AB546,3,114
71.52
(6) "Income" means the sum of Wisconsin adjusted gross income and the
5following amounts, to the extent not included in Wisconsin adjusted gross income:
1maintenance payments (except foster care maintenance and supplementary
2payments excludable under section
131 of the internal revenue code), support money,
3cash public assistance (not including credit granted under this subchapter and
4amounts under s. 46.27), cash benefits paid by counties under s. 59.53 (21), the
gross 5taxable amount of any pension or annuity (including railroad retirement benefits,
6all payments received under the federal social security act and veterans disability
7pensions), nontaxable interest received from the federal government or any of its
8instrumentalities, nontaxable interest received on state or municipal bonds,
9worker's compensation, unemployment insurance, the gross amount of "loss of time"
10insurance, compensation and other cash benefits received from the United States for
11past or present service in the armed forces, scholarship and fellowship gifts or
12income, capital gains, gain on the sale of a personal residence excluded under section
13121 of the internal revenue code, dividends, income of a nonresident or part-year
14resident who is married to a full-year resident, housing allowances provided to
15members of the clergy, the amount by which a resident manager's rent is reduced,
16nontaxable income of an American Indian, nontaxable income from sources outside
17this state and nontaxable deferred compensation. Intangible drilling costs,
18depletion allowances and depreciation, including first-year depreciation allowances
19under section
179 of the internal revenue code, amortization, contributions to
20individual retirement accounts under section
219 of the internal revenue code,
21contributions to Keogh plans, net operating loss carry-forwards and capital loss
22carry-forwards deducted in determining Wisconsin adjusted gross income shall be
23added to "income". "Income" does not include gifts from natural persons, cash
24reimbursement payments made under title XX of the federal social security act,
25surplus food or other relief in kind supplied by a governmental agency, the gain on
1the sale of a personal residence deferred under section
1034 of the internal revenue
2code or nonrecognized gain from involuntary conversions under section
1033 of the
3internal revenue code. Amounts not included in adjusted gross income but added to
4"income" under this subsection in a previous year and repaid may be subtracted from
5income for the year during which they are repaid. Scholarship and fellowship gifts
6or income that are included in Wisconsin adjusted gross income and that were added
7to household income for purposes of determining the credit under this subchapter in
8a previous year may be subtracted from income for the current year in determining
9the credit under this subchapter. A marital property agreement or unilateral
10statement under ch. 766 has no effect in computing "income" for a person whose
11homestead is not the same as the homestead of that person's spouse.
AB546,3,1613
(1) This act first applies to taxable years beginning on January 1 of the year
14in which this subsection takes effect, except that if this subsection takes effect after
15July 31, this act first applies to taxable years beginning on January 1 of the year
16following the year in which this subsection takes effect.