AB952: Bill Text

Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.

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:

AB952, s. 1 Section 1. 71.05 (1) (ae) (intro.) of the statutes, as created by 2007 Wisconsin Act 20, is amended to read:

AB952,2,10 71.05 (1) (ae) Pension, individual retirement income. (intro.) Except for a payment that is exempt under par. (a), (am), or (an), or that is exempt as a railroad retirement benefit, for taxable years beginning after December 31, 2008, up to $5,000 one of the following amounts of payments or distributions received each year by an individual, who is at least 65 years of age before the close of the taxable year to which the exemption claim relates, from a qualified retirement plan under the Internal Revenue Code or from an individual retirement account established under 26 USC 408, if all of the following conditions apply:

AB952, s. 2 Section 2. 71.05 (1) (ae) 1. to 4. of the statutes, as created by 2007 Wisconsin Act 20, are repealed and recreated to read:

AB952,3,4 71.05 (1) (ae) 1. For taxable years beginning after December 31, 2008, and before January 1, 2010, $500.

AB952,3,6 2. For taxable years beginning after December 31, 2009, and before January 1, 2011, $1,000.

AB952,3,8 3. For taxable years beginning after December 31, 2010, and before January 1, 2012, $2,000.

AB952,3,10 4. For taxable years beginning after December 31, 2011, and before January 1, 2013, $3,000.

AB952, s. 3 Section 3. 71.05 (1) (ae) 5. to 22. of the statutes are created to read:

AB952,3,13 71.05 (1) (ae) 5. For taxable years beginning after December 31, 2012, and before January 1, 2014, $4,000.

AB952,3,15 6. For taxable years beginning after December 31, 2013, and before January 1, 2015, $5,000.

AB952,3,17 7. For taxable years beginning after December 31, 2014, and before January 1, 2016, $6,000.

AB952,3,19 8. For taxable years beginning after December 31, 2015, and before January 1, 2017, $7,000.

AB952,3,21 9. For taxable years beginning after December 31, 2016, and before January 1, 2018, $8,000.

AB952,3,23 10. For taxable years beginning after December 31, 2017, and before January 1, 2019, $9,000.

AB952,3,25 11. For taxable years beginning after December 31, 2018, and before January 1, 2020, $10,000.

AB952,4,2 12. For taxable years beginning after December 31, 2019, and before January 1, 2021, $11,000.

AB952,4,4 13. For taxable years beginning after December 31, 2020, and before January 1, 2022, $12,000.

AB952,4,6 14. For taxable years beginning after December 31, 2021, and before January 1, 2023, $13,000.

AB952,4,8 15. For taxable years beginning after December 31, 2022, and before January 1, 2024, $14,000.

AB952,4,10 16. For taxable years beginning after December 31, 2023, and before January 1, 2025, $15,000.

AB952,4,12 17. For taxable years beginning after December 31, 2024, and before January 1, 2026, $16,000.

AB952,4,14 18. For taxable years beginning after December 31, 2025, and before January 1, 2027, $17,000.

AB952,4,16 19. For taxable years beginning after December 31, 2026, and before January 1, 2028, $18,000.

AB952,4,18 20. For taxable years beginning after December 31, 2027, and before January 1, 2029, $19,000.

AB952,4,20 21. For taxable years beginning after December 31, 2028, and before January 1, 2030, $20,000.

AB952,5,2 22. For taxable years beginning after December 31, 2029, the maximum subtraction amount from the previous year increased by a percentage equal to the percentage increase in Wisconsin per capita personal income, as determined by the department of revenue based on the most recent data available from the federal Bureau of Economic Analysis, comparing the increase between the year for which the most recent data is available and the previous year.

AB952,5,3 (End)