SB111: Bill Text

SB111,51,23 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.

SB111, s. 106 Section 106. 71.45 (2) (a) 15. of the statutes is created to read:

SB111,52,3 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.

SB111, s. 107 Section 107. 71.80 (21) of the statutes is created to read:

SB111,52,12 71.80 (21) Taxability of lobbying expenses; certification. Annually no later than August 15, the secretary of revenue shall certify to the secretary of administration the amount of taxes estimated by the secretary of revenue to have been collected during the preceding 12-month period ending on June 30 as a result of the election of this state not to allow an income and franchise tax deduction for expenses under section 162 (e) (1) of the Internal Revenue Code that are deductible because of the exemption contained in section 162 (e) (5) of the Internal Revenue Code.

SB111, s. 108 Section 108. Chapter 77 (title) of the statutes is amended to read:

SB111,53,2 CHAPTER 77 TAXATION OF FOREST CROPLANDS; REAL ESTATE TRANSFER FEES; SALES AND USE TAXES; COUNTY AND SPECIAL DISTRICT SALES AND USE TAXES; MANAGED FOREST LAND; TEMPORARY RECYCLING SURCHARGE; LOCAL FOOD AND BEVERAGE TAX; LOCAL RENTAL CAR TAX; Premier resort area taxes; state rental vehicle fee; dry cleaning fees; campaign treasury surplus earnings tax

SB111, s. 109 Section 109. Subchapter XIII of chapter 77 [precedes 77.997] of the statutes is created to read:

SB111,53,5 CHAPTER 77

SB111,53,8 SUBCHAPTER XIII CAMPAIGN TREASURY SURPLUS EARNINGS TAX

SB111,53,9 77.997 Definitions. In this subchapter:

SB111,53,17 (1) "Campaign treasury surplus" means the unencumbered balance in the campaign depository account of a candidate or a candidate's personal campaign committee during the period beginning on the first day of the month following an election at which the name of the candidate appeared on the ballot, except a primary election if the candidate was nominated at that primary election to appear on an election ballot, and ending on the date that the candidate files a valid declaration of candidacy together with valid nomination papers, if required, to appear on the ballot at a succeeding election.

SB111,53,18 (2) "Candidate" has the meaning given in s. 11.01 (1).

SB111,53,19 (3) "Election" has the meaning given in s. 5.02 (4).

SB111,53,20 (4) "Personal campaign committee" has the meaning given in s. 11.01 (15).

SB111,53,24 77.9971 Imposition. A tax is imposed on each candidate and personal campaign committee at the rate of 15% on the earnings received by the candidate or personal campaign committee on any campaign treasury surplus for the 6-month period ending on each December 31 and June 30.

SB111,54,2 77.9972 Administration. (1) The department of revenue shall levy, enforce and collect the tax under this subchapter.

SB111,54,4 (2) The tax under this subchapter and a completed return prescribed by the department of revenue are due on March 1 and September 1.

SB111,54,7 (3) Sections 77.59 (1) to (6), (8) and (8m), 77.60 (1) to (7), (9) and (10), 77.61 (5) and (12) to (14) and 77.62, as they apply to the taxes under subch. III, apply to the tax under this subchapter.

SB111,54,11 77.9973 Certification. Annually no later than September 15, the secretary of revenue shall certify to the secretary of administration the amount of taxes collected under this subchapter for the preceding 12-month period ending on June 30.

SB111, s. 110 Section 110. Initial applicability.

SB111,54,14 (1) Except as provided in subsections (2) to (5 ), this act first applies to elections held on the effective date of this subsection.

SB111,54,16 (2) The treatment of section 11.06 (1) (a), (d) and (L) of the statutes first applies to reports covering the period beginning on July 1, 2000.

SB111,54,18 (3) The treatment of section 11.31 (9) of the statutes first applies to adjustment of disbursement limitations for the biennium beginning on January 1, 2002.

SB111,54,24 (4) The treatment of sections 71.05 (6) (a) 21., 71.07 (5) (a) 8., 71.10 (3) (a) and (b) (by Section 100 ), 71.26 (1) (a), (2) (b) 1g. and (3) (e) 4., 71.34 (1) (ad) and 71.45 (2) (a) 15. of the statutes first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31 this act first applies to claims filed for taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

SB111,55,2 (5) The treatment of subchapter XIII of chapter 77 of the statutes first applies to earnings received on January 1, 2001.

SB111, s. 111 Section 111. Effective dates. This act takes effect on the day after publication, except as follows:

SB111,55,7 (1) The treatment of section 20.510 (1) (q) (by Section 91 ) of the statutes and the repeal of section 11.50 (2m) of the statutes take effect on the first day of the 7th year beginning after publication.

SB111,55,9 (2) The treatment of section 71.10 (3) (b) (by Section 101) of the statutes takes effect on the first day of the 7th year beginning after publication.

SB111,55,10 (End)