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:
AB40,750,2423 a. Real or tangible personal property that is located in this state and used in
24a Wisconsin business.
AB40,750,2525 b. Stock or other ownership interest in a Wisconsin business.
AB40,751,4
1(b) For taxable years beginning after December 31, 2015, for a Wisconsin
2capital asset that is purchased after December 31, 2010, and held for at least 5 years,
3a claimant may subtract from federal adjusted gross income the lesser of one of the
4following amounts, to the extent that it is not subtracted under sub. (6) (b) 9. or 9m.:
AB40,751,85 1. The amount of the claimant's federal net capital gain as reported on Schedule
6D of the claimant's federal income tax return for the taxable year to which the claim
7relates, but this subdivision applies only if, in that taxable year, the claimant has a
8qualifying gain.
AB40,751,109 2. The amount of the claimant's qualifying gain in the year to which the claim
10relates.
AB40, s. 1764 11Section 1764. 71.05 (26) of the statutes is created to read:
AB40,751,1312 71.05 (26) Income tax deferral; long-term Wisconsin capital assets. (a) In
13this subsection:
AB40,751,1614 1. "Claimant" means an individual; an individual partner or member of a
15partnership, limited liability company, or limited liability partnership; or an
16individual shareholder of a tax-option corporation.
AB40,751,1717 2. "Financial institution" has the meaning given in s. 69.30 (1) (b).
AB40,751,2018 3. "Long-term capital gain" means the gain realized from the sale of any capital
19asset held more than one year that is treated as a long-term gain under the Internal
20Revenue Code.
AB40,751,2221 4. "Qualified Wisconsin business" means a business certified by the Wisconsin
22Economic Development Corporation under s. 238.146.
AB40,751,2523 (b) For taxable years beginning after December 31, 2010, a claimant may
24subtract from federal adjusted gross income any amount of a long-term capital gain
25if the claimant does all of the following:
AB40,752,1
11. Deposits the gain into a segregated account in a financial institution.
AB40,752,42 2. Within 180 days after the sale of the asset that generated the gain, invests
3all of the proceeds in the account described under subd. 1. in a qualified Wisconsin
4business.
AB40,752,105 3. After making the investment as described under subd. 2., notifies the
6department, on a form prepared by the department, that the claimant will not
7declare on the claimant's income tax return the gain described under subd. 1. because
8the claimant has reinvested the capital gain as described under subd. 2. The form
9shall be sent to the department along with the claimant's income tax return for the
10year to which the claim relates.
AB40,752,1311 (c) The basis of the investment described in par. (b) 2. shall be calculated by
12subtracting the gain described in par. (b) 1. from the amount of the investment
13described in par. (b) 2.
AB40,752,1614 (d) If a claimant defers the payment of income taxes on a capital gain under this
15subsection, the claimant may not use the gain described under par. (b) 1. to net
16capital gains and losses, as described under sub. (10) (c).
AB40,752,1917 (e) If a claimant claims the subtraction under this subsection, the claimant may
18not use the gain described under par. (b) 1. to claim a subtraction under sub. (24) or
19(25).
AB40, s. 1765 20Section 1765. 71.07 (2dd) (b) of the statutes is amended to read:
AB40,753,221 71.07 (2dd) (b) Except as provided in s. 73.03 (35), for any taxable year for
22which that person is certified under s. 560.765 (3), 2009 stats., and begins business
23operations in a zone under s. 560.71, 2009 stats., after July 29, 1995, or certified
24under s. 560.797 (4) (a), 2009 stats., for each zone for which the person is certified

1or entitled a person may credit against taxes otherwise due under this subchapter
2employment-related day care expenses, up to $1,200 for each qualifying individual.
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