SB7: Bill Text

SB7,30,18 11.31 (3) Gubernatorial campaigns. For purposes of compliance with the limitations imposed under sub. (2), candidates for governor and lieutenant governor of the same political party who both accept grants from the Wisconsin election campaign fund may agree to combine disbursement levels under sub. (1) (a) and (b), adjusted as provided under sub. (9), and reallocate the total level between them. The candidates shall each inform the board of any such agreement.

SB7, s. 46 Section 46. 11.31 (3m) of the statutes is repealed and recreated to read:

SB7,31,10 11.31 (3m) Independent disbursements; exception. Notwithstanding subs. (1), (1m) and (2), if any incurred obligation or disbursement of more than $250 cumulatively is incurred or made by an individual or committee to advocate the election or defeat of a clearly identified candidate whose name appears on the ballot at an election and the incurred obligation or disbursement is incurred or made without cooperation or consultation with any candidate who is supported or who benefits from the obligation or disbursement or such a candidate's agent or authorized committee, and not in concert with, or at the request or suggestion of, any such candidate, agent or authorized committee, then each candidate whose name appears on the same ballot and who is opposed or whose opponent is supported by that advocacy may make or authorize total disbursements from the campaign treasury in excess of the amount prescribed in sub. (1) or (1m) but not to exceed the amount prescribed in sub. (1) or (1m) plus the total amount of incurred obligations and disbursements not previously reported as incurred obligations that are reported to the appropriate filing officer under s. 11.12 (6). For the purposes of this subsection, obligations and disbursements cumulate as provided in s. 11.12 (6) (a).

SB7, s. 47 Section 47. 11.31 (4) of the statutes is repealed.

SB7, s. 48 Section 48. 11.31 (9) of the statutes is created to read:

SB7,31,16 11.31 (9) Cost-of-living adjustment. (a) In this subsection, "consumer price index" means the average of the consumer price index over each 12-month period, all items, U.S. city average, as determined by the bureau of labor statistics of the U.S. department of labor.

SB7,32,3 (b) The dollar amounts of all disbursement limitations specified in sub. (1) shall be subject to a biennial cost-of-living adjustment to be determined by rule of the board in accordance with this subsection. To determine the adjustment, the board shall calculate the percentage difference between the consumer price index for the 12-month period ending on December 31 of each odd-numbered year and the consumer price index for the base period, calendar year 1997. The board shall increase the disbursement limitations specified under sub. (1) by such amount each biennium, rounded to the nearest multiple of $25 in the case of amounts of $1 or more, which amount shall be in effect until a subsequent rule is promulgated under this subsection. Notwithstanding s. 227.24 (3), determinations under this subsection may be promulgated as an emergency rule under s. 227.24 without a finding of emergency.

SB7, s. 49 Section 49. 11.38 (6) of the statutes is amended to read:

SB7,32,9 11.38 (6) Any individual or campaign treasurer who receives funds in violation of this section shall promptly return such funds to the contributor or, donate the funds to the common school fund or a charitable organization or transfer the funds to the board for deposit in the Wisconsin election campaign fund, at the treasurer's option.

SB7, s. 50 Section 50. 11.50 (1) (a) 1. and 2. of the statutes are amended to read:

SB7,32,19 11.50 (1) (a) 1. With respect to a spring or general election, any individual who is certified under s. 7.08 (2) (a) as a candidate in the spring election for justice or state superintendent, or an any individual who receives at least 6% of the vote cast for all candidates on all ballots for any state office, except district attorney, for which the individual is a candidate at the September primary and who is certified under s. 7.08 (2) (a) as a candidate for that any state office, except district attorney, in the general election, or an individual who has been lawfully appointed and certified to replace either such individual on the ballot at the spring or general election; and who has qualified for a grant under sub. (2).

SB7,33,14 2. With respect to a special election, an individual who is certified under s. 8.50 (1) (d) as a candidate in a special election for state superintendent, or an individual who is certified under s. 8.50 (1) (d) as a candidate in a special election for any state office, except district attorney, on the ballot or column of a party whose candidate for the same office at the preceding general election received at least 6% of the vote cast for all candidates on all ballots for the office, or an individual who has been lawfully appointed and certified to replace either such an individual on the ballot at a special election, or an individual who receives at least 6% of the vote cast for all candidates on all ballots for any state office, except district attorney, at a partisan special election; and who qualifies for a grant under sub. (2). Where the boundaries of a district in which an individual seeks office have been changed since the preceding general election such that it is not possible to calculate the exact number of votes that are needed by that individual to qualify as an eligible candidate prior to an election under this subdivision, the number of votes cast for all candidates for the office at the preceding general election in each ward, combination of wards or municipality which is wholly contained within the boundaries of the newly formed district shall be calculated. If the candidate of the political party on whose ballot or column the individual appears in the newly formed district obtained at least 6% of the number of votes calculated, the individual is deemed to qualify as an eligible candidate prior to the election under this subdivision.

SB7, s. 51 Section 51. 11.50 (2) (b) 5. of the statutes is amended to read:

SB7,34,16 11.50 (2) (b) 5. The financial reports filed by or on behalf of the candidate as of the date of the spring or September primary, or the date that the special primary is or would be held, if required, indicate that the candidate has received at least the amount provided in this subdivision, from contributions of money, other than loans, made by individuals who reside in this state, which have been received during the period ending on the date of the spring primary and July 1 preceding such date in the case of candidates at the spring election, or the date of the September primary and January 1 preceding such date in the case of candidates at the general election, or the date that a special primary will or would be held, if required, and 90 days preceding such date or the date a special election is ordered, whichever is earlier, in the case of special election candidates, which contributions are in the aggregate amount of $100 or less, and which are fully identified and itemized as to the exact source thereof. A contribution received from a conduit which is identified by the conduit as originating from an individual shall may not be considered as a contribution made by the an individual for the purpose of qualifying for a grant under this subdivision. Only the first $100 of an aggregate contribution of more than $100 may be counted toward the required percentage. For a candidate at the spring or general election for an office identified in s. 11.26 (1) (a) or a candidate at a special election, the required amount to qualify for a grant is 5% of the candidate's authorized disbursement limitation for candidates other than candidates challenging incumbent officeholders, as determined under s. 11.31 . For (1) and adjusted as provided under s. 11.31 (9). Except as provided in par. (bm), for any other candidate at the general election, the required amount to qualify for a grant is 10% of the candidate's authorized disbursement limitation for candidates other than candidates challenging incumbent officeholders, as determined under s. 11.31 (1) and adjusted as provided under s. 11.31 (9).

SB7, s. 52 Section 52. 11.50 (2) (bm) of the statutes is created to read:

SB7,35,3 11.50 (2) (bm) 1. The board shall approve an application of an eligible candidate for whom the required amount to qualify for a grant under par. (b) 5. is 10% of the candidate's authorized disbursement level under s. 11.31 if the candidate meets the requirements of par. (b) 1. to 4. and the candidate receives contributions described under par. (b) 5. during the applicable time period, as indicated by the reports filed as of the dates specified under par. (b) 5., in an amount equal to at least 5% but less than 10% of the candidate's authorized disbursement limitation under s. 11.31. Except as provided in subd. 2., the amount of the grant available to a candidate whose application is approved under this subdivision is equal to 50% of the amount of the grant that would have been available to the candidate if his or her application had been approved under par. (b).

SB7,35,12 2. If, as of 21 days after the date specified in par. (b) 5., a supplemental financial report is filed by or on behalf of a candidate who qualifies for a grant under subd. 1. that indicates that the candidate received the required amount of contributions under par. (b) 5. during the period described under par. (b) 5. plus the immediately following 14 days, then the candidate shall be eligible for a supplemental grant equal to 50% of the amount of the grant that would have been available to the candidate if his or her application had been approved under par. (b). All information included in a supplemental report under this subdivision shall also be included in the candidate's next report under s. 11.20.

SB7, s. 53 Section 53. 11.50 (2) (c) and (d) of the statutes are amended to read:

SB7,36,2 11.50 (2) (c) If a candidate has not filed financial reports as of the date of the spring primary, September primary, special primary, or date that the special primary would be held, if required, which indicate that he or she has met the qualification under par. (b) 5. or (bm) 1., the candidate may file a special report with the board. Such report shall be filed not later than the 7th day after the primary, or 7th day after the date the primary would be held, if required, and shall include such supplementary information as to sources of contributions which may be necessary to complete the candidate's qualification. The special report shall cover the period from the day after the last date covered on the candidate's most recent report, or from the date on which the first contribution was received or the first disbursement was made, whichever is earlier, if the candidate has not previously filed a report, to the date of such report. All information included on the special report shall also be included in the candidate's next report under s. 11.20.

SB7,36,6 (d) For purposes of qualification under par. (b) 4. and 5. or (bm), the financial reports of a former candidate are considered to be same as if filed by the candidate who is lawfully appointed to replace such candidate whenever a vacancy after nomination occurs.

SB7, s. 54 Section 54. 11.50 (2) (f) of the statutes is amended to read:

SB7,36,14 11.50 (2) (f) The board shall inform each candidate in writing of the approval or disapproval of the candidate's application, as promptly as possible after the date of the spring primary, September primary, special primary, or date that the primary would be held, if required. With respect to a candidate at a special election who applies for a postelection grant under sub. (1) (a) 2., the board shall inform the candidate in writing of the conditional approval or disapproval of the candidate's application at the same time.

SB7, s. 55 Section 55. 11.50 (2) (i) of the statutes is amended to read:

SB7,37,2 11.50 (2) (i) Notwithstanding par. (g), if an eligible candidate at the spring election or a special nonpartisan any election who accepts a grant is opposed by one or more candidates in the election, or if an eligible candidate at the general election or a special partisan election who accepts a grant is opposed by one or more candidates in the election who receive at least 6% of the vote cast for all candidates for the same office on all ballots at the September primary or a special partisan primary if a primary was held, and in either case if any such opponent of the eligible candidate does who do not accept a grant under this section in whole or in part, the eligible candidate is not bound by the pledge made in his or her application to adhere to the contribution limitations prescribed in s. 11.26 (10) and the disbursement limitation prescribed under s. 11.31, unless each such opponent files an affidavit of voluntary compliance under s. 11.31 (2m).

SB7, s. 56 Section 56. 11.50 (2m) of the statutes is created to read:

SB7,37,8 11.50 (2m) Public Information. (a) Annually, no later than August 15, the board may notify the state treasurer that an amount not exceeding 5% of the amount transferred to the fund in that year shall be placed in a public information account. Moneys in this account shall be expended by the board for the purpose of providing public information concerning the purpose and effect of s. 71.10 (3) and this section.

SB7,37,12 (b) As part of the public information program under par. (a), the board shall prepare an easily understood description of the purpose and effect of s. 71.10 (3) and this section. The department of revenue shall include and highlight the description in its income tax preparation instructions relating to s. 71.10 (3).

SB7,37,14 (c) Any amount placed in the public information account that is not expended by the board in any year shall be retained in that account.

SB7, s. 57 Section 57. 11.50 (3) (a) (intro.) of the statutes is amended to read:

SB7,37,18 11.50 (3) (a) (intro.) Annually on August 15, Immediately after apportionment under sub. (2m), the state treasurer shall annually apportion all moneys appropriated to the fund shall be apportioned as follows by the state treasurer:

SB7, s. 58 Section 58. 11.50 (3) (a) 1. and 2. of the statutes are amended to read:

SB7,37,24 11.50 (3) (a) 1. If an election for state superintendent is scheduled in the following year, 8% of the fund shall be placed in a superintendency account. From this account, an equal amount shall be disbursed to the campaign depository account of each eligible candidate by the state treasurer, except as provided in par. (c) and sub. (9) (b).

SB7,38,4 2. If an election for justice is scheduled in the following year, 8% of the fund shall be placed in a supreme court account. From this account, an equal amount shall be disbursed to the campaign depository account of each eligible candidate by the state treasurer, except as provided in par. (c) and sub. (9) (b).

SB7, s. 59 Section 59. 11.50 (3) (c) of the statutes is created to read:

SB7,38,15 11.50 (3) (c) If an eligible candidate for state superintendent or justice who receives and accepts a grant is opposed by an opponent whose name appears on a spring or special election ballot, and the board notifies the eligible candidate under s. 11.12 (6) (a) that an individual or committee acting independently has incurred or intends to incur an obligation or has made or intends to make a disbursement in opposition to the eligible candidate or in support of his or her opponent specified in this paragraph, the eligible candidate shall receive a supplementary grant equivalent to the amount of the proposed or actual obligation or disbursement. The board shall direct the state treasurer to make payment of the supplementary grant within 5 days after receipt of a report specified in this paragraph.

SB7, s. 60 Section 60. 11.50 (4) (c), (cm) and (d) of the statutes are amended to read:

SB7,38,23 11.50 (4) (c) The legislative and special election campaign account shall be divided into a senate campaign account to receive 25% of the moneys, and an assembly campaign account to receive 75% of the moneys. Each account shall then be apportioned between all eligible candidates for the same office in the entire state, based on the assumption that all candidates who are eligible under sub. (2) (bm) 1. will also be eligible under sub. (2) (bm) 2. No apportionment shall be made by legislative district, except as provided in par. (e).

SB7,39,8 (cm) Each Except as provided in par. (e) and subs. (2) (bm) and (9) (b), each eligible candidate for the same office at a special election shall receive an equal amount, which amount shall be equivalent to the maximum grant which was payable to any candidate for that office at the most recent spring or general election. The amount shall be drawn from the senate campaign account and the assembly campaign account in the same proportions as the balance in each account bears to the total balance in both accounts at the time that payments are made. Whenever there are insufficient moneys in the senate campaign account and the assembly campaign account to make the payments required by this paragraph, payments shall be appropriately reduced or discontinued by the board.

SB7,39,13 (d) Within Except as provided in par. (e) and sub. (9) (b), within the accounts established under this subsection for each office at each general election, the entire amount of all available moneys shall be apportioned equally to all eligible candidates, based on the assumption that all candidates who are eligible under sub. (2) (bm) 1. will also be eligible under sub. (2) (bm) 2.

SB7, s. 61 Section 61. 11.50 (4) (e) of the statutes is created to read:

SB7,39,24 11.50 (4) (e) If an eligible candidate for state office who receives and accepts a grant is opposed by an opponent who meets the applicable vote qualification requirement under sub. (1) (a), and the board notifies the eligible candidate under s. 11.12 (6) (a) that an individual or committee acting independently has incurred or intends to incur an obligation or has made or intends to make a disbursement in opposition to the eligible candidate or in support of his or her opponent specified in this paragraph, the eligible candidate shall receive a supplementary grant equivalent to the amount of the proposed or actual obligation or disbursement. The board shall direct the state treasurer to make payment of the supplementary grant within 5 days after receipt of a report specified in this paragraph.

SB7, s. 62 Section 62. 11.50 (6) of the statutes is amended to read:

SB7,40,5 11.50 (6) Excess moneys. If the amounts which are to be apportioned to each eligible candidate under subs. (3) and (4) are more than the amount which a candidate may accept under sub. (9), more than the amount for which the candidate qualifies under sub. (2) (bm), or more than the amount which a candidate elects to accept under sub. (10), the excess moneys shall be retained in the fund.

SB7, s. 63 Section 63. 11.50 (9) of the statutes is renumbered 11.50 (9) (a) and amended to read:

SB7,40,19 11.50 (9) (a) The total grant available to an eligible candidate who does not receive a supplementary grant under par. (b) or sub. (3) (c) or (4) (e) may not exceed that amount which, when added to all other contributions accepted from sources other than individuals, and political party committees and legislative campaign committees, is equal to 45% of the disbursement level specified for candidates for the applicable office other than candidates challenging incumbent officeholders, as determined under s. 11.31 (1) and adjusted as provided under s. 11.31 (9). The total grants available to an eligible candidate who receives a supplementary grant under par. (b) or sub. (3) (c) or (4) (e) may not exceed the amount authorized under s. 11.26 (9) (a). For the purposes of this paragraph, all contributions transferred to the candidate by a conduit shall be considered to have been accepted from a source other than an individual or political party committee.

SB7,40,23 (c) The board shall scrutinize accounts and reports and records kept under this chapter to assure that applicable limitations under ss. 11.26 (9) and 11.31 are not exceeded and any violation is reported. No candidate or campaign treasurer may accept grants exceeding the amount authorized by this subsection.

SB7, s. 64 Section 64. 11.50 (9) (b) of the statutes is created to read:

SB7,41,10 11.50 (9) (b) If an eligible candidate who accepts a grant is opposed by one or more eligible candidates in the election who do not accept a grant under this section, the total grant available to the eligible candidate shall be increased by an amount equal to 45% of the disbursement level specified for candidates for the applicable office other than candidates challenging incumbent officeholders, as determined under s. 11.31 (1) and adjusted as provided under s. 11.31 (9), unless each such opponent files an affidavit of voluntary compliance under s. 11.31 (2m). The board shall direct the state treasurer to make payment of the supplementary grant within 5 days after it determines that a candidate qualifies to receive the grant under this paragraph.

SB7, s. 65 Section 65. 11.60 (1) of the statutes is amended to read:

SB7,41,14 11.60 (1) Any Except as provided in sub. (3m), any person, including any committee or group, who or which violates this chapter may be required to forfeit not more than $500 for each violation.

SB7, s. 66 Section 66. 11.60 (3m) of the statutes is created to read:

SB7,41,21 11.60 (3m) Any person, including any committee or group, who or which violates s. 11.095 in respect to any telephone communication in which the caller engages in persuasive telephoning shall forfeit $1,000, or $1 for each such telephone communication with an individual that is subject to disclosure under s. 11.095 which the person fails to disclose under that section within the time prescribed under that section, whichever is greater.

SB7, s. 67 Section 67. 11.61 (1) (a) of the statutes is amended to read:

SB7,41,25 11.61 (1) (a) Whoever intentionally violates s. 11.05 (1), (2), (2g) or (2r), 11.07 (1) or (5), 11.10 (1), 11.12 (5), 11.23 (6) or 11.24 (1) may be fined not more than $10,000 or imprisoned not more than 3 years or both.

SB7, s. 68 Section 68. 13.14 (3) of the statutes is amended to read:

SB7,42,6 13.14 (3) Travel; legislative personnel. The actual and necessary expenses of legislative policy research personnel, assistants to legislators and research staff assigned to legislative committees and party caucuses incident to attending meetings outside the capital shall be reimbursed from the appropriation under s. 20.765 (1) (a) or (b).

SB7, s. 69 Section 69. 13.20 (1) of the statutes is amended to read:

SB7,42,14 13.20 (1) Number and pay range of legislative employes. The legislature or either house thereof may employ under the unclassified service such policy research personnel, assistants to legislators, research staff assigned to legislative committees and party caucuses and such clerical, professional or other assistants as in the judgment of the joint committee on legislative organization or the committee on organization in each house are necessary to enable it to perform its functions and duties and to best serve the people of this state.

SB7, s. 70 Section 70. 15.07 (1) (a) 2. of the statutes is repealed.

SB7, s. 71 Section 71. 15.61 of the statutes is amended to read:

SB7,43,4 15.61 Elections board; creation. There is created an elections board consisting of persons who shall be 6 members appointed by the governor for 2-year 6-year terms as follows: one member selected by the governor; one member each designated by the chief justice of the supreme court, the speaker of the assembly, the senate majority leader, the minority leader in each house of the legislature, and the chief officer of each political party qualifying for a separate ballot under s. 5.62 (1) (b) or (2) whose candidate for governor received at least 10% of the vote in the most recent gubernatorial election. No member may hold any other office or employment in the government of this state or any political subdivision thereof or in any department. No member, for one year immediately prior to the date of appointment, may have been, or while serving on the board may become, a member of a political party, an officer or member of a committee in any partisan political club or organization or a candidate for any partisan elective public office.

SB7, s. 72 Section 72. 19.42 (10) (a) of the statutes is repealed.

SB7, s. 73 Section 73. 20.510 (1) (d) of the statutes is created to read:

SB7,43,11 20.510 (1) (d) Election campaign fund supplement. A sum sufficient to supplement the Wisconsin election campaign fund for the purpose of enabling all eligible candidates to receive the maximum grant for which the candidates qualify under s. 11.50 (9), to be transferred to the Wisconsin election campaign fund no later than the time required to enable timely payments to be made under s. 11.50 (5).

SB7, s. 74 Section 74. 20.510 (1) (i) of the statutes is created to read:

SB7,43,15 20.510 (1) (i) Electronic filing software. All moneys received from registrants who purchase software to be utilized for electronic filing of campaign finance reports under s. 11.21 (16), for the purpose of providing that software.

SB7, s. 75 Section 75. 20.510 (1) (q) of the statutes is amended to read:

SB7,43,21 20.510 (1) (q) Wisconsin election campaign fund. As a continuing appropriation, from the Wisconsin election campaign fund, the moneys determined under s. 11.50 to provide for payments to eligible candidates whose names are certified under s. 7.08 (2) (c) and (cm) and to provide for public information as authorized under s. 11.50 (2m).

SB7, s. 76 Section 76. 20.923 (6) (h) of the statutes is amended to read:

SB7,43,25 20.923 (6) (h) Legislature: policy research personnel, assistants to legislators, research staff assigned to legislative committees and party caucuses and other persons employed under s. 13.20.

SB7, s. 77 Section 77. 25.42 of the statutes is amended to read:

SB7,44,8 25.42 Wisconsin election campaign fund. All moneys appropriated under s. ss. 20.510 (1) (d) and 20.855 (4) (b) together with all moneys deposited under ss. 8.35 (4) (a), 11.07 (5), 11.12 (2), 11.16 (2), 11.19 (1), (1m) and (6), 11.23 (2) and 11.38 (6), all moneys reverting to the state under s. 11.50 (8) and all gifts, bequests and devises received under s. 11.50 (13) constitute the Wisconsin election campaign fund, to be expended for the purposes of s. 11.50. All moneys in the fund not disbursed by the state treasurer shall continue to accumulate indefinitely.

SB7, s. 78 Section 78. 71.05 (6) (a) 20. of the statutes is created to read:

SB7,44,12 71.05 (6) (a) 20. Any amount deducted under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code.

SB7, s. 79 Section 79. 71.07 (5) (a) 8. of the statutes is created to read:

SB7,44,16 71.07 (5) (a) 8. Expenses under section 162 (e) (1) of the Internal Revenue Code that are deductible because of the exception contained in section 162 (e) (5) of the Internal Revenue Code.

SB7, s. 80 Section 80. 71.10 (3) (a) of the statutes is amended to read:

SB7,44,22 71.10 (3) (a) Every individual filing an income tax return who has a tax liability or is entitled to a tax refund may designate $1 $3 for the Wisconsin election campaign fund for the use of eligible candidates under s. 11.50. If the individuals filing a joint return have a tax liability or are entitled to a tax refund, each individual may make a designation of $1 $3 under this subsection.

SB7, s. 81 Section 81. 71.26 (1) (a) of the statutes is amended to read:

SB7,45,25 71.26 (1) (a) Certain corporations. Income of corporations organized under ch. 185, except income of a cooperative sickness care association organized under s. 185.981, or of a service insurance corporation organized under ch. 613, that is derived from a health maintenance organization as defined in s. 609.01 (2) or a limited service health organization as defined in s. 609.01 (3), or operating under subch. I of ch. 616 which are bona fide cooperatives operated without pecuniary profit to any shareholder or member, or operated on a cooperative plan pursuant to which they determine and distribute their proceeds in substantial compliance with s. 185.45, and the income, except the unrelated business taxable income as defined in section 512 of the internal revenue code and except income that is derived from a health maintenance organization as defined in s. 609.01 (2) or a limited service health organization as defined in s. 609.01 (3), of all religious, scientific, educational, benevolent or other corporations or associations of individuals not organized or conducted for pecuniary profit. In computing unrelated business taxable income for the purposes of this paragraph, the expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code may not be deducted. This paragraph does not apply to the income of savings banks, mutual loan corporations or savings and loan associations. This paragraph applies to the income of credit unions except to the income of any credit union that is derived from public deposits for any taxable year in which the credit union is approved as a public depository under ch. 34 and acts as a depository of state or local funds under s. 186.113 (20). For purposes of this paragraph, the income of a credit union that is derived from public deposits is the product of the credit union's gross annual income for the taxable year multiplied by a fraction, the numerator of which is the average monthly balance of public deposits in the credit union during the taxable year, and the denominator of which is the average monthly balance of all deposits in the credit union during the taxable year.

SB7, s. 82 Section 82. 71.26 (2) (b) 1g. of the statutes is created to read:

SB7,46,7 71.26 (2) (b) 1g. In computing the net income under this paragraph of a corporation, conduit or common law trust that qualifies as a regulated investment company, real estate mortgage investment conduit or real estate investment trust, expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code may not be deducted.

SB7, s. 83 Section 83. 71.26 (3) (e) 4. of the statutes is created to read:

SB7,46,11 71.26 (3) (e) 4. So that expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code may not be deducted.

SB7, s. 84 Section 84. 71.34 (1) (ad) of the statutes is created to read:

SB7,46,15 71.34 (1) (ad) The expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code may not be deducted.

SB7, s. 85 Section 85. 71.45 (2) (a) 15. of the statutes is created to read:

SB7,46,19 71.45 (2) (a) 15. By adding to federal taxable income the amount of any expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code.

SB7, s. 86 Section 86. 230.08 (2) (f) of the statutes is amended to read: