SB77-SSA1,971,108
4. If a tax-option corporation becomes liable for tax, the corporation may offset
9the credit against the tax due, with any remaining credit passing through to the
10shareholders.
SB77-SSA1,971,1411
5. If a corporation that is not a tax-option corporation has a carry-over credit
12and becomes a tax-option corporation before the credit carried over is used, the
13unused portion of the credit may be used by the tax-option corporation's
14shareholders on a prorated basis.
SB77-SSA1,971,1915
6. If the shareholders of a tax-option corporation have carry-over credits and
16the corporation becomes a corporation other than a tax-option corporation after the
17effective date of this subdivision .... [revisor inserts date], and before the credits
18carried over are used, the unused portion of the credits may be used by the
19corporation that is not a tax-option corporation.
SB77-SSA1,972,222
71.07
(5) (a) 15. The amount claimed as a deduction for medical care insurance
23under section
213 of the
internal revenue code Internal Revenue Code that is exempt
24from taxation under s. 71.05 (6) (b) 17. to 20
. and the amount claimed as a deduction
25for a long-term care insurance policy under section 213 (d) (1) (D) of the Internal
1Revenue Code, as defined in section 7702B (b) of the Internal Revenue Code that is
2exempt from taxation under s. 71.05 (6) (b) 26.
SB77-SSA1,972,44
71.07
(5m) Working families tax credit. (a)
Definitions. In this subsection:
SB77-SSA1,972,65
1. "Claimant" means an individual who is eligible to claim the credit under this
6subsection.
SB77-SSA1,972,77
2. "Department" means the department of revenue.
SB77-SSA1,972,98
3. "Household" means a claimant and an individual related to the claimant as
9husband or wife.
SB77-SSA1,972,1110
4. "Net tax liability" means a claimant's income tax liability after he or she
11completes the computations listed in s. 71.10 (4) (a) to (dr).
SB77-SSA1,972,1412
(b)
Filing claims. Subject to the limitations provided in this subsection, a
13claimant may claim as a credit against the tax imposed under s. 71.02, up to the
14amount of those taxes, one of the following amounts:
SB77-SSA1,972,1715
1. If the claimant is single and his or her adjusted gross income is less than
16$9,000 in the year to which the claim relates, an amount equal to his or her net tax
17liability.
SB77-SSA1,972,2018
2. If the claimant is single and his or her adjusted gross income is at least $9,000
19but less than $10,000 in the year to which the claim relates, an amount that is
20calculated as follows:
SB77-SSA1,972,2321
a. Calculate the value of a fraction, the denominator of which is $1,000 and the
22numerator of which is the difference between the claimant's adjusted gross income
23and $9,000.
SB77-SSA1,972,2424
b. Subtract from 1.0 the amount that is calculated under subd. 2. a.
SB77-SSA1,973,2
1c. Multiply the amount of the claimant's net income tax liability by the amount
2that is calculated under subd. 2. b.
SB77-SSA1,973,63
3. If the claimant is married and filing jointly and the sum of the claimant's
4adjusted gross income and his or her spouse's adjusted gross income is less than
5$18,000 in the year to which the claim relates, an amount equal to the married
6couple's net tax liability.
SB77-SSA1,973,107
4. If the claimant is married and filing jointly and the sum of the claimant's
8adjusted gross income and his or her spouse's adjusted gross income is at least
9$18,000 but less than $19,000 in the year to which the claim relates, an amount that
10is calculated as follows:
SB77-SSA1,973,1311
a. Calculate the value of a fraction, the denominator of which is $1,000 and the
12numerator of which is the difference between the married couple's adjusted gross
13income and $18,000.
SB77-SSA1,973,1414
b. Subtract from 1.0 the amount that is calculated under subd. 4. a.
SB77-SSA1,973,1615
c. Multiply the amount of the married couple's net income tax liability by the
16amount that is calculated under subd. 4. b.
SB77-SSA1,973,1917
5. If the claimant is married and filing separately and his or her adjusted gross
18income is less than $9,000 in the year to which the claim relates, an amount equal
19to his or her net tax liability.
SB77-SSA1,973,2220
6. If the claimant is married and filing separately and his or her adjusted gross
21income is at least $9,000 but less than $10,000 in the year to which the claim relates,
22an amount that is calculated as follows:
SB77-SSA1,973,2523
a. Calculate the value of a fraction, the denominator of which is $1,000 and the
24numerator of which is the difference between the claimant's adjusted gross income
25and $9,000.
SB77-SSA1,974,1
1b. Subtract from 1.0 the amount that is calculated under subd. 6. a.
SB77-SSA1,974,32
c. Multiply the amount of the claimant's net income tax liability by the amount
3that is calculated under subd. 6. b.
SB77-SSA1,974,54
(c)
Limitations. 1. No credit may be allowed under this subsection unless it
5is claimed within the time period under s. 71.75 (2).
SB77-SSA1,974,76
2. Part-year residents and nonresidents of this state are not eligible for the
7credit under this subsection.
SB77-SSA1,974,98
3. Except as provided in subd. 4., only one credit per household is allowed each
9year.
SB77-SSA1,974,1310
4. If a married couple files separately, each spouse may claim the credit
11calculated under par. (b) 5. or 6., except a married person living apart from the other
12spouse and treated as single under section
7703 (b) of the Internal Revenue Code may
13claim the credit under par. (b) 1. or 2.
SB77-SSA1,974,1514
5. The credit under this subsection may not be claimed by a person who may
15be claimed as a dependent on the individual income tax return of another taxpayer.
SB77-SSA1,974,2016
(d)
Administration. The department of revenue may enforce the credit under
17this subsection and may take any action, conduct any proceeding and proceed as it
18is authorized in respect to taxes under this chapter. The income tax provisions in this
19chapter relating to assessments, refunds, appeals, collection, interest and penalties
20apply to the credit under this subsection.
SB77-SSA1, s. 2262p
21Section 2262p. 71.07 (8) (a) of the statutes is renumbered 71.07 (8) (a) (intro.)
22and amended to read:
SB77-SSA1,974,2523
71.07
(8) (a) (intro.) An exemption of
$25 one of the following amounts if the
24taxpayer has reached the age of 65 prior to the close of the calendar or fiscal year
. and
25if one of the following applies:
SB77-SSA1, s. 2262q
1Section 2262q. 71.07 (8) (a) 1. to 6. of the statutes are created to read:
SB77-SSA1,975,42
71.07
(8) (a) 1. If the taxpayer is an individual, the taxpayer files an individual
3return, and has adjusted gross income of less than $30,000 in the year to which the
4claim relates, $25.
SB77-SSA1,975,85
2. If the taxpayer is an individual, the taxpayer files an individual return, and
6has adjusted gross income of at least $30,000 but less than $31,000 in the year to
7which the claim relates, the amount obtained by subtracting from $25 2.5% of the
8amount by which the taxpayer's adjusted gross income exceeds $30,000.
SB77-SSA1,975,109
3. If the taxpayer is married, the taxpayer files a joint return, and has adjusted
10gross income of less than $40,000 in the year to which the claim relates, $25.
SB77-SSA1,975,1411
4. If the taxpayer is married, the taxpayer files a joint return, and has adjusted
12gross income of at least $40,000 but less than $41,000 in the year to which the claim
13relates, the amount obtained by subtracting from $25 2.5% of the amount by which
14the taxpayer's adjusted gross income exceeds $40,000.
SB77-SSA1,975,1615
5. If the taxpayer is married, the taxpayer files a separate return, and has
16adjusted gross income of less than $20,000 in the year to which the claim relates, $25.
SB77-SSA1,975,2017
6. If the taxpayer is married, the taxpayer files a separate return and has
18adjusted gross income of at least $20,000 but less than $21,000 in the year to which
19the claim relates, the amount obtained by subtracting from $25 2.5% of the amount
20by which the taxpayer's adjusted gross income exceeds $20,000.
SB77-SSA1,976,322
71.07
(9m) (a) Any person may credit against taxes otherwise due under this
23chapter, up to the amount of those taxes, an amount equal to 5% of the costs of
24qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the internal
25revenue code, for certified historic structures on property located in this state if the
1physical work of construction or destruction in preparation for construction begins
2after December 31, 1988
, and the rehabilitated property is placed in service after
3June 30, 1989.
SB77-SSA1,976,147
71.08
(1) Imposition. (intro.) If the tax imposed on a natural person, married
8couple filing jointly, trust or estate under s. 71.02, not considering the credits under
9ss. 71.07 (1), (2dd), (2de), (2di), (2dj), (2dL), (2dr), (2ds),
(2dx), (2fd), (3m), (6) and (9e),
1071.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds),
(1dx), (1fd) and (2m) and 71.47 (1dd),
11(1de), (1di), (1dj), (1dL), (1ds),
(1dx), (1fd) and (2m) and subchs. VIII and IX and
12payments to other states under s. 71.07 (7), is less than the tax under this section,
13there is imposed on that natural person, married couple filing jointly, trust or estate,
14instead of the tax under s. 71.02, an alternative minimum tax computed as follows:
SB77-SSA1,976,1717
71.10
(4) (de) The manufacturing sales tax credit under s. 71.07 (3s).
SB77-SSA1,976,1919
71.10
(4) (du) Working families tax credit under s. 71.07 (5m).
SB77-SSA1,976,2121
71.10
(4) (gu) Development zones credit under s. 71.07 (2dx).
SB77-SSA1,976,2423
71.10
(4) (j) Any amount
of money or other assets computed under s. 71.83 (1)
24(c).
SB77-SSA1,977,9
171.10
(5) (a) 2. "Endangered resources program" means purchasing or
2improving land or habitats for any native Wisconsin endangered or threatened
3species as defined in s. 29.415 (2) (a) or (b) or for any nongame species as defined in
4s. 29.01 (10),
conducting the natural heritage inventory program under s. 23.27 (3), 5conducting wildlife and resource research and surveys and providing wildlife
6management services, providing for wildlife damage control or the payment of claims
7for damage associated with endangered or threatened species, repaying the general
8fund for amounts expended under s. 20.370 (1) (fb) in fiscal year 1983-84 and the
9payment of administrative expenses related to the administration of this subsection.
SB77-SSA1,977,13
1171.122 Definition. In this subchapter, "Wisconsin taxable income" means
12federal taxable income, as defined in s. 71.01 (4), as modified under s. 71.05 (6) to (12),
13(19) and (20).
SB77-SSA1, s. 2266g
14Section 2266g. 71.125 of the statutes is renumbered 71.125 (1) and amended
15to read:
SB77-SSA1,977,1916
71.125
(1) The Except as provided in sub. (2), the tax imposed by this chapter
17on individuals and the rates under s. 71.06 (1) and (2) shall apply to the Wisconsin
18taxable income of estates or trusts, except nuclear decommissioning trust or reserve
19funds, and that tax shall be paid by the fiduciary.
SB77-SSA1,977,2321
71.125
(2) Each electing small business trust, as defined in section
1361 (e) (1)
22of the Internal Revenue Code, is subject to tax at the highest rate under s. 71.06 (1)
23on its Wisconsin taxable income.
SB77-SSA1,978,4
171.195 Definition. In this subchapter, "partnership" includes limited liability
2companies and other entities that are treated as partnerships under the Internal
3Revenue Code, and "partnership" does not include publicly traded partnerships
4treated as corporations under s. 71.22 (1).
SB77-SSA1,978,176
71.20
(1) Every partnership
, except publicly traded partnerships treated as
7corporations under s. 71.22 (1), and every limited liability company, except limited
8liability companies treated as corporations under s. 71.22 (1), shall furnish to the
9department a true and accurate statement, on or before April 15 of each year, except
10that returns for fiscal years ending on some other date than December 31 shall be
11furnished on or before the 15th day of the 4th month following the close of such fiscal
12year, in such manner and form and setting forth such facts as the department deems
13necessary to enforce this chapter.
A partnership that is the owner of a single-owner
14entity that is disregarded as a separate entity under section 7701 of the Internal
15Revenue Code shall include that entity's information on the owner's return under
16this subchapter. The statement shall be subscribed by one of the members of the
17partnership
or limited liability company.
SB77-SSA1,978,2319
71.21
(1) The net income of a partnership
, except publicly traded partnerships
20treated as corporations under s. 71.22 (1), and of a limited liability company, except
21limited liability companies treated as corporations under s. 71.22 (1), shall be
22computed in the same manner and on the same basis as provided for computation
23of the income of persons other than corporations.
SB77-SSA1,979,2
171.21
(2) The standard deduction shall not be allowed in computing the taxable
2income of a partnership
or of a limited liability company.
SB77-SSA1,979,84
71.21
(3) The credits under s. 71.28 (4) and (5) may not be claimed by a
5partnership
, except a publicly traded partnership treated as a corporation under s.
671.22 (1), or a limited liability company, except a limited liability company treated
7as a corporation under s. 71.22 (1), or by partners, including partners of a publicly
8traded partnership
, or members of a limited liability company.
SB77-SSA1,979,1210
71.21
(4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di),
11(2dj), (2dL)
and, (2ds)
, (2dx) and (3s) and passed through to partners
or members 12shall be added to the partnership's
or limited liability company's income.
SB77-SSA1,979,2314
71.22
(1) "Corporation" includes corporations, publicly traded partnerships
15treated as corporations in section
7704 of the internal revenue code, limited liability
16companies treated as corporations under the internal revenue code, joint stock
17companies, associations
and, common law trusts
and all other entities treated as
18corporations under section 7701 of the Internal Revenue Code, unless the context
19requires otherwise.
A single-owner entity that is disregarded as a separate entity
20under section 7701 of the Internal Revenue Code is disregarded as a separate entity
21under this chapter, and its owner is subject to the tax on or measured by the entity's
22income. "Corporation" does not include any entity that is a qualified subchapter S
23subsidiary under s. 71.365 (7).
SB77-SSA1,979,2525
71.22
(1m) "Department" means the department of revenue.
SB77-SSA1,980,52
71.22
(2m) "File" means mail or deliver a document that the department
3prescribes to the department or, if the department prescribes another method of
4submitting or another destination, use that other method or submit to that other
5destination.
SB77-SSA1,981,28
71.22
(4) (e) Except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34
9(1g) and 71.42 (2), "internal revenue code", for taxable years that begin after
10December 31, 1989, and before January 1, 1991, means the federal internal revenue
11code as amended to December 31, 1989, and as amended by P.L.
101-508, P.L.
12102-227 and, P.L.
103-66 and P.L. 104-188, excluding section 1311 of P.L. 104-188, 13and as indirectly affected in the provisions applicable to this subchapter by P.L.
1499-514, P.L.
100-203, P.L.
100-647 excluding sections 803 (d) (2) (B), 805 (d) (2), 812
15(c) (2), 821 (b) (2) and 823 (c) (2) of P.L.
99-514 and section 1008 (g) (5) of P.L.
100-647,
16P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227 17and, P.L.
103-66 and P.L. 104-188, excluding section 1311 of P.L. 104-188. The
18internal revenue code applies for Wisconsin purposes at the same time as for federal
19purposes. Amendments to the federal internal revenue code enacted after December
2031, 1989, do not apply to this paragraph with respect to taxable years beginning after
21December 31, 1989, and before January 1, 1991, except that changes to the internal
22revenue code made by P.L.
101-508, P.L.
102-227 and, P.L.
103-66 and P.L. 104-188,
23excluding section 1311 of P.L. 104-188, and changes that indirectly affect the
24provisions applicable to this subchapter made by P.L.
101-508, P.L.
102-227 and,
1P.L.
103-66 and P.L. 104-188, excluding section 1311 of P.L. 104-188, apply for
2Wisconsin purposes at the same time as for federal purposes.
SB77-SSA1,981,224
71.22
(4) (f) Except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34
5(1g) and 71.42 (2), "internal revenue code", for taxable years that begin after
6December 31, 1990, and before January 1, 1992, means the federal internal revenue
7code as amended to December 31, 1990, and as amended by P.L.
102-227, P.L.
8102-486 and, P.L.
103-66 and P.L. 104-188, excluding section 1311 of P.L. 104-188, 9and as indirectly affected in the provisions applicable to this subchapter by P.L.
1099-514, P.L.
100-203, P.L.
100-647 excluding sections 803 (d) (2) (B), 805 (d) (2), 812
11(c) (2), 821 (b) (2) and 823 (c) (2) of P.L.
99-514 and section 1008 (g) (5) of P.L.
100-647,
12P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227,
13P.L.
102-486 and, P.L.
103-66 and P.L. 104-188, excluding section 1311 of P.L.
14104-188. The internal revenue code applies for Wisconsin purposes at the same time
15as for federal purposes. Amendments to the federal internal revenue code enacted
16after December 31, 1990, do not apply to this paragraph with respect to taxable years
17beginning after December 31, 1990, and before January 1, 1992, except that changes
18to the internal revenue code made by P.L.
102-227, P.L.
102-486 and, P.L.
103-66 19and P.L. 104-188, excluding section 1311 of P.L. 104-188, and changes that indirectly
20affect the provisions applicable to this subchapter made by P.L.
102-227, P.L.
21102-486 and, P.L.
103-66 and P.L. 104-188, excluding section 1311 of P.L. 104-188, 22apply for Wisconsin purposes at the same time as for federal purposes.