SB45: Bill Text

SB45,847,7 71.05 (22) (f) 4. b. The standard deduction that may be claimed by an individual under par. (dm) or (dp), based on the individual's filing status.

SB45, s. 1693 Section 1693. 71.05 (23) of the statutes is created to read:

SB45,847,10 71.05 (23) Personal exemptions. In computing Wisconsin taxable income, an individual taxpayer may subtract the following amounts:

SB45,847,12 (a) For taxable years that begin after December 31, 1999, and before January 1, 2001:

SB45,847,15 1. A personal exemption of $600 if the taxpayer is required to file a return under s. 71.03 (2) (a) 1. or 2. and $600 for the taxpayer's spouse, except if the spouse is filing separately or as a head of household.

SB45,847,18 2. An exemption of $600 for each individual for whom the taxpayer is entitled to an exemption for the taxable year under section 151 (c) of the Internal Revenue Code.

SB45,847,23 3. An additional exemption of $200 if the taxpayer has reached the age of 65 before the close of the taxable year to which his or her tax return relates and $200 for the taxpayer's spouse if he or she has reached the age of 65 before the close of the taxable year to which his or her tax return relates, except if the spouse is filing separately or as a head of household.

SB45,847,24 (b) For taxable years that begin after December 31, 2000:

SB45,848,3 1. A personal exemption of $700 if the taxpayer is required to file a return under s. 71.03 (2) (a) 1. or 2. and $700 for the taxpayer's spouse, except if the spouse is filing separately or as a head of household.

SB45,848,6 2. An exemption of $700 for each individual for whom the taxpayer is entitled to an exemption for the taxable year under section 151 (c) of the Internal Revenue Code.

SB45,848,11 3. An additional exemption of $250 if the taxpayer has reached the age of 65 before the close of the taxable year to which his or her tax return relates and $250 for the taxpayer's spouse if he or she has reached the age of 65 before the close of the taxable year to which his or her tax return relates, except if the spouse is filing separately or as a head of household.

SB45,848,24 (c) With respect to persons who change their domicile into or from this state during the taxable year and nonresident persons, personal exemptions under pars. (a) and (b) shall be limited to the fraction of the amount so determined that Wisconsin adjusted gross income is of federal adjusted gross income. In this paragraph, for married persons filing separately "adjusted gross income" means the separate adjusted gross income of each spouse and for married persons filing jointly "adjusted gross income" means the total adjusted gross income of both spouses. If a person and that person's spouse are not both domiciled in this state during the entire taxable year, their personal exemptions on a joint return are determined by multiplying the personal exemption that would be available to each of them if they were both domiciled in this state during the entire taxable year by a fraction the numerator of which is their joint Wisconsin adjusted gross income and the denominator of which is their joint federal adjusted gross income.

SB45, s. 1694 Section 1694. 71.06 (1m) (intro.) of the statutes is amended to read:

SB45,849,6 71.06 (1m) Fiduciaries, single individuals and heads of households; after 1997 to 1999. (intro.) The tax to be assessed, levied and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates for taxable years beginning after December 31, 1997, and before January 1, 2000:

SB45, s. 1695 Section 1695. 71.06 (1n) of the statutes is created to read:

SB45,849,12 71.06 (1n) Fiduciaries, single individuals and heads of households; 2000. The tax to be assessed, levied and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates for taxable years beginning after December 31, 1999, and before January 1, 2001:

SB45,849,13 (a) On all taxable income from $0 to $7,500, 4.73%.

SB45,849,14 (b) On all taxable income exceeding $7,500 but not exceeding $15,000, 6.33%.

SB45,849,15 (c) On all taxable income exceeding $15,000 but not exceeding $112,500, 6.55%.

SB45,849,16 (d) On all taxable income exceeding $112,500, 6.75%.

SB45, s. 1696 Section 1696. 71.06 (1p) of the statutes is created to read:

SB45,849,22 71.06 (1p) Fiduciaries, single individuals and heads of households; after 2000. The tax to be assessed, levied and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates for taxable years beginning after December 31, 2000:

SB45,849,23 (a) On all taxable income from $0 to $7,500, 4.6%.

SB45,849,24 (b) On all taxable income exceeding $7,500 but not exceeding $15,000, 6.15%.

SB45,849,25 (c) On all taxable income exceeding $15,000 but not exceeding $112,500, 6.5%.

SB45,850,1 (d) On all taxable income exceeding $112,500, 6.75%.

SB45, s. 1697 Section 1697. 71.06 (2) (c) (intro.) of the statutes is amended to read:

SB45,850,4 71.06 (2) (c) (intro.) For joint returns, for taxable years beginning after December 31, 1997, and before January 1, 2000:

SB45, s. 1698 Section 1698. 71.06 (2) (d) (intro.) of the statutes is amended to read:

SB45,850,7 71.06 (2) (d) (intro.) For married persons filing separately, for taxable years beginning after December 31, 1997, and before January 1, 2000:

SB45, s. 1699 Section 1699. 71.06 (2) (e) of the statutes is created to read:

SB45,850,10 71.06 (2) (e) For joint returns, for taxable years beginning after December 31, 1999, and before January 1, 2001:

SB45,850,11 1. On all taxable income from $0 to $10,000, 4.73%.

SB45,850,12 2. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.33%.

SB45,850,13 3. On all taxable income exceeding $20,000 but not exceeding $150,000, 6.55%.

SB45,850,14 4. On all taxable income exceeding $150,000, 6.75%.

SB45, s. 1700 Section 1700. 71.06 (2) (f) of the statutes is created to read:

SB45,850,17 71.06 (2) (f) For married persons filing separately, for taxable years beginning after December 31, 1999, and before January 1, 2001:

SB45,850,18 1. On all taxable income from $0 to $5,000, 4.73%.

SB45,850,19 2. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.33%.

SB45,850,20 3. On all taxable income exceeding $10,000 but not exceeding $75,000, 6.55%.

SB45,850,21 4. On all taxable income exceeding $75,000, 6.75%.

SB45, s. 1701 Section 1701. 71.06 (2) (g) of the statutes is created to read:

SB45,850,24 71.06 (2) (g) For joint returns, for taxable years beginning after December 31, 2000:

SB45,850,25 1. On all taxable income from $0 to $10,000, 4.6%.

SB45,851,1 2. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.15%.

SB45,851,2 3. On all taxable income exceeding $20,000 but not exceeding $150,000, 6.5%.

SB45,851,3 4. On all taxable income exceeding $150,000, 6.75%.

SB45, s. 1702 Section 1702. 71.06 (2) (h) of the statutes is created to read:

SB45,851,6 71.06 (2) (h) For married persons filing separately, for taxable years beginning after December 31, 2000:

SB45,851,7 1. On all taxable income from $0 to $5,000, 4.6%.

SB45,851,8 2. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.15%.

SB45,851,9 3. On all taxable income exceeding $10,000 but not exceeding $75,000, 6.5%.

SB45,851,10 4. On all taxable income exceeding $75,000, 6.75%.

SB45, s. 1703 Section 1703. 71.06 (2e) of the statutes is amended to read:

SB45,852,2 71.06 (2e) Bracket indexing. For taxable years beginning after December 31, 1998, and before January 1, 2000, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1m) and (2) (c) and (d), and for taxable years beginning after December 31, 2001, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1p) and (2) (g) and (h), shall be increased each year by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the year before the previous year, as determined by the federal department of labor. Each amount that is revised under this subsection shall be rounded to the nearest multiple of $10 if the revised amount is not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount shall be increased to the next higher multiple of $10. The department of revenue shall annually adjust the changes in dollar amounts required under this subsection and incorporate the changes into the income tax forms and instructions.

SB45, s. 1704 Section 1704. 71.06 (2m) of the statutes is amended to read:

SB45,852,7 71.06 (2m) Rate changes. If a rate under sub. (1), (1m), (1n), (1p) or (2) changes during a taxable year, the taxpayer shall compute the tax for that taxable year by the methods applicable to the federal income tax under section 15 of the internal revenue code.

SB45, s. 1705 Section 1705. 71.06 (2s) (b) of the statutes is amended to read:

SB45,852,21 71.06 (2s) (b) For taxable years beginning after December 31, 1997, and before January 1, 2000, with respect to nonresident individuals, including individuals changing their domicile into or from this state, the tax brackets under subs. (1m) and (2) (c) and (d) shall be multiplied by a fraction, the numerator of which is Wisconsin adjusted gross income and the denominator of which is federal adjusted gross income. In this paragraph, for married persons filing separately "adjusted gross income" means the separate adjusted gross income of each spouse, and for married persons filing jointly "adjusted gross income" means the total adjusted gross income of both spouses. If an individual and that individual's spouse are not both domiciled in this state during the entire taxable year, the tax brackets under subs. (1m) and (2) (c) and (d) on a joint return shall be multiplied by a fraction, the numerator of which is their joint Wisconsin adjusted gross income and the denominator of which is their joint federal adjusted gross income.

SB45, s. 1706 Section 1706. 71.06 (2s) (c) of the statutes is created to read:

SB45,853,10 71.06 (2s) (c) For taxable years beginning after December 31, 1999, and before January 1, 2001, with respect to nonresident individuals, including individuals changing their domicile into or from this state, the tax brackets under subs. (1n) and (2) (e) and (f) shall be multiplied by a fraction, the numerator of which is Wisconsin adjusted gross income and the denominator of which is federal adjusted gross income. In this paragraph, for married persons filing separately "adjusted gross income" means the separate adjusted gross income of each spouse, and for married persons filing jointly "adjusted gross income" means the total adjusted gross income of both spouses. If an individual and that individual's spouse are not both domiciled in this state during the entire taxable year, the tax brackets under subs. (1n) and (2) (e) and (f) on a joint return shall be multiplied by a fraction, the numerator of which is their joint Wisconsin adjusted gross income and the denominator of which is their joint federal adjusted gross income.

SB45, s. 1707 Section 1707. 71.06 (2s) (d) of the statutes is created to read:

SB45,853,24 71.06 (2s) (d) For taxable years beginning after December 31, 2000, with respect to nonresident individuals, including individuals changing their domicile into or from this state, the tax brackets under subs. (1p) and (2) (g) and (h) shall be multiplied by a fraction, the numerator of which is Wisconsin adjusted gross income and the denominator of which is federal adjusted gross income. In this paragraph, for married persons filing separately "adjusted gross income" means the separate adjusted gross income of each spouse, and for married persons filing jointly "adjusted gross income" means the total adjusted gross income of both spouses. If an individual and that individual's spouse are not both domiciled in this state during the entire taxable year, the tax brackets under subs. (1p) and (2) (g) and (h) on a joint return shall be multiplied by a fraction, the numerator of which is their joint Wisconsin adjusted gross income and the denominator of which is their joint federal adjusted gross income.

SB45, s. 1708 Section 1708. 71.07 (2dj) (am) 3. of the statutes is amended to read:

SB45,854,3 71.07 (2dj) (am) 3. Modify the rule for certification under section 51 (d) (16) (A) of the internal revenue code to allow certification within the 90-day period beginning with the first day of employment of the employe by the claimant.

SB45, s. 1709 Section 1709. 71.07 (2dx) (b) 4. of the statutes is amended to read:

SB45,854,10 71.07 (2dx) (b) 4. The amount determined by multiplying the amount determined under s. 560.785 (1) (b) (bm) by the number of full-time jobs retained, as provided in the rules under s. 560.785, excluding jobs for which a credit has been claimed under sub. (2dj), in a an enterprise development zone under s. 560.797 and filled by a member of a targeted group for which significant capital investment was made and by then subtracting the subsidies paid under s. 49.147 (3) (a) for those jobs.

SB45, s. 1710 Section 1710. 71.07 (3) of the statutes is amended to read:

SB45,854,14 71.07 (3) Farmland preservation credit , farmland preservation acreage credit. The farmland preservation credit and the farmland preservation acreage credit under subch. IX may be claimed against taxes otherwise due.

SB45, s. 1711 Section 1711. 71.07 (5) (a) 7. of the statutes is created to read:

SB45,854,18 71.07 (5) (a) 7. Miscellaneous itemized deductions under the Internal Revenue Code, without regard to whether such deductions are subject to the 2% floor as described in section 67 of the Internal Revenue Code.

SB45, s. 1712 Section 1712. 71.07 (5) (a) 8. of the statutes is created to read:

SB45,854,22 71.07 (5) (a) 8. Any employment-related educational expense that is claimed as an itemized deduction under the Internal Revenue Code to the extent that such an amount is also claimed as a subtract modification under s. 71.05 (6) (b) 28.

SB45, s. 1713 Section 1713. 71.07 (5m) (e) of the statutes is created to read:

SB45,854,25 71.07 (5m) (e) Sunset. No new claim may be filed under this subsection for a taxable year that begins after December 31, 1999.

SB45, s. 1714 Section 1714. 71.07 (6) (am) 2. c. of the statutes is amended to read:

SB45,855,4 71.07 (6) (am) 2. c. For taxable years beginning after December 31, 1999, and before January 1, 2001, 2.75% of the earned income of the spouse with the lower earned income, but not more than $385 $440.

SB45, s. 1715 Section 1715. 71.07 (6) (am) 2. d. of the statutes is amended to read:

SB45,855,8 71.07 (6) (am) 2. d. For taxable years beginning after December 31, 2000, 3% of the earned income of the spouse with the lower earned income, but not more than $420 $480.

SB45, s. 1716 Section 1716. 71.07 (8) (d) of the statutes is created to read:

SB45,855,11 71.07 (8) (d) No new claim may be filed under this subsection for a taxable year that begins after December 31, 1999.

SB45, s. 1717 Section 1717. 71.07 (9) (g) of the statutes is created to read:

SB45,855,14 71.07 (9) (g) No new claim may be filed under this subsection for a taxable year that begins after December 31, 1999.

SB45, s. 1718 Section 1718. 71.07 (9e) (af) (intro.) of the statutes is amended to read:

SB45,855,20 71.07 (9e) (af) (intro.) For taxable years beginning after December 31, 1995, and subject to par. (afm), any natural person may credit against the tax imposed under s. 71.02 an amount equal to one of the following percentages of the federal basic earned income credit for which the person is eligible for the taxable year under section 32 (b) (1) (A) to (C) of the internal revenue code:

SB45, s. 1719 Section 1719. 71.07 (9e) (afm) of the statutes is created to read:

SB45,856,2 71.07 (9e) (afm) If a natural person who is otherwise eligible for the credit under this subsection is also participating in Wisconsin works under s. 49.147 (4) (c), the credit that such a natural person may claim under par. (af) shall be calculated as if the calculation of the person's federal basic earned income credit described in par. (af) did not include wages that the person received from a wage-paying community service job under s. 49.147 (4) (c).

SB45, s. 1720 Section 1720. 71.10 (4) (i) of the statutes is amended to read: