LRB-2899/2
JK&MES:wlj:jf
2001 - 2002 LEGISLATURE
May 3, 2001 - Introduced by Representatives M. Lehman, Wade, Ladwig,
Staskunas, Grothman, Miller, Musser, Ainsworth, J. Lehman, Sykora, F.
Lasee, Albers, Nass, Rhoades, Owens, Kestell, Pettis, Townsend, Seratti,
Hahn and Petrowski, cosponsored by Senators Roessler, Robson, Darling
and Rosenzweig. Referred to Committee on Ways and Means.
AB370,1,2
1An Act to amend 71.09 (11) (a) of the statutes;
relating to: interest imposed on
2the payment of estimated taxes.
Analysis by the Legislative Reference Bureau
Under current law, if a person who is required to pay estimated taxes makes an
installment payment of estimated taxes in an amount that is less than the required
amount of the installment payment, the person must pay interest on the difference
between the amount the person paid and the amount the person should have paid,
unless the tax shown on the person's tax return is less than $200 or the person
satisfies other requirements. Under this bill, the person must pay interest on the
difference between the amount the person paid and the amount the person should
have paid, unless the tax shown on the person's tax return is less than $300 or the
person satisfies other requirements.
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:
AB370, s. 1
3Section
1. 71.09 (11) (a) of the statutes is amended to read:
AB370,1,54
71.09
(11) (a) The tax shown on the return or, if no return is filed, the tax, minus
5amounts withheld under subch. X, is less than
$200
$300.
AB370,2,52
(1) This act first applies to taxable years beginning on January 1 of the year
3in which this subsection takes effect, except that if this subsection takes effect after
4July 31, this act first applies to taxable years beginning on January 1 of the year
5following the year in which this subsection takes effect.
