Amendment ASA1-AB847

LRBs0601/2

MES:jlg:jf

1997 - 1998 LEGISLATURE

ASSEMBLY SUBSTITUTE AMENDMENT 1, TO 1997 ASSEMBLY BILL 847

March 23, 1998 - Offered by Representative Kreibich.

AB847-ASA1,1,3 An Act to repeal 71.05 (6) (b) 27.; and to create 71.05 (6) (b) 27. of the statutes; relating to: exempting from income taxation any amount of interest paid on certain loans that are used for educational expenses.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB847-ASA1, s. 1 Section 1. 71.05 (6) (b) 27. of the statutes is created to read:

AB847-ASA1,1,11 71.05 (6) (b) 27. An amount of interest paid on a loan, the proceeds of which are used to pay for tuition, fees, books or educational supplies; miscellaneous educational expenses, as determined by the department; or child care costs, as determined by the department, that are necessitated by, and directly related to, the taxpayer's attendance at an eligible educational institution, as defined in s. 18.81 (2). The maximum amount of interest that may be subtracted under this subdivision is the following:

AB847-ASA1,2,2 a. For taxable years that begin after December 31, 1997, and before January 1, 1999, $1,000.

AB847-ASA1,2,4 b. For taxable years that begin after December 31, 1998, and before January 1, 2000, $1,500.

AB847-ASA1,2,6 c. For taxable years that begin after December 31, 1999, and before January 1, 2001, $2,000.

AB847-ASA1,2,7 d. For taxable years that begin after December 31, 2000, $2,500.

AB847-ASA1, s. 2 Section 2. 71.05 (6) (b) 27. of the statutes, as created by 1997 Wisconsin Act .... (this act), is repealed.

AB847-ASA1, s. 3 Section 3 . Initial applicability.

AB847-ASA1,2,12 (1) The repeal of section 71.05 (6) 27. of the statutes first applies to taxable years beginning on January 1 of the year in which this subsection takes effect.

AB847-ASA1, s. 4 Section 4. Effective dates. This act takes effect on the day after publication, except as follows:

AB847-ASA1,2,17 (1) The repeal of section 71.05 (6) (b) 27. of the statutes and Section 3 (1 ) of this act take effect on the day that section 202 of P.L. 105-34 is adopted for Wisconsin purposes and takes effect in this state.

AB847-ASA1,2,18 (End)