SB534: Bill Text

LRB-4491/1

MES:kjf:pg

2005 - 2006 LEGISLATURE

2005 Senate BILL 534

January 31, 2006 - Introduced by Senators Roessler, Darling and Kanavas, cosponsored by Representatives Underheim and Davis. Referred to Committee on Health, Children, Families, Aging and Long Term Care.

SB534,1,5 An Act to create 71.05 (1) (c) 7., 71.26 (1m) (h) and 71.45 (1t) (h) of the statutes; relating to: creating an individual and corporate income tax exemption for interest on bonds or notes issued by the Wisconsin Health and Educational Facilities Authority for purposes related to the purchase of information technology equipment by health facilities.

Analysis by the Legislative Reference Bureau

This bill creates an individual and corporate income tax exemption for interest on bonds or notes issued by the Wisconsin Health and Educational Facilities Authority, on or after the effective date of the bill, if the proceeds of the bond or note are used by a health facility to purchase information and technology equipment. This bill first applies to taxable years beginning on January 1, 2006.

This bill will be referred to the Joint Survey Committee on Tax Exemptions for a detailed analysis, which will be printed as an appendix to this bill.

For further information see the state and local fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB534, s. 1 Section 1. 71.05 (1) (c) 7. of the statutes is created to read:

SB534,2,5 71.05 (1) (c) 7. The Wisconsin Health and Educational Facilities Authority under s. 231.03 (6), on or after the effective date of this subdivision .... [revisor inserts date], if the proceeds from the bonds or notes that are issued are used by a health facility, as defined in s. 231.01 (5), to fund the acquisition of information technology hardware or software.

SB534, s. 2 Section 2. 71.26 (1m) (h) of the statutes is created to read:

SB534,2,10 71.26 (1m) (h) Those issued under s. 231.03 (6), on or after the effective date of this paragraph .... [revisor inserts date], if the proceeds from the obligations that are issued are used by a health facility, as defined in s. 231.01 (5), to fund the acquisition of information technology hardware or software.

SB534, s. 3 Section 3. 71.45 (1t) (h) of the statutes is created to read:

SB534,2,15 71.45 (1t) (h) Those issued under s. 231.03 (6), on or after the effective date of this paragraph .... [revisor inserts date], if the proceeds from the obligations that are issued are used by a health facility, as defined in s. 231.01 (5), to fund the acquisition of information technology hardware or software.

SB534, s. 4 Section 4. Initial applicability.

SB534,2,17 (1) This act first applies to taxable years beginning on January 1, 2006.

SB534,2,18 (End)