LRBb0641/1
MES:cjs:rs
2003 - 2004 LEGISLATURE
SENATE AMENDMENT 83,
TO SENATE SUBSTITUTE AMENDMENT 1,
TO 2003 SENATE BILL 44
June 18, 2003 - Offered by Senator
Carpenter.
SB44-SSA1-SA83,1,54
71.06
(1p) (d)
On Subject to par. (e), on all taxable income exceeding $112,500,
56.75%.
SB44-SSA1-SA83,1,107
71.06
(1p) (e) On all taxable income of the chief executive officer of a
8corporation, exceeding $1,000,000, 85%, except that this paragraph does not apply
9if the taxable income exceeding $1,000,000 has been approved by a majority vote of
10the shareholders of the corporation in the year in which the taxable income is paid.
SB44-SSA1-SA83,2,2
171.06
(2) (g) 4.
On Subject to subd. 5., on all taxable income exceeding $150,000,
26.75%.
SB44-SSA1-SA83,2,74
71.06
(2) (g) 5. On all taxable income of the chief executive officer of a
5corporation, exceeding $1,000,000, 85%, except that this subdivision does not apply
6if the taxable income exceeding $1,000,000 has been approved by a majority vote of
7the shareholders of the corporation in the year in which the taxable income is paid.
SB44-SSA1-SA83,2,109
71.06
(2) (h) 4.
On Subject to subd. 5., on all taxable income exceeding $75,000,
106.75%.
SB44-SSA1-SA83,2,1512
71.06
(2) (h) 5. On all taxable income of the chief executive officer of a
13corporation, exceeding $1,000,000, 85%, except that this subdivision does not apply
14if the taxable income exceeding $1,000,000 has been approved by a majority vote of
15the shareholders of the corporation in the year in which the taxable income is paid.
SB44-SSA1-SA83,2,1817
71.07
(5) (a) 5m. Interest, in excess of $20,000, that is incurred to purchase or
18refinance a principal residence.
SB44-SSA1-SA83,2,2220
71.07
(5) (a) 9. An amount in excess of 50% of the amount that is allowed as a
21meal and entertainment expenses deduction under section
274 (n) of the Internal
22Revenue Code.".
SB44-SSA1-SA83,3,3
1"
(5r)
Rates of individual income taxation, ceo's. The treatment of section 71.06
2(1p) (d) and (e), (2) (g) 4. and 5., and (h) 4. and 5. of the statutes first applies to taxable
3years beginning on January 1, 2003.
SB44-SSA1-SA83,3,5
4(5s) Itemized deductions credit. The treatment of section 71.07 (5) (a) 5m. and
59. of the statutes first applies to taxable years beginning on January 1, 2003.".