AB19,3,22
171.52
(6) "Income" means the sum of Wisconsin adjusted gross income and the
2following amounts, to the extent not included in Wisconsin adjusted gross income:
3maintenance payments (except foster care maintenance and supplementary
4payments excludable under section
131 of the
internal revenue code Internal
5Revenue Code), support money, cash public assistance (not including credit granted
6under this subchapter and amounts under s. 46.27), cash benefits paid by counties
7under s. 59.53 (21), the gross amount of any pension or annuity (including railroad
8retirement benefits, all payments received under the federal social security act
, and
9veterans disability pensions), nontaxable interest received from the federal
10government or any of its instrumentalities, nontaxable interest received on state or
11municipal bonds, worker's compensation, unemployment insurance, the gross
12amount of "loss of time" insurance, compensation and other cash benefits received
13from the United States for past or present service in the armed forces, scholarship
14and fellowship gifts or income, capital gains, gain on the sale of a personal residence
15excluded under section
121 of the
internal revenue code Internal Revenue Code,
16dividends, income of a nonresident or part-year resident who is married to a
17full-year resident, housing allowances provided to members of the clergy, the
18amount by which a resident manager's rent is reduced, nontaxable income of an
19American Indian, nontaxable income from sources outside this state
, and nontaxable
20deferred compensation. Intangible drilling costs, depletion allowances and
21depreciation, including first-year depreciation allowances under section
179 of the
22internal revenue code Internal Revenue Code, amortization, contributions to
23individual retirement accounts under section
219 of the
internal revenue code 24Internal Revenue Code, contributions to Keogh plans, net operating loss
25carry-forwards and capital loss carry-forwards deducted in determining Wisconsin
1adjusted gross income shall be added to "income". "Income" does not include gifts
2from natural persons, cash reimbursement payments made under title XX of the
3federal social security act, surplus food or other relief in kind supplied by a
4governmental agency, the gain on the sale of a personal residence deferred under
5section
1034 of the
internal revenue code Internal Revenue Code, or nonrecognized
6gain from involuntary conversions under section
1033 of the
internal revenue code 7Internal Revenue Code. Amounts not included in adjusted gross income but added
8to "income" under this subsection in a previous year and repaid may be subtracted
9from income for the year during which they are repaid. Scholarship and fellowship
10gifts or income that are included in Wisconsin adjusted gross income and that were
11added to household income for purposes of determining the credit under this
12subchapter in a previous year may be subtracted from income for the current year
13in determining the credit under this subchapter.
Interest income received from the
14installment sale of business, farm, or rental real property which includes a
15claimant's former homestead, to the extent that the interest relates to the
16homestead, up to the amount of interest that is paid by the claimant on a mortgage
17to purchase another homestead, may be subtracted from income in determining the
18credit under this subchapter, except that notwithstanding s. 71.58 (7) (a) this
19provision does not apply to the definition of "income" under s. 71.58 (7). A marital
20property agreement or unilateral statement under ch. 766 has no effect in computing
21"income" for a person whose homestead is not the same as the homestead of that
22person's spouse.
AB19,4,224
(1) This act first applies to claims filed for taxable years beginning on January
251 of the year in which this subsection takes effect, except that if this subsection takes
1effect after July 31 this act first applies to claims filed for taxable years beginning
2on January 1 of the year following the year in which this subsection takes effect.