2017 - 2018 LEGISLATURE
ASSEMBLY AMENDMENT 1,
TO ASSEMBLY BILL 108
May 8, 2017 - Offered by Representative Kremer.
AB108-AA1,1,11 At the locations indicated, amend the bill as follows:
AB108-AA1,1,3 21. Page 1, line 3: delete “a corporate" and substitute “an individual and
3corporate".
AB108-AA1,1,4 42. Page 1, line 5: before that line insert:
AB108-AA1,1,5 5 Section 1b. 71.05 (6) (a) 15. of the statutes is amended to read:
AB108-AA1,1,116 71.05 (6) (a) 15. Except as provided under s. 71.07 (3p) (c) 5., the amount of the
7credits computed under s. 71.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r),
8(3rm), (3rn), (3s), (3t), (3w), (3y), (4k), (4n), (5e), (5f), (5h), (5i), (5j), (5k), (5r), (5rm),
9(6n), and (8r), and (10) and not passed through by a partnership, limited liability
10company, or tax-option corporation that has added that amount to the partnership's,
11company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g).
AB108-AA1,1d 12Section 1d. 71.07 (10) of the statutes is created to read:
AB108-AA1,2,2
171.07 (10) Employee college savings account contribution credit. (a)
2Definitions. In this subsection:
AB108-AA1,2,63 1. “Claimant" means an individual who files a claim under this subsection and
4who is a partner of a partnership, member of a limited liability company, or
5shareholder of a tax-option corporation that is an employer and that contributes to
6an employee's college savings account under par. (b).
AB108-AA1,2,87 1m. “College savings account" means a college savings account, as described
8in s. 16.641.
AB108-AA1,2,99 2. “Employee" has the meaning given in s. 71.63 (2).
AB108-AA1,2,1110 3. “Employer” means an employer that is a partnership, as defined in s. 71.195,
11or a tax-option corporation, as defined in s. 71.34 (2).
AB108-AA1,2,1712 (b) Filing claims. Subject to the limitations provided in this subsection, a
13claimant may claim as a credit against the tax imposed under s. 71.02, up to the
14amount of those taxes, for each employee of an employer, the claimant's
15proportionate share, as computed under par. (c) 1., of an amount equal to the amount
16the employer paid into a college savings account owned by the employee in the
17taxable year in which the contribution is made.
AB108-AA1,2,2518 (c) Limitations. 1. Partnerships, limited liability companies, and tax-option
19corporations may not claim the credit under this subsection, but the eligibility for,
20and the amount of, the credit are based on their payment of amounts under par. (b).
21A partnership, limited liability company, or tax-option corporation shall compute
22the amount of the credit that each of its partners, members, or shareholders may
23claim and shall provide that information to each of them. Partners, members of
24limited liability companies, and shareholders of tax-option corporations may claim
25the credit in proportion to their ownership interests.
AB108-AA1,3,6
12. The maximum amount of the credit per employee that a claimant may claim
2under this subsection is the claimant's proportionate share of an amount equal to 25
3percent of the amount the employee's employer contributed to the employee's college
4savings account up to a maximum contribution equal to 25 percent of the maximum
5amount that an individual contributor may deduct under s. 71.05 (6) (b) 32. a. per
6beneficiary.
AB108-AA1,3,87 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
8s. 71.28 (4), applies to the credit under this subsection.
AB108-AA1,1h 9Section 1h. 71.10 (4) (e) of the statutes is created to read:
AB108-AA1,3,1110 71.10 (4) (e) Employee college savings account contribution credit under s.
1171.07 (10).
AB108-AA1,1p 12Section 1p. 71.21 (4) (a) of the statutes is amended to read:
AB108-AA1,3,1613 71.21 (4) (a) The amount of the credits computed by a partnership under s.
1471.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3s), (3t), (3w),
15(3y), (4k), (4n), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5r), (5rm), (6n), and (8r), and (10)
16and passed through to partners shall be added to the partnership's income.”.
AB108-AA1,3,17 173. Page 2, line 8: after that line insert:
AB108-AA1,3,19 18“1m. “College savings account" means a college savings account, as described
19in s. 16.641.”.
AB108-AA1,3,23 204. Page 2, line 12: delete the material beginning with “25" and ending with
21“beneficiary" on line 19 and substitute “the amount the claimant paid into a college
22savings account owned by the employee in the taxable year in which the contribution
23is made”.
AB108-AA1,3,24 245. Page 2, line 20: before “Partnerships" insert “1.".
AB108-AA1,4,1
16. Page 3, line 2: after that line insert:
AB108-AA1,4,6 2“2. The maximum amount of the credit per employee that a claimant may claim
3under this subsection is an amount equal to 25 percent of the amount the claimant
4contributed to the employee's college savings account up to a maximum contribution
5equal to 25 percent of the maximum amount that an individual contributor may
6deduct under s. 71.05 (6) (b) 32. a. per beneficiary.”.
AB108-AA1,4,7 77. Page 3, line 24: after that line insert:
AB108-AA1,4,9 8“1m. “College savings account" means a college savings account, as described
9in s. 16.641.”.
AB108-AA1,4,13 108. Page 4, line 3: delete the material beginning with “25" and ending with
11“beneficiary" on line 10 and substitute “the amount the claimant paid into a college
12savings account owned by the employee in the taxable year in which the contribution
13is made”.
AB108-AA1,4,14 149. Page 4, line 11: before “Partnerships" insert “1.".
AB108-AA1,4,15 1510. Page 4, line 18: after that line insert:
AB108-AA1,4,20 16“2. The maximum amount of the credit per employee that a claimant may claim
17under this subsection is an amount equal to 25 percent of the amount the claimant
18contributed to the employee's college savings account up to a maximum contribution
19equal to 25 percent of the maximum amount that an individual contributor may
20deduct under s. 71.05 (6) (b) 32. a. per beneficiary.”.
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