AB768-ASA1-AA50,5,32
71.07
(3m) (e)
Prohibition on filing new claims. No new claim may be filed
3under this subsection for a taxable year that begins after December 31, 1997.
AB768-ASA1-AA50,5,97
71.07
(4) Homestead credit. The homestead credit under subch. VIII may be
8claimed by individuals against taxes otherwise due
, except that no new claim may
9be filed under this subsection for a taxable year that begins after December 31, 1997.
AB768-ASA1-AA50,5,1411
71.07
(5) Itemized deductions credit. (intro.)
Single For taxable years
12beginning before January 1, 1998, single persons, married persons filing separately
13and married persons filing jointly may claim as a credit against, but not to exceed
14the amount of, Wisconsin net income taxes due an amount calculated as follows:
AB768-ASA1-AA50,5,2120
71.07
(7) (c) No new claim may be filed under this subsection for a taxable year
21that begins after December 31, 1997.
AB768-ASA1-AA50,5,2423
71.07
(8) (d) No new claim may be filed under this subsection for a taxable year
24that begins after December 31, 1997.
AB768-ASA1-AA50,6,2
171.07
(9) (g) No new claim may be filed under this subsection for a taxable year
2that begins after December 31, 1997.
AB768-ASA1-AA50,6,54
71.07
(9e) (g) No new claim may be filed under this subsection for a taxable year
5that begins after December 31, 1997.
AB768-ASA1-AA50,6,87
71.07
(9m) (g) No new claim may be filed under this subsection for a taxable
8year that begins after December 31, 1997.
AB768-ASA1-AA50,6,1110
71.07
(9r) (L) No new claim may be filed under this subsection for a taxable
11year that begins after December 31, 1997.".
AB768-ASA1-AA50,6,2321
71.21
(4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di),
22(2dj), (2dL), (2ds)
, and (2dx)
and (3s) and passed through to partners shall be added
23to the partnership's income.".
AB768-ASA1-AA50,7,32
71.55
(11) Prohibition on filing new claims. No new claim may be filed under
3this subchapter for a taxable year that begins after December 31, 1997.
AB768-ASA1-AA50,7,115
71.61
(6) Prohibition on filing new claims. No new claim may be filed under
6this subchapter for a taxable year that begins after December 31, 1997, except that
7an otherwise eligible claimant who is a party to a farmland preservation agreement
8that is described under s. 71.59 (1) (c) or who is a party to a certificate of a zoning
9authority that is described under s. 71.59 (1) (d), either of which is in effect on the
10effective date of this subsection .... [revisor inserts date], may continue to claim the
11credit under this subchapter until the expiration of the agreement or certificate.
AB768-ASA1-AA50,8,614
71.64
(9) (b) The department shall from time to time adjust the withholding
15tables to reflect any changes in income tax rates, any applicable surtax or any
16changes in dollar amounts in s. 71.06 (1), (1m) and (2) resulting from statutory
17changes, except that the department may not adjust the withholding tables to reflect
18the changes in rates in s. 71.06 (1m) and (2) (c) and (d) and any changes in dollar
19amounts with respect to bracket indexing under s. 71.06 (2e)
and with respect to
20standard deduction indexing under s. 71.05 (22) (ds) for any taxable year that begins
21before January 1, 2000.
The tables shall account for the working families tax credit
22under s. 71.07 (5m). The tables shall be extended to cover from zero to 10 withholding
23exemptions, shall assume that the payment of wages in each pay period will, when
24multiplied by the number of pay periods in a year, reasonably reflect the annual wage
25of the employe from] the employer and shall be based on the further assumption that
1the annual wage will be reduced for allowable deductions from gross income. The
2department may determine the length of the tables and a reasonable span for each
3bracket. In preparing the tables the department shall adjust all withholding
4amounts not an exact multiple of 10 cents to the next highest figure that is a multiple
5of 10 cents. The department shall also provide instructions with the tables for
6withholding with respect to quarterly, semiannual and annual pay periods.".
AB768-ASA1-AA50,8,1910
77.92
(4) "Net business income", with respect to a partnership, means taxable
11income as calculated under section
703 of the internal revenue code; plus the items
12of income and gain under section
702 of the internal revenue code; minus the items
13of loss and deduction under section
702 of the internal revenue code; plus payments
14treated as not made to partners under section
707 (a) of the internal revenue code;
15plus the credits claimed under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dr), (2ds)
, and 16(2dx)
and (3s); but excluding income, gain, loss and deductions from farming. "Net
17business income", with respect to a natural person, estate or trust, means profit from
18a trade or business for federal income tax purposes and includes net income derived
19as an employe as defined in section
3121 (d) (3) of the internal revenue code.".
AB768-ASA1-AA50,8,22
21"
(2xz) Modification of the individual income tax system, department of
22revenue responsibilities.
AB768-ASA1-AA50,9,3
23(a) The department of revenue shall determine the net economic effect of the
24treatment in this act of sections 71.05 (6) (a) (intro.) and (b) (intro.) and (22) (dm), (ds)
1and (i), 71.07 (1), (3), (3m) (e), (3s), (4), (5) (intro.), (5m), (6) (am), (7) (c), (8) (d), (9)
2(g), (9e) (g), (9m) (g) and (9r) (L), 71.10 (4) (de) and (du), 71.55 (11), 71.61 (6) and 71.64
3(9) (b) of the statutes on the state's revenues.
AB768-ASA1-AA50,9,124
(b) If the department determines that the state will have more revenue because
5of the treatment of the sections listed in paragraph (a) than it would if these
6treatments had not occurred, the department shall calculate the extra amount of
7revenue that the state will have because of the treatment of the statutes listed in
8paragraph (a). The department shall then adjust downward the rates of taxation
9listed in section 71.06 (1m) and (2) (c) and (d) of the statutes, on a proportional basis,
10for taxable years beginning on January 1, 1998, in such a way that the extra amount
11of revenue that the state will have because of the treatment of the statutes listed in
12paragraph (a) is fully expended.".
AB768-ASA1-AA50,9,18
15"
(1xz) Modification of the individual income tax system. The treatment of
16sections 71.05 (6) (a) 15. and (22) (ds), 71.07 (3s), (5m) and (6) (am), 71.10 (4) (de) and
17(du), 71.64 (9) (b) and 77.92 (4) of the statutes first applies to taxable years beginning
18on January 1, 1998.".
