and (j),".
SB55-ASA1-AA35,3,1815
71.06
(2m) Rate changes. If a rate under sub. (1), (1m), (1n), (1p)
or, (1q), or 16(2) changes during a taxable year, the taxpayer shall compute the tax for that taxable
17year by the methods applicable to the federal income tax under section
15 of the
18internal revenue code.
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71.06
(2s) (d) For taxable years beginning after December 31, 2000,
and before
21January 1, 2002, with respect to nonresident individuals, including individuals
22changing their domicile into or from this state, the tax brackets under subs. (1p) and
23(2) (g) and (h) shall be multiplied by a fraction, the numerator of which is Wisconsin
24adjusted gross income and the denominator of which is federal adjusted gross
1income. In this paragraph, for married persons filing separately "adjusted gross
2income" means the separate adjusted gross income of each spouse, and for married
3persons filing jointly "adjusted gross income" means the total adjusted gross income
4of both spouses. If an individual and that individual's spouse are not both domiciled
5in this state during the entire taxable year, the tax brackets under subs. (1p) and (2)
6(g) and (h) on a joint return shall be multiplied by a fraction, the numerator of which
7is their joint Wisconsin adjusted gross income and the denominator of which is their
8joint federal adjusted gross income.
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71.06
(2s) (e) For taxable years beginning after December 31, 2001, with
11respect to nonresident individuals, including individuals changing their domicile
12into or from this state, the tax brackets under subs. (1q) and (2) (i) and (j) shall be
13multiplied by a fraction, the numerator of which is Wisconsin adjusted gross income
14and the denominator of which is federal adjusted gross income. In this paragraph,
15for married persons filing separately "adjusted gross income" means the separate
16adjusted gross income of each spouse, and for married persons filing jointly "adjusted
17gross income" means the total adjusted gross income of both spouses. If an individual
18and that individual's spouse are not both domiciled in this state during the entire
19taxable year, the tax brackets under subs. (1 q) and (2) (i) and (j) on a joint return
20shall be multiplied by a fraction, the numerator of which is their joint Wisconsin
21adjusted gross income and the denominator of which is their joint federal adjusted
22gross income.".
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171.125
(1) Except as provided in sub. (2), the tax imposed by this chapter on
2individuals and the rates under s. 71.06 (1), (1m), (1n), (1p)
and, (1q), and (2) shall
3apply to the Wisconsin taxable income of estates or trusts, except nuclear
4decommissioning trust or reserve funds, and that tax shall be paid by the fiduciary.
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71.125
(2) Each electing small business trust, as defined in section
1361 (e) (1)
7of the Internal Revenue Code, is subject to tax at the highest rate under s. 71.06 (1),
8(1m), (1n)
or, (1p)
, or (1q), whichever taxable year is applicable, on its income as
9computed under section
641 of the Internal Revenue Code, as modified by s. 71.05
10(6) to (12), (19) and (20).".
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71.17
(6) Funeral trusts. If a qualified funeral trust makes the election under
14section
685 of the Internal Revenue Code for federal income tax purposes, that
15election applies for purposes of this chapter and each trust shall compute its own tax
16and shall apply the rates under s. 71.06 (1), (1m), (1n)
or
, (1p)
, or (1q).".
