LRB-4057/1
JK:jld
2015 - 2016 LEGISLATURE
April 7, 2016 - Introduced by Representative Duchow. Referred to Committee on
Rules.
AB1020,1,2 1An Act to amend 71.26 (3) (c), 71.27 (1) and (2) and 71.46 (1) to (3) of the statutes;
2relating to: lowering the corporate income and franchise tax rate.
Analysis by the Legislative Reference Bureau
This bill lowers the income and franchise tax rate for corporations, including
insurers, from 7.9 percent to 7.65 percent.
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:
AB1020,1 3Section 1. 71.26 (3) (c) of the statutes is amended to read:
AB1020,1,74 71.26 (3) (c) Section 108 (b) (relating to reduction of tax attributes) is modified
5so that the net operating loss under sub. (4), not the federal net operating loss, and
6Wisconsin credits, not federal credits, are applied, and the reduction rate for a credit
7carry-over is 7.9% 7.65 percent, not 33 1/3% 33 1/3 percent.
AB1020,2 8Section 2. 71.27 (1) and (2) of the statutes are amended to read:
AB1020,2,2
171.27 (1) The taxes to be assessed, levied and collected upon Wisconsin net
2incomes of corporations shall be computed at the rate of 7.9% 7.65 percent.
AB1020,2,4 3(2) The corporation franchise tax imposed under s. 71.23 (2) and measured by
4Wisconsin net income shall be computed at the rate of 7.9% 7.65 percent.
AB1020,3 5Section 3. 71.46 (1) to (3) of the statutes are amended to read:
AB1020,2,76 71.46 (1) The taxes to be assessed, levied and collected upon Wisconsin net
7incomes of corporations shall be computed at the rate of 7.9% 7.65 percent.
AB1020,2,9 8(2) The corporation franchise tax imposed under s. 71.43 (2) and measured by
9Wisconsin net income shall be computed at the rate of 7.9% 7.65 percent.
AB1020,2,17 10(3) The tax imposed under this subchapter on each domestic insurer on or
11measured by its entire net income attributable to lines of insurance in this state may
12not exceed 2% 2 percent of the gross premiums, as defined in s. 76.62, received during
13the taxable year by the insurer on all policies on those lines of insurance if the subject
14of that insurance was resident, located or to be performed in this state plus 7.9% 7.65
15percent
of the income that is realized from the sale of or purchase and subsequent
16sale or redemption of lottery prizes if the winning tickets were originally bought in
17this state.
AB1020,4 18Section 4. Initial applicability.
AB1020,2,1919 (1) This act first applies to taxable years beginning after December 31, 2015.
AB1020,2,2020 (End)
Loading...
Loading...