AB150-SA116,32,7
7"
Section 3320p. 66.39 (7) (m) of the statutes is amended to read:
AB150-SA116,32,168
66.39
(7) (m) The bonds, notes, debentures or other evidences of indebtedness
9executed by an authority shall not be a debt or charge against any county, state or
10other governmental authority, other than against said housing authority itself and
11its available property, income or other assets in accordance with the terms thereof
12and of this section, and no individual liability shall attach for any official act done
13by any member of such authority. No such authority shall have the power to levy any
14tax or assessment.
Provided, however, that for income or franchise tax purposes such
15bonds, notes, debentures or other evidences of indebtedness shall be deemed
16obligations of a political subdivision of this state.".
AB150-SA116,32,18
18"
Section 3321g. 66.40 (14) (a) of the statutes is amended to read:
AB150-SA116,33,919
66.40
(14) (a) Bonds of an authority shall be authorized by its resolution and
20may be issued in one or more series and shall bear such date or dates, mature at such
21time or times, bear interest at such rate or rates, be in such denomination or
22denominations, be in the form of coupon bonds or of bonds registered under s. 67.09,
23carry such conversion or registration privileges, have such rank or priority, be
24executed in such manner, be payable in such medium of payment, at such place or
1places, and be subject to such terms of redemption, with or without premium, as such
2resolution, its trust indenture or mortgage may provide. Any bond reciting in
3substance that it has been issued by an authority to aid in financing a housing project
4to provide dwelling accommodations for persons of low income shall be conclusively
5deemed, in any suit, action or proceeding involving the validity or enforceability of
6such bond or the security therefor, to have been issued for a housing project of such
7character.
Bonds of an authority are declared to be issued for an essential public and
8governmental purpose and to be public instrumentalities and, together with interest
9thereon and income therefrom, shall be exempt from taxes.".
AB150-SA116,33,11
11"
Section 3323p. 66.431 (5) (a) 4. c. of the statutes is amended to read:
AB150-SA116,35,712
66.431
(5) (a) 4. c. To issue bonds in its discretion to finance its activities under
13this section, including the payment of principal and interest upon any advances for
14surveys and plans, and may issue refunding bonds for the payment or retirement of
15such bonds previously issued by it. Such bonds shall be made payable, as to both
16principal and interest, solely from the income, proceeds, revenues, and funds of the
17authority derived from or held in connection with its undertaking and carrying out
18of projects or activities under this section; provided that payment of such bonds, both
19as to principal and interest, may be further secured by a pledge of any loan, grant
20or contribution from the federal government or other source, in aid of any projects
21or activities of the authority under this section, and by a mortgage of any such
22projects or activities, or any part thereof. Bonds issued under this section shall not
23constitute an indebtedness within the meaning of any constitutional or statutory
24debt limitation or restriction of the state, city or of any public body other than the
1authority issuing the bonds, and shall not be subject to any other law or charter
2relating to the authorization, issuance or sale of bonds.
Bonds issued under this
3section are declared to be issued for an essential public and governmental purpose
4and, together with interest thereon and income therefrom, shall be exempt from all
5taxes. Bonds issued under this section shall be authorized by resolution of the
6authority and may be issued in one or more series and shall bear such date, be
7payable upon demand or mature at such time, bear interest at such rate, be in such
8denomination, be in such form either with or without coupon or registered, carry
9such conversion or registration privileges, have such rank or priority, be payable in
10such medium of payment, at such place, and be subject to such terms of redemption,
11with or without premium, be secured in such manner, and have such other
12characteristics, as is provided by the resolution, trust indenture or mortgage issued
13pursuant thereto. Bonds issued under this section shall be executed as provided in
14s. 67.08 (1) and may be registered under s. 67.09. The bonds may be sold or
15exchanged at public sale or by private negotiation with bond underwriters as the
16authority may provide. The bonds may be sold or exchanged at such price or prices
17as the authority shall determine. If sold or exchanged at public sale, the sale shall
18be held after a class 2 notice, under ch. 985, published prior to such sale in a
19newspaper having general circulation in the city and in such other medium of
20publication as the authority determines. Such bonds may be sold to the federal
21government at private sale, without publication of any notice, at not less than par,
22and, if less than all of the authorized principal amount of such bonds is sold to the
23federal government, the balance may be sold at private sale at not less than par at
24an interest cost to the authority of not to exceed the interest cost to the authority of
25the portion of the bonds sold to the federal government. Any provision of any law to
1the contrary notwithstanding, any bonds issued pursuant to this section shall be
2fully negotiable. In any suit, action or proceeding involving the validity or
3enforceability of any bond issued under this section or the security therefor, any such
4bond reciting in substance that it has been issued by the authority in connection with
5a project or activity under this section shall be conclusively deemed to have been
6issued for such purpose and such project or activity shall be conclusively deemed to
7have been planned, located and carried out in accordance with this section.".
AB150-SA116,35,13
10269. Page 1088, line 14: delete "under par. (b)" and substitute: "
, if sub. (4)
11(h) 2. applies to the amended project plan, by adding to the tax incremental base the
12value of the taxable property that is added to the existing district under sub. (4) (h)
132. or, if sub. (4) (h) 2. does not apply to the amended project plan, under par. (b)
,".
AB150-SA116,35,16
14270. Page 1089, line 1: delete "under par. (b)" and substitute: ", by adding to
15the tax incremental base the value of the taxable property that is added to the
16existing district under sub. (4) (h) 2.,".
AB150-SA116,35,23
20273. Page 1099, line 3: delete "Before" and substitute "Notwithstanding ss.
2127.065 (5) (a), 30.32, 38.18, 43.17 (9) (a), 59.07 (134), 59.08 (1), 60.47 (2) to (4), 60.77
22(6) (a), 61.55, 61.56, 61.57, 62.15 (1), 62.155, 66.24 (5) (d), 66.299 (2), 66.431 (5) (a)
232., 66.47 (11), 66.505 (10), 66.508 (10) and 66.904 (2), before".
AB150-SA116,36,7
1274. Page 1099, line 4: delete "publish a class 1 notice of its intent" and
2substitute "solicit bids or competitive sealed proposals from qualified providers. A
3local governmental unit may only enter into a performance contract if the contract
4is awarded by the governing body of the local governmental unit. The governing body
5shall give at least 10 days' notice of the meeting at which the body intends to award
6a performance contract. The notice shall include a statement of the intent of the
7governing body".
AB150-SA116,36,13
9276. Page 1099, line 7: after the period insert: "At the meeting, the governing
10body shall review and evaluate the bids or proposals submitted by all qualified
11providers and may thereafter award the performance contract to the qualified
12provider that best meets the needs of the local governmental unit, which need not
13be the lowest cost provider.".
AB150-SA116,37,1615
71.26
(1m) Exemption from the income tax. The interest and income from the
16following obligations are exempt from the tax imposed under s. 71.23 (1):
AB150-SA116,37,1717
(a) Those issued under s. 66.39.
AB150-SA116,37,1818
(b) Those issued under s. 66.40.
AB150-SA116,37,1919
(c) Those issued under s. 66.431.
AB150-SA116,37,2020
(d) Those issued under s. 66.4325.
AB150-SA116,37,2321
(e) Those issued under s. 234.65 to fund an economic development loan to
22finance construction, renovation or development of property that would be exempt
23under s. 70.11 (36).
AB150-SA116,38,1
1(f) Those issued under subch. II of ch. 229.".
AB150-SA116,38,3
3"
Section 3399jm. 71.26 (3) (b) of the statutes is amended to read:
AB150-SA116,38,104
71.26
(3) (b) Section 103 (relating to an exemption for interest) is excluded and
5replaced, for corporations subject to taxation under s. 71.23 (1), by the rule that any
6interest income not included in federal taxable income
, except interest under sub.
7(1m), is added to federal taxable income and any interest income which is by federal
8law exempt from taxation by this state is excluded, and replaced, for corporations
9subject to taxation under s. 71.23 (2), by the rule that any interest income not
10included in federal taxable income is added to federal taxable income.
AB150-SA116,39,914
71.36
(1m) A tax-option corporation may deduct from its net income all
15amounts included in the Wisconsin adjusted gross income of its shareholders, the
16capital gain deduction under s. 71.05 (6) (b) 9
. and all amounts not taxable to
17nonresident shareholders under ss. 71.04 (1) and (4) to (9) and 71.362. For purposes
18of this subsection, interest on federal obligations
, obligations issued under ss. 66.39,
1966.40, 66.431 and 66.4325, obligations issued under s. 234.65 to fund an economic
20development loan to finance construction, renovation or development of property
21that would be exempt under s. 70.11 (36) and obligations issued under subch. II of
22ch. 229 is not included in shareholders' income. The proportionate share of the net
23loss of a tax-option corporation shall be attributed and made available to
24shareholders on a Wisconsin basis but subject to the limitation and carry-over rules
1as prescribed by section
1366 (d) of the internal revenue code. Net operating losses
2of the corporation to the extent attributed or made available to a shareholder may
3not be used by the corporation for further tax benefit. For purposes of computing the
4Wisconsin adjusted gross income of shareholders, tax-option items shall be reported
5by the shareholders and those tax-option items, including capital gains and losses,
6shall retain the character they would have if attributed to the corporation, including
7their character as business income. In computing the tax liability of a shareholder,
8no credit against gross tax that would be available to the tax-option corporation if
9it were a nontax-option corporation may be claimed.".
AB150-SA116,39,1514
71.45
(1t) Exemption from the income tax. The interest and income from the
15following obligations are exempt from the tax imposed under s. 71.43 (1):
AB150-SA116,39,1616
(a) Those issued under s. 66.39.
AB150-SA116,39,1717
(b) Those issued under s. 66.40.
AB150-SA116,39,1818
(c) Those issued under s. 66.431.
AB150-SA116,39,1919
(d) Those issued under s. 66.4325.
AB150-SA116,39,2220
(e) Those issued under s. 234.65 to fund an economic development loan to
21finance construction, renovation or development of property that would be exempt
22under s. 70.11 (36).
AB150-SA116,39,2323
(f) Those issued under subch. II of ch. 229.".
AB150-SA116,40,1
1"
Section 3406m. 71.45 (2) (a) 3. of the statutes is amended to read:
AB150-SA116,40,72
71.45
(2) (a) 3. For insurers subject to taxation under s. 71.43 (1), by adding to
3federal taxable income the amount of any interest income
, except interest under sub.
4(1t), that is not included in federal taxable income except the amount of any interest
5income which is by federal law exempt from taxation by this state and, for insurers
6subject to taxation under s. 71.43 (2), by adding to federal taxable income the amount
7of any interest income which is not included in federal taxable income.".
AB150-SA116,40,14
12"71.78
(4) (n) The state public defender and the department of administration
13for the purpose of collecting payment ordered under s. 48.275 (2), 757.66, 973.06 (1)
14(e) or 977.076 (1).".
