AB40, s. 1723 25Section 1723. 66.0602 (2) of the statutes is amended to read:
AB40,737,8
166.0602 (2) Levy limit. Except as provided in subs. (3), (4), and (5), no political
2subdivision may increase its levy in any year by a percentage that exceeds the
3political subdivision's valuation factor. The base amount in any year, to which the
4limit under this section applies, shall be the maximum allowable actual levy for the
5immediately preceding year. In determining its levy in any year, a city, village, or
6town shall subtract any tax increment that is calculated under s. 59.57 (3) (a), 60.85
7(1) (L), or 66.1105 (2) (i). The base amount in any year, to which the limit under this
8section applies, may not include any amount to which sub. (3) (e) 8. applies.
AB40, s. 1724 9Section 1724. 66.0602 (2m) of the statutes is created to read:
AB40,737,1610 66.0602 (2m) Negative adjustment. If a political subdivision's levy for the
11payment of any general obligation debt service, including debt service on debt issued
12or reissued to fund or refund outstanding obligations of the political subdivision and
13interest on outstanding obligations of the political subdivision, on debt originally
14issued before July 1, 2005, is less in the current year than it was in the previous year,
15the political subdivision shall reduce its levy limit in the current year by an amount
16equal to the amount that its levy was reduced as described in this subsection.
AB40, s. 1725 17Section 1725. 66.0602 (7) of the statutes is amended to read:
AB40,737,1918 66.0602 (7) Sunset. This section does not apply to a political subdivision's levy
19that is imposed after December 2010 2012.
AB40, s. 1726 20Section 1726. 66.0703 (6) of the statutes is amended to read:
AB40,738,1521 66.0703 (6) A copy of the report when completed shall be filed with the
22municipal clerk for public inspection. If property of the state or the University of
23Wisconsin-Madison
may be subject to assessment under s. 66.0705, the municipal
24clerk shall file a copy of the report with the state agency which manages the property
25or if the property is university property, with the University of Wisconsin-Madison.

1If the assessment to the property of the state or the University of Wisconsin-Madison
2for a project, as defined under s. 66.0705 (2), is $50,000 or more, the state agency or
3the University of Wisconsin-Madison
shall submit a request for approval of the
4assessment, with its recommendation, to the building commission. The building
5commission shall review the assessment and shall determine within 90 days of the
6date on which the commission receives the report if the assessment is just and legal
7and if the proposed improvement is compatible with state or university plans for the
8facility which is the subject of the proposed improvement. If the building commission
9so determines, it shall approve the assessment. No project in which the property of
10the state or the University of Wisconsin-Madison is assessed at $50,000 or more may
11be commenced and no contract on the project may be let without approval of the
12assessment by the building commission under this subsection. The building
13commission shall submit a copy of its determination under this subsection to the
14state agency that manages the property which is the subject of the determination or
15if the property is university property, to the University of Wisconsin-Madison
.
AB40, s. 1727 16Section 1727. 66.0705 of the statutes is amended to read:
AB40,739,2 1766.0705 Property of public and private entities subject to special
18assessments.
(1) (a) The property of this state and the University of
19Wisconsin-Madison
, except that held for highway right-of-way purposes or
20acquired and held for purposes under s. 85.09, and the property of every county, city,
21village, town, school district, sewerage district or commission, sanitary or water
22district or commission, or any public board or commission within this state, and of
23every corporation, company or individual operating any railroad, telegraph,
24telecommunications, electric light or power system, or doing any of the business

1mentioned in ch. 76, and of every other corporation or company is in all respects
2subject to all special assessments for local improvements.
AB40,739,133 (b) Certificates and improvement bonds for special assessments may be issued
4and the lien of the special assessments enforced against property described in par.
5(a), except property of the state and the University of Wisconsin-Madison, in the
6same manner and to the same extent as the property of individuals. Special
7assessments on property described in par. (a) may not extend to the right, easement
8or franchise to operate or maintain railroads, telegraph, telecommunications or
9electric light or power systems in streets, alleys, parks or highways. The amount
10represented by any certificate or improvement bond issued under this paragraph is
11a debt due personally from the corporation, company or individual, payable in the
12case of a certificate when the taxes for the year of its issue are payable, and in the
13case of a bond according to the terms of the bond.
AB40,739,24 14(2) In this subsection, "assessment" means a special assessment on property
15of this state and the University of Wisconsin-Madison and "project" means any
16continuous improvement within overall project limits regardless of whether small
17exterior segments are left unimproved. If the assessment of a project is less than
18$50,000, or if the assessment of a project is $50,000 or more and the building
19commission approves the assessment under s. 66.0703 (6), the state agency which
20manages the property or the University of Wisconsin-Madison, if the university
21manages the property,
shall pay the assessment from the revenue source which
22supports the general operating costs of the agency or program against which the
23assessment is made or, in the case of the University of Wisconsin-Madison, from any
24available revenue source
.
AB40, s. 1728 25Section 1728. 66.0925 (14) of the statutes is amended to read:
AB40,740,4
166.0925 (14) Construction. Nothing in this section shall be construed as
2relieving, modifying, or interfering with the responsibilities for operating jails which
3are vested in sheriffs under s. 59.27 (1) and chiefs of police or chiefs of combined
4protective services departments
under s. 62.09 (13) (b).
AB40, s. 1729 5Section 1729. 66.1039 (4) (s) 1. of the statutes is amended to read:
AB40,740,136 66.1039 (4) (s) 1. Impose Subject to subd. 5., impose, by the adoption of a
7resolution by the board of directors, the taxes under subch. V of ch. 77 in the
8authority's jurisdictional area. If an authority adopts a resolution to impose the
9taxes, it shall deliver a certified copy of the resolution to the department of revenue
10at least 120 days before its effective date. The authority may, by adoption of a
11resolution by the board of directors, repeal the imposition of taxes under subch. V of
12ch. 77 and shall deliver a certified copy of the repeal resolution to the department of
13revenue at least 120 days before its effective date.
AB40, s. 1730 14Section 1730. 66.1039 (4) (s) 5. of the statutes is created to read:
AB40,741,315 66.1039 (4) (s) 5. The authority may not impose the taxes specified in subd. 1.,
16and the department of revenue may not collect such taxes, unless after the adoption
17of the board of directors' resolution to impose these taxes a referendum is held in the
18authority's jurisdictional area on the question of whether the authority may impose
19these taxes and the referendum is decided in the affirmative. The authority's board
20of directors, in conjunction with the appropriate officials of the counties or
21municipalities in which the referendum will be held, shall be responsible for calling
22the referendum. If, on the effective date of this subdivision .... [LRB inserts date],
23the authority has already imposed the taxes specified in subd. 1., these taxes shall
24be suspended on the first day of the 13th month beginning after the effective date of
25this subdivision .... [LRB inserts date], and shall remain suspended until the

1referendum requirement in this subdivision is thereafter satisfied. If a referendum
2is held under this subdivision, the authority shall promptly provide the department
3of revenue with the results of the referendum.
AB40, s. 1731 4Section 1731. 66.1103 (4m) (a) 1. of the statutes is amended to read:
AB40,741,95 66.1103 (4m) (a) 1. The person, at least 30 days prior to entering into the
6revenue agreement, has given a notice of intent to enter into the agreement, on a
7form prescribed under s. 560.034 238.11 (1), to the department of commerce
8Wisconsin Economic Development Corporation and to any collective bargaining
9agent in this state with whom the person has a collective bargaining agreement.
AB40, s. 1732 10Section 1732. 66.1103 (4m) (a) 2. of the statutes is amended to read:
AB40,741,1711 66.1103 (4m) (a) 2. The municipality or county has received an estimate issued
12under s. 560.034 238.11 (5) (a), and the department of commerce Wisconsin Economic
13Development Corporation
has estimated whether the project which the municipality
14or county would finance under the revenue agreement is expected to eliminate,
15create, or maintain jobs on the project site and elsewhere in this state and the net
16number of jobs expected to be eliminated, created, or maintained as a result of the
17project.
AB40, s. 1733 18Section 1733. 66.1103 (4m) (b) of the statutes is amended to read:
AB40,741,2519 66.1103 (4m) (b) Any revenue agreement which an eligible participant enters
20into with a municipality or county to finance a project shall require the eligible
21participant to submit to the department of commerce Wisconsin Economic
22Development Corporation
within 12 months after the project is completed or 2 years
23after a revenue bond is issued to finance the project, whichever is sooner, on a form
24prescribed under s. 560.034 238.11 (1), the net number of jobs eliminated, created,
25or maintained on the project site and elsewhere in this state as a result of the project.
AB40, s. 1734
1Section 1734. 66.1103 (4s) (a) 1. of the statutes is amended to read:
AB40,742,32 66.1103 (4s) (a) 1. "Department" "Corporation" means the department of
3commerce
Wisconsin Economic Development Corporation.
AB40, s. 1735 4Section 1735. 66.1103 (4s) (b) 3. of the statutes is amended to read:
AB40,742,95 66.1103 (4s) (b) 3. The employer shall certify compliance with this subsection
6to the department corporation, to the governing body of each municipality or county
7within which a lost job exists and to any collective bargaining agent in this state with
8which the employer has a collective bargaining agreement at the project site or at a
9site where a lost job exists.
AB40, s. 1736 10Section 1736. 66.1103 (4s) (b) 4. of the statutes is amended to read:
AB40,742,1611 66.1103 (4s) (b) 4. The employer shall submit a report to the department
12corporation every 3 months during the first year after the construction of the project
13is completed. The reports shall provide information about new jobs, lost jobs, and
14offers of employment made to persons who were formerly employed at lost jobs. The
154th report shall be the final report. The form and content of the reports shall be
16prescribed by the department corporation under par. (d).
AB40, s. 1737 17Section 1737. 66.1103 (4s) (d) of the statutes is amended to read:
AB40,742,1918 66.1103 (4s) (d) The department corporation shall administer this subsection
19and shall prescribe forms for certification and reports under par. (b).
AB40, s. 1738 20Section 1738. 66.1103 (10) (c) of the statutes is amended to read:
AB40,743,421 66.1103 (10) (c) A copy of the initial resolution together with a statement
22indicating when the public notice required under par. (b) was published shall be filed
23with the secretary of commerce Wisconsin Economic Development Corporation
24within 20 days following publication of notice. Prior to the closing of the bond issue,
25the secretary corporation may require additional information from the eligible

1participant or the municipality or county. After the closing of the bond issue, the
2secretary corporation shall be notified of the closing date, any substantive changes
3made to documents previously filed with the secretary corporation, and the principal
4amount of the financing.
AB40, s. 1739 5Section 1739. 66.1103 (10) (g) of the statutes is amended to read:
AB40,743,96 66.1103 (10) (g) Bonds may not be issued unless prior to adoption of an initial
7resolution a document which provides a good faith estimate of attorney fees which
8will be paid from bond proceeds is filed with the clerk of the municipality or county
9and the department of commerce Wisconsin Economic Development Corporation.
AB40, s. 1740 10Section 1740. 66.1104 of the statutes is repealed.
AB40, s. 1741 11Section 1741. 66.1105 (13) of the statutes is repealed.
AB40, s. 1742 12Section 1742. 66.1305 (2) (a) 1. of the statutes is amended to read:
AB40,743,1413 66.1305 (2) (a) 1. "Arts incubator" has the meaning given in s. 44.60 41.60 (1)
14(a).
AB40, s. 1743 15Section 1743. 66.1305 (2) (b) 3. of the statutes is amended to read:
AB40,743,1716 66.1305 (2) (b) 3. Apply for a grant or loan under s. 44.60 41.60 in connection
17with an arts incubator.
AB40, s. 1744 18Section 1744. 66.1333 (2m) (am) of the statutes is amended to read:
AB40,743,2019 66.1333 (2m) (am) "Arts incubator" has the meaning given in s. 44.60 41.60 (1)
20(a).
AB40, s. 1745 21Section 1745. 66.1333 (2m) (d) 7. of the statutes is amended to read:
AB40,743,2422 66.1333 (2m) (d) 7. Studying the feasibility of and initial design for an arts
23incubator, developing and operating an arts incubator, and applying for a grant or
24loan under s. 44.60 41.60 in connection with an arts incubator.
AB40, s. 1746 25Section 1746. 67.05 (6a) (bg) 2. of the statutes is amended to read:
AB40,744,5
167.05 (6a) (bg) 2. The department of commerce safety and professional services
2shall determine for each grade level in which pupils attended school in a building
3described in subd. 1., the average cost per square foot for, and the average number
4of square feet per pupil included in, 2 recently constructed school buildings that were
5designed to serve pupils of that grade level, as selected by that department.
AB40, s. 1747 6Section 1747. 67.12 (12) (e) 2r. b. of the statutes is amended to read:
AB40,744,117 67.12 (12) (e) 2r. b. The department of commerce safety and professional
8services
shall determine, for each grade level in which pupils attended school in a
9building described in subd. 2r. a., the average cost per square foot for, and the average
10number of square feet per pupil included in, 2 recently constructed school buildings
11that were designed to serve pupils of that grade level, as selected by that department.
AB40, s. 1748 12Section 1748. 70.11 (3) (d) of the statutes is created to read:
AB40,744,1613 70.11 (3) (d) Notwithstanding the provisions of s. 70.11 (intro.) that relate to
14leased property or that impose other limitations, all property owned or leased by the
15University of Wisconsin-Madison, provided that use of the property is primarily
16related to the purposes of the University of Wisconsin-Madison.
AB40, s. 1749 17Section 1749. 70.114 (5) of the statutes is created to read:
AB40,744,1918 70.114 (5) Sunset. No aids shall be paid under this section for lands acquired
19after the effective date of this subsection .... [LRB inserts date].
AB40, s. 1750 20Section 1750. 70.119 (3) (e) of the statutes is amended to read:
AB40,744,2521 70.119 (3) (e) "State facilities" means all property owned and operated by the
22state for the purpose of carrying out usual state functions, including the campus of
23the University of Wisconsin-Madison and the
branch campuses of the university
24University of Wisconsin system but not including land held for highway
25right-of-way purposes.
AB40, s. 1751
1Section 1751. 70.119 (4) of the statutes is amended to read:
AB40,745,72 70.119 (4) The department shall be responsible for negotiating with
3municipalities on payments for municipal services and may delegate certain
4responsibilities of negotiation to other state agencies or to the University of
5Wisconsin-Madison or
the University of Wisconsin Hospitals and Clinics Authority.
6Prior to negotiating with municipalities the department shall submit guidelines for
7negotiation to the committee for approval.
AB40, s. 1752 8Section 1752. 70.58 (1) of the statutes is amended to read:
AB40,745,189 70.58 (1) Except as provided in sub. (2), there is levied an annual tax of
10two-tenths of one mill for each dollar of the assessed valuation of the property of the
11state as determined by the department of revenue under s. 70.57, for the purpose of
12acquiring, preserving and developing the forests of the state and for the purpose of
13forest crop law and county forest law administration and aid payments, for grants
14to forestry cooperatives under s. 36.56 37.56, and for the acquisition, purchase and
15development of forests described under s. 25.29 (7) (a) and (b), the proceeds of the tax
16to be paid into the conservation fund. The tax shall not be levied in any year in which
17general funds are appropriated for the purposes specified in this section, equal to or
18in excess of the amount which the tax would produce.
AB40, s. 1753 19Section 1753. 71.01 (6) (um) of the statutes is amended to read:
AB40,748,220 71.01 (6) (um) For taxable years that begin after December 31, 2008, for
21natural persons and fiduciaries, except fiduciaries of nuclear decommissioning trust
22or reserve funds, "Internal Revenue Code" means the federal Internal Revenue Code
23as amended to December 31, 2008, excluding sections 103, 104, and 110 of P.L.
24102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66,
25sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, sections 1, 3,

14, and 5 of P.L. 106-519, sections 162 and 165 of P.L. 106-554, P.L. 106-573, section
2431 of P.L. 107-16, sections 101 and 301 (a) of P.L. 107-147, sections 106, 201, and
3202 of P.L. 108-27, section 1201 of P.L. 108-173, sections 306, 308, 316, 401, and 403
4(a) of P.L. 108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and
5910 of P.L. 108-357, P.L. 109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
61326, 1328, 1329, 1348, and 1351 of P.L. 109-58, section 11146 of P.L. 109-59, section
7301 of P.L. 109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402
8(e), 403 (e), (j), and (q), and 405 of P.L. 109-135, sections 101, 207, 209, 503, and 513
9of P.L. 109-222, section 844 of P.L. 109-280, P.L. 109-432, P.L. 110-28, P.L. 110-140,
10P.L. 110-141, P.L. 110-142, P.L. 110-166, P.L. 110-172, P.L. 110-185, P.L. 110-234,
11sections 110, 113, and 301 of P.L. 110-245, P.L. 110-246, except section 15316 of P.L.
12110-246,
P.L. 110-289, P.L. 110-317, P.L. 110-343, except section 301 of division B
13and section 313 of division C of P.L. 110-343,
and P.L. 110-351 , and as amended by
14sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of
15P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240,
and as indirectly
16affected by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L.
17101-179, P.L. 101-239, P.L. 101-280, P.L. 101-508, P.L. 102-90, P.L. 102-227,
18excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
19103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
20103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-117, P.L.
21104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
22104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
23105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-230, P.L. 106-554,
24excluding sections 162 and 165 of P.L. 106-554, P.L. 107-15, P.L. 107-16, excluding
25section 431 of P.L. 107-16, P.L. 107-22, P.L. 107-116, P.L. 107-134, P.L. 107-147,

1excluding sections 101 and 301 (a) of P.L. 107-147, P.L. 107-181, P.L. 107-210, P.L.
2107-276, P.L. 107-358, P.L. 108-27, excluding sections 106, 201, and 202 of P.L.
3108-27, P.L. 108-121, P.L. 108-173, excluding section 1201 of P.L. 108-173, P.L.
4108-203, P.L. 108-218, P.L. 108-311, excluding sections 306, 308, 316, 401, and 403
5(a) of P.L. 108-311, P.L. 108-357, excluding sections 101, 102, 201, 211, 242, 244, 336,
6337, 422, 847, 909, and 910 of P.L. 108-357, P.L. 108-375, P.L. 108-476, P.L. 109-7,
7P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
81329, 1348, and 1351 of P.L. 109-58, P.L. 109-59, excluding section 11146 of P.L.
9109-59, P.L. 109-73, excluding section 301 of P.L. 109-73, P.L. 109-135, excluding
10sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
11(q), and 405 of P.L. 109-135, P.L. 109-151, P.L. 109-222, excluding sections 101, 207,
12209, 503, and 513 of P.L. 109-222, P.L. 109-227, P.L. 109-280, excluding section 844
13of P.L. 109-280,
P.L. 110-245, excluding sections 110, 113, and 301 of P.L. 110-245,
14and section 15316 of P.L. 110-246, section 301 of division B and section 313 of division
15C of P.L. 110-343,
P.L. 110-458, sections 1401, 1402, 1521, 1522, and 1531 of division
16B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L.
17111-240
. The Internal Revenue Code applies for Wisconsin purposes at the same
18time as for federal purposes. Amendments to the federal Internal Revenue Code
19enacted after December 31, 2008, do not apply to this paragraph with respect to
20taxable years beginning after December 31, 2008, except that changes to the
21Internal Revenue Code made by sections 1401, 1402, 1521, 1522, and 1531 of division
22B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L.
23111-240, and changes that indirectly affect the provisions applicable to this
24subchapter made by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L.

1111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240,
2apply for Wisconsin purposes at the same time as for federal purposes
.
AB40, s. 1754 3Section 1754. 71.01 (13) of the statutes is amended to read:
AB40,748,64 71.01 (13) "Wisconsin adjusted gross income" means federal adjusted gross
5income, with the modifications prescribed in s. 71.05 (6) to (12), (19), (20), and (24),
6(25), and (26)
.
AB40, s. 1755 7Section 1755. 71.05 (1) (c) 11. of the statutes is created to read:
AB40,748,128 71.05 (1) (c) 11. The Wisconsin Health and Educational Facilities Authority
9under s. 231.03 (6), if the bonds or notes are issued to a person who is eligible to
10receive bonds or notes from another issuer for the same purpose for which the person
11is issued bonds or notes under s. 231.03 (6) and the interest income received from the
12other bonds or notes is exempt from taxation under this subchapter.
AB40, s. 1756 13Section 1756. 71.05 (6) (b) 23. of the statutes is amended to read:
AB40,748,1714 71.05 (6) (b) 23. Any increase in value of a tuition unit that is purchased under
15a tuition contract under s. 14.63 16.64, except that the subtraction under this
16subdivision may not be claimed by any individual who received a refund under s.
1714.63 16.64 (7) (a) 2., 3. or 4.
AB40, s. 1757 18Section 1757. 71.05 (6) (b) 28. h. of the statutes is amended to read:
AB40,748,2419 71.05 (6) (b) 28. h. No modification may be claimed under this subdivision for
20an amount paid for tuition expenses and mandatory student fees, as described under
21this subdivision, if the source of the payment is an amount withdrawn from a college
22savings account, as described in s. 14.64 16.641 or from a college tuition and expenses
23program, as described in s. 14.63 16.64, and if the owner of the account has claimed
24a deduction under subd. 32. or 33. that relates to such an amount.
AB40, s. 1758 25Section 1758. 71.05 (6) (b) 31. of the statutes is amended to read:
AB40,749,4
171.05 (6) (b) 31. Any increase in value of a college savings account, as described
2in s. 14.64 16.641, except that the subtraction under this subdivision may not be
3claimed by any individual who has made a nonqualified withdrawal, as described in
4s. 14.64 16.641 (2) (e).
AB40, s. 1759 5Section 1759. 71.05 (6) (b) 32. (intro.) of the statutes is amended to read:
AB40,749,96 71.05 (6) (b) 32. (intro.) An amount paid into a college savings account, as
7described in s. 14.64 16.641, if the beneficiary of the account is one of the following:
8the claimant; the claimant's child; the claimant's grandchild; the claimant's
9great-grandchild; or the claimant's niece or nephew; calculated as follows:
AB40, s. 1760 10Section 1760. 71.05 (6) (b) 33. (intro.) of the statutes is amended to read:
AB40,749,1511 71.05 (6) (b) 33. (intro.) An amount paid into a college tuition and expenses
12program, as described in s. 14.63 16.64, if the beneficiary of the account is one of the
13following: the claimant; the claimant's child; the claimant's grandchild; the
14claimant's great-grandchild; or the claimant's niece or nephew; calculated as
15follows:
AB40, s. 1761 16Section 1761. 71.05 (8) (b) of the statutes is amended to read:
AB40,750,417 71.05 (8) (b) A Wisconsin net operating loss may be carried forward against
18Wisconsin taxable incomes of the next 15 taxable years, if the taxpayer was subject
19to taxation under this chapter in the taxable year in which the loss was sustained,
20to the extent not offset against other income of the year of loss and to the extent not
21offset against Wisconsin modified taxable income of any year between the loss year
22and the taxable year for which the loss carry-forward is claimed. In this paragraph,
23"Wisconsin modified taxable income" means Wisconsin taxable income with the
24following exceptions: a net operating loss deduction or offset for the loss year or any
25taxable year thereafter is not allowed, the deduction for long-term capital gains

1under sub. subs. (6) (b) 9. and 9m. and (25) is not allowed, the amount deductible for
2losses from sales or exchanges of capital assets may not exceed the amount
3includable in income for gains from sales or exchanges of capital assets and
4"Wisconsin modified taxable income" may not be less than zero.
AB40, s. 1762 5Section 1762. 71.05 (24) (a) 4. of the statutes is amended to read:
AB40,750,76 71.05 (24) (a) 4. "Qualified new business venture" means a business certified
7by the department of commerce under s. 238.20 or s. 560.2085, 2009 stats.
AB40, s. 1763 8Section 1763. 71.05 (25) of the statutes is created to read:
AB40,750,109 71.05 (25) Capital gains exclusion; Wisconsin-source assets. (a) In this
10subsection:
AB40,750,1311 1. "Claimant" means an individual; an individual partner or member of a
12partnership, limited liability company, or limited liability partnership; or an
13individual shareholder of a tax-option corporation.
AB40,750,1914 2. "Qualifying gain" means the gain realized from the sale of any asset which
15is a Wisconsin capital asset in the year it is purchased by the claimant and for at least
162 of the subsequent 4 years; that is purchased after December 31, 2010; that is held
17for at least 5 uninterrupted years; and that is treated as a long-term gain under the
18Internal Revenue Code; except that a qualifying gain may not include any amount
19for which the claimant claimed a subtraction under sub. (24) (b).
AB40,750,2120 3. "Wisconsin business" means a business certified by the Wisconsin Economic
21Development Corporation under s. 238.145.
AB40,750,2222 4. "Wisconsin capital asset" means any of the following:
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