LRBb3242/1
MES:jlg&kmg:lp
1997 - 1998 LEGISLATURE
ASSEMBLY AMENDMENT 50,
TO ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 1997 ASSEMBLY BILL 768
May 6, 1998 - Offered by Representative Wasserman.
AB768-ASA1-AA50,1,6
6"
Section 281t. 71.05 (6) (a) (intro.) of the statutes is amended to read:
AB768-ASA1-AA50,1,87
71.05
(6) (a)
Additions. (intro.) To federal adjusted gross income
, for taxable
8years beginning before January 1, 1998, add:".
AB768-ASA1-AA50,2,5
171.05
(6) (a) 15. The amount of the credits computed under s. 71.07 (2dd), (2de),
2(2di), (2dj), (2dL), (2dr), (2ds)
, and (2dx)
and (3s) and not passed through by a
3partnership, limited liability company or tax-option corporation that has added that
4amount to the partnership's, company's or tax-option corporation's income under s.
571.21 (4) or 71.34 (1) (g).
AB768-ASA1-AA50,2,127
71.05
(6) (b)
Subtractions. (intro.) From federal adjusted gross income
, for
8taxable years beginning before January 1, 1998, subtract to the extent included in
9federal taxable or adjusted gross income unless the modification is an item, other
10than a capital gain deduction under s. 71.36 or interest on U.S. obligations, that is
11passed through to an individual from a tax-option corporation and would be included
12in that corporation's income if it were not a tax-option corporation:".
AB768-ASA1-AA50,4,217
71.05
(22) (dm) (title)
Deduction limits; 1994 and thereafter to 1997
. Except
18as provided in par. (f), for taxable years beginning on or after January 1, 1994,
but
19before January 1, 1998, the Wisconsin standard deduction is whichever of the
20following amounts is appropriate. For a single individual who has a Wisconsin
21adjusted gross income of less than $7,500, the standard deduction is $5,200. For a
22single individual who has a Wisconsin adjusted gross income of at least $7,500 but
23not more than $50,830, the standard deduction is the amount obtained by
24subtracting from $5,200 12% of Wisconsin adjusted gross income in excess of $7,500
1but not less than $0. For a single individual who has a Wisconsin adjusted gross
2income of more than $50,830, the standard deduction is $0. For a head of household
3who has a Wisconsin adjusted gross income of less than $7,500, the standard
4deduction is $7,040. For a head of household who has a Wisconsin adjusted gross
5income of at least $7,500 but not more than $25,000, the standard deduction is the
6amount obtained by subtracting from $7,040 22.515% of Wisconsin adjusted gross
7income in excess of $7,500 but not less than $0. For a head of household who has a
8Wisconsin adjusted gross income of more than $25,000, the standard deduction shall
9be calculated as if the head of household were a single individual. For a married
10couple filing jointly that has an aggregate Wisconsin adjusted gross income of less
11than $10,000, the standard deduction is $8,900. For a married couple filing jointly
12that has an aggregate Wisconsin adjusted gross income of at least $10,000 but not
13more than $55,000, the standard deduction is the amount obtained by subtracting
14from $8,900 19.778% of aggregate Wisconsin adjusted gross income in excess of
15$10,000 but not less than $0. For a married couple filing jointly that has an aggregate
16Wisconsin adjusted gross income of more than $55,000, the standard deduction is $0.
17For a married individual filing separately who has a Wisconsin adjusted gross
18income of less than $4,750, the standard deduction is $4,230. For a married
19individual filing separately who has a Wisconsin adjusted gross income of at least
20$4,750 but not more than $26,140, the standard deduction is the amount obtained
21by subtracting from $4,230 19.778% of Wisconsin adjusted gross income in excess of
22$4,750 but not less than $0. For a married individual filing separately who has a
23Wisconsin adjusted gross income of more than $26,140, the standard deduction is $0.
24The secretary of revenue shall prepare a table under which deductions under this
1paragraph shall be determined. That table shall be published in the department's
2instructional booklets.
AB768-ASA1-AA50,4,86
71.05
(22) (i)
Standard deduction may not be claimed. No standard deduction
7may be claimed under this subsection for taxable years beginning after December 31,
81997.
AB768-ASA1-AA50,4,2010
71.07
(1) Claim of right credit.
Any For taxable years that begin before
11January 1, 1998, any natural person may credit against taxes otherwise due under
12this chapter the decrease in tax under this chapter for the prior taxable year that
13would be attributable to subtracting income taxed for that year under the claim of
14right doctrine but repaid, as calculated under section
1341 of the internal revenue
15code, if the income repaid is greater than $3,000 and the amount is not subtracted
16in computing Wisconsin adjusted gross income or used in computing the credit under
17sub. (5) (a). If the allowable amount of the claim exceeds the claimant's taxes due
18under this chapter the amount of the claim not used to offset those taxes shall be
19certified to the department of administration for payment to the claimant by check,
20share draft or other draft drawn on the general fund.
AB768-ASA1-AA50,4,2522
71.07
(3) Farmland preservation credit. The farmland preservation credit
23under subch. IX may be claimed against taxes otherwise due
except that, subject to
24s. 71.61 (6), no new claim may be filed under this subsection for a taxable year that
25begins after December 31, 1997.
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.
