SB83: Bill Text

LRB-1117/1

MES:jld:rs

2007 - 2008 LEGISLATURE

2007 Senate BILL 83

March 6, 2007 - Introduced by Senators Hansen, Wirch, Breske, Sullivan, A. Lasee and Plale, cosponsored by Representatives Soletski, Zepnick, F. Lasee, Berceau, Black, Boyle, Cullen, Gronemus, Jorgensen, Kreuser, Pocan, Sheridan, Shilling, Sinicki, Turner and Young. Referred to Committee on Labor, Elections and Urban Affairs.

SB83,1,2 An Act to repeal and recreate 71.05 (6) (b) 8. of the statutes; relating to: exempting from taxation unemployment compensation benefits.

Analysis by the Legislative Reference Bureau

Under current law, there is a partial exemption from taxation for unemployment compensation benefits. This bill changes current law by exempting from taxation all unemployment compensation benefits.

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:

SB83, s. 1 Section 1. 71.05 (6) (b) 8. of the statutes is repealed and recreated to read:

SB83,1,6 71.05 (6) (b) 8. All unemployment compensation benefits that are received in the year to which the income tax return relates and that are included in federal adjusted gross income under section 85 of the Internal Revenue Code.

SB83, s. 2 Section 2. Initial applicability.

SB83,2,5 (1) This act first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31 this act first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

SB83,2,6 (End)