LRB-1144/1
MES:jlg:jf
1999 - 2000 LEGISLATURE
February 18, 1999 - Introduced by Senators Darling, Schultz and Baumgart,
cosponsored by Representatives
Kestell, Leibham, Powers and Plale.
Referred to Committee on Economic Development, Housing and Government
Operations.
SB48,1,2
1An Act to repeal 71.07 (5) (a) 3. of the statutes;
relating to: the itemized
2deductions credit.
Analysis by the Legislative Reference Bureau
Under current law, individual income tax filers may claim the itemized
deductions credit. The credit is nonrefundable, meaning that the amount of the
credit claimed may not exceed the amount of net income taxes otherwise due. The
credit is calculated so that it equals 5% of the amount allowed as itemized deductions
under the claimant's federal income tax return, except that certain federal itemized
deductions may not be used in calculating the state itemized deductions credit. The
items that may not be used in calculating the state credit include certain casualty
and theft deductions, interest incurred to purchase or refinance a residence that is
not a principal residence and that is not in this state and certain expenses to move
from this state.
This bill changes current law, and expands the credit, by repealing the
exclusion of certain casualty and theft deductions from the list of items that may not
currently be used in calculating the state credit.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB48, s. 1
1Section
1. 71.07 (5) (a) 3. of the statutes is repealed.
SB48,2,33
(1) This act first applies to claims based on losses that are incurred in 1997.
