AB40: Bill Text

AB40,742,16 66.1103 (4s) (b) 4. The employer shall submit a report to the department corporation every 3 months during the first year after the construction of the project is completed. The reports shall provide information about new jobs, lost jobs, and offers of employment made to persons who were formerly employed at lost jobs. The 4th report shall be the final report. The form and content of the reports shall be prescribed by the department corporation under par. (d).

AB40, s. 1737 Section 1737. 66.1103 (4s) (d) of the statutes is amended to read:

AB40,742,19 66.1103 (4s) (d) The department corporation shall administer this subsection and shall prescribe forms for certification and reports under par. (b).

AB40, s. 1738 Section 1738. 66.1103 (10) (c) of the statutes is amended to read:

AB40,743,4 66.1103 (10) (c) A copy of the initial resolution together with a statement indicating when the public notice required under par. (b) was published shall be filed with the secretary of commerce Wisconsin Economic Development Corporation within 20 days following publication of notice. Prior to the closing of the bond issue, the secretary corporation may require additional information from the eligible participant or the municipality or county. After the closing of the bond issue, the secretary corporation shall be notified of the closing date, any substantive changes made to documents previously filed with the secretary corporation, and the principal amount of the financing.

AB40, s. 1739 Section 1739. 66.1103 (10) (g) of the statutes is amended to read:

AB40,743,9 66.1103 (10) (g) Bonds may not be issued unless prior to adoption of an initial resolution a document which provides a good faith estimate of attorney fees which will be paid from bond proceeds is filed with the clerk of the municipality or county and the department of commerce Wisconsin Economic Development Corporation.

AB40, s. 1740 Section 1740. 66.1104 of the statutes is repealed.

AB40, s. 1741 Section 1741. 66.1105 (13) of the statutes is repealed.

AB40, s. 1742 Section 1742. 66.1305 (2) (a) 1. of the statutes is amended to read:

AB40,743,14 66.1305 (2) (a) 1. "Arts incubator" has the meaning given in s. 44.60 41.60 (1) (a).

AB40, s. 1743 Section 1743. 66.1305 (2) (b) 3. of the statutes is amended to read:

AB40,743,17 66.1305 (2) (b) 3. Apply for a grant or loan under s. 44.60 41.60 in connection with an arts incubator.

AB40, s. 1744 Section 1744. 66.1333 (2m) (am) of the statutes is amended to read:

AB40,743,20 66.1333 (2m) (am) "Arts incubator" has the meaning given in s. 44.60 41.60 (1) (a).

AB40, s. 1745 Section 1745. 66.1333 (2m) (d) 7. of the statutes is amended to read:

AB40,743,24 66.1333 (2m) (d) 7. Studying the feasibility of and initial design for an arts incubator, developing and operating an arts incubator, and applying for a grant or loan under s. 44.60 41.60 in connection with an arts incubator.

AB40, s. 1746 Section 1746. 67.05 (6a) (bg) 2. of the statutes is amended to read:

AB40,744,5 67.05 (6a) (bg) 2. The department of commerce safety and professional services shall determine for each grade level in which pupils attended school in a building described in subd. 1., the average cost per square foot for, and the average number of square feet per pupil included in, 2 recently constructed school buildings that were designed to serve pupils of that grade level, as selected by that department.

AB40, s. 1747 Section 1747. 67.12 (12) (e) 2r. b. of the statutes is amended to read:

AB40,744,11 67.12 (12) (e) 2r. b. The department of commerce safety and professional services shall determine, for each grade level in which pupils attended school in a building described in subd. 2r. a., the average cost per square foot for, and the average number of square feet per pupil included in, 2 recently constructed school buildings that were designed to serve pupils of that grade level, as selected by that department.

AB40, s. 1748 Section 1748. 70.11 (3) (d) of the statutes is created to read:

AB40,744,16 70.11 (3) (d) Notwithstanding the provisions of s. 70.11 (intro.) that relate to leased property or that impose other limitations, all property owned or leased by the University of Wisconsin-Madison, provided that use of the property is primarily related to the purposes of the University of Wisconsin-Madison.

AB40, s. 1749 Section 1749. 70.114 (5) of the statutes is created to read:

AB40,744,19 70.114 (5) Sunset. No aids shall be paid under this section for lands acquired after the effective date of this subsection .... [LRB inserts date].

AB40, s. 1750 Section 1750. 70.119 (3) (e) of the statutes is amended to read:

AB40,744,25 70.119 (3) (e) "State facilities" means all property owned and operated by the state for the purpose of carrying out usual state functions, including the campus of the University of Wisconsin-Madison and the branch campuses of the university University of Wisconsin system but not including land held for highway right-of-way purposes.

AB40, s. 1751 Section 1751. 70.119 (4) of the statutes is amended to read:

AB40,745,7 70.119 (4) The department shall be responsible for negotiating with municipalities on payments for municipal services and may delegate certain responsibilities of negotiation to other state agencies or to the University of Wisconsin-Madison or the University of Wisconsin Hospitals and Clinics Authority. Prior to negotiating with municipalities the department shall submit guidelines for negotiation to the committee for approval.

AB40, s. 1752 Section 1752. 70.58 (1) of the statutes is amended to read:

AB40,745,18 70.58 (1) Except as provided in sub. (2), there is levied an annual tax of two-tenths of one mill for each dollar of the assessed valuation of the property of the state as determined by the department of revenue under s. 70.57, for the purpose of acquiring, preserving and developing the forests of the state and for the purpose of forest crop law and county forest law administration and aid payments, for grants to forestry cooperatives under s. 36.56 37.56, and for the acquisition, purchase and development of forests described under s. 25.29 (7) (a) and (b), the proceeds of the tax to be paid into the conservation fund. The tax shall not be levied in any year in which general funds are appropriated for the purposes specified in this section, equal to or in excess of the amount which the tax would produce.

AB40, s. 1753 Section 1753. 71.01 (6) (um) of the statutes is amended to read:

AB40,748,2 71.01 (6) (um) For taxable years that begin after December 31, 2008, for natural persons and fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, "Internal Revenue Code" means the federal Internal Revenue Code as amended to December 31, 2008, excluding sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, sections 1, 3, 4, and 5 of P.L. 106-519, sections 162 and 165 of P.L. 106-554, P.L. 106-573, section 431 of P.L. 107-16, sections 101 and 301 (a) of P.L. 107-147, sections 106, 201, and 202 of P.L. 108-27, section 1201 of P.L. 108-173, sections 306, 308, 316, 401, and 403 (a) of P.L. 108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L. 108-357, P.L. 109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, section 11146 of P.L. 109-59, section 301 of P.L. 109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, sections 101, 207, 209, 503, and 513 of P.L. 109-222, section 844 of P.L. 109-280, P.L. 109-432, P.L. 110-28, P.L. 110-140, P.L. 110-141, P.L. 110-142, P.L. 110-166, P.L. 110-172, P.L. 110-185, P.L. 110-234, sections 110, 113, and 301 of P.L. 110-245, P.L. 110-246, except section 15316 of P.L. 110-246, P.L. 110-289, P.L. 110-317, P.L. 110-343, except section 301 of division B and section 313 of division C of P.L. 110-343, and P.L. 110-351 , and as amended by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and as indirectly affected by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-280, P.L. 101-508, P.L. 102-90, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-117, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, P.L. 107-15, P.L. 107-16, excluding section 431 of P.L. 107-16, P.L. 107-22, P.L. 107-116, P.L. 107-134, P.L. 107-147, excluding sections 101 and 301 (a) of P.L. 107-147, P.L. 107-181, P.L. 107-210, P.L. 107-276, P.L. 107-358, P.L. 108-27, excluding sections 106, 201, and 202 of P.L. 108-27, P.L. 108-121, P.L. 108-173, excluding section 1201 of P.L. 108-173, P.L. 108-203, P.L. 108-218, P.L. 108-311, excluding sections 306, 308, 316, 401, and 403 (a) of P.L. 108-311, P.L. 108-357, excluding sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L. 108-357, P.L. 108-375, P.L. 108-476, P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-59, excluding section 11146 of P.L. 109-59, P.L. 109-73, excluding section 301 of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151, P.L. 109-222, excluding sections 101, 207, 209, 503, and 513 of P.L. 109-222, P.L. 109-227, P.L. 109-280, excluding section 844 of P.L. 109-280, P.L. 110-245, excluding sections 110, 113, and 301 of P.L. 110-245, and section 15316 of P.L. 110-246, section 301 of division B and section 313 of division C of P.L. 110-343, P.L. 110-458, sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240. The Internal Revenue Code applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the federal Internal Revenue Code enacted after December 31, 2008, do not apply to this paragraph with respect to taxable years beginning after December 31, 2008, except that changes to the Internal Revenue Code made by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and changes that indirectly affect the provisions applicable to this subchapter made by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, apply for Wisconsin purposes at the same time as for federal purposes.

AB40, s. 1754 Section 1754. 71.01 (13) of the statutes is amended to read:

AB40,748,6 71.01 (13) "Wisconsin adjusted gross income" means federal adjusted gross income, with the modifications prescribed in s. 71.05 (6) to (12), (19), (20), and (24), (25), and (26).

AB40, s. 1755 Section 1755. 71.05 (1) (c) 11. of the statutes is created to read:

AB40,748,12 71.05 (1) (c) 11. The Wisconsin Health and Educational Facilities Authority under s. 231.03 (6), if the bonds or notes are issued to a person who is eligible to receive bonds or notes from another issuer for the same purpose for which the person is issued bonds or notes under s. 231.03 (6) and the interest income received from the other bonds or notes is exempt from taxation under this subchapter.

AB40, s. 1756 Section 1756. 71.05 (6) (b) 23. of the statutes is amended to read:

AB40,748,17 71.05 (6) (b) 23. Any increase in value of a tuition unit that is purchased under a tuition contract under s. 14.63 16.64, except that the subtraction under this subdivision may not be claimed by any individual who received a refund under s. 14.63 16.64 (7) (a) 2., 3. or 4.

AB40, s. 1757 Section 1757. 71.05 (6) (b) 28. h. of the statutes is amended to read:

AB40,748,24 71.05 (6) (b) 28. h. No modification may be claimed under this subdivision for an amount paid for tuition expenses and mandatory student fees, as described under this subdivision, if the source of the payment is an amount withdrawn from a college savings account, as described in s. 14.64 16.641 or from a college tuition and expenses program, as described in s. 14.63 16.64, and if the owner of the account has claimed a deduction under subd. 32. or 33. that relates to such an amount.

AB40, s. 1758 Section 1758. 71.05 (6) (b) 31. of the statutes is amended to read:

AB40,749,4 71.05 (6) (b) 31. Any increase in value of a college savings account, as described in s. 14.64 16.641, except that the subtraction under this subdivision may not be claimed by any individual who has made a nonqualified withdrawal, as described in s. 14.64 16.641 (2) (e).

AB40, s. 1759 Section 1759. 71.05 (6) (b) 32. (intro.) of the statutes is amended to read:

AB40,749,9 71.05 (6) (b) 32. (intro.) An amount paid into a college savings account, as described in s. 14.64 16.641, if the beneficiary of the account is one of the following: the claimant; the claimant's child; the claimant's grandchild; the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:

AB40, s. 1760 Section 1760. 71.05 (6) (b) 33. (intro.) of the statutes is amended to read:

AB40,749,15 71.05 (6) (b) 33. (intro.) An amount paid into a college tuition and expenses program, as described in s. 14.63 16.64, if the beneficiary of the account is one of the following: the claimant; the claimant's child; the claimant's grandchild; the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:

AB40, s. 1761 Section 1761. 71.05 (8) (b) of the statutes is amended to read:

AB40,750,4 71.05 (8) (b) A Wisconsin net operating loss may be carried forward against Wisconsin taxable incomes of the next 15 taxable years, if the taxpayer was subject to taxation under this chapter in the taxable year in which the loss was sustained, to the extent not offset against other income of the year of loss and to the extent not offset against Wisconsin modified taxable income of any year between the loss year and the taxable year for which the loss carry-forward is claimed. In this paragraph, "Wisconsin modified taxable income" means Wisconsin taxable income with the following exceptions: a net operating loss deduction or offset for the loss year or any taxable year thereafter is not allowed, the deduction for long-term capital gains under sub. subs. (6) (b) 9. and 9m. and (25) is not allowed, the amount deductible for losses from sales or exchanges of capital assets may not exceed the amount includable in income for gains from sales or exchanges of capital assets and "Wisconsin modified taxable income" may not be less than zero.

AB40, s. 1762 Section 1762. 71.05 (24) (a) 4. of the statutes is amended to read:

AB40,750,7 71.05 (24) (a) 4. "Qualified new business venture" means a business certified by the department of commerce under s. 238.20 or s. 560.2085, 2009 stats.

AB40, s. 1763 Section 1763. 71.05 (25) of the statutes is created to read:

AB40,750,10 71.05 (25) Capital gains exclusion; Wisconsin-source assets. (a) In this subsection:

AB40,750,13 1. "Claimant" means an individual; an individual partner or member of a partnership, limited liability company, or limited liability partnership; or an individual shareholder of a tax-option corporation.

AB40,750,19 2. "Qualifying gain" means the gain realized from the sale of any asset which is a Wisconsin capital asset in the year it is purchased by the claimant and for at least 2 of the subsequent 4 years; that is purchased after December 31, 2010; that is held for at least 5 uninterrupted years; and that is treated as a long-term gain under the Internal Revenue Code; except that a qualifying gain may not include any amount for which the claimant claimed a subtraction under sub. (24) (b).

AB40,750,21 3. "Wisconsin business" means a business certified by the Wisconsin Economic Development Corporation under s. 238.145.

AB40,750,22 4. "Wisconsin capital asset" means any of the following:

AB40,750,24 a. Real or tangible personal property that is located in this state and used in a Wisconsin business.

AB40,750,25 b. Stock or other ownership interest in a Wisconsin business.

AB40,751,4 (b) For taxable years beginning after December 31, 2015, for a Wisconsin capital asset that is purchased after December 31, 2010, and held for at least 5 years, a claimant may subtract from federal adjusted gross income the lesser of one of the following amounts, to the extent that it is not subtracted under sub. (6) (b) 9. or 9m.:

AB40,751,8 1. The amount of the claimant's federal net capital gain as reported on Schedule D of the claimant's federal income tax return for the taxable year to which the claim relates, but this subdivision applies only if, in that taxable year, the claimant has a qualifying gain.

AB40,751,10 2. The amount of the claimant's qualifying gain in the year to which the claim relates.

AB40, s. 1764 Section 1764. 71.05 (26) of the statutes is created to read:

AB40,751,13 71.05 (26) Income tax deferral; long-term Wisconsin capital assets. (a) In this subsection:

AB40,751,16 1. "Claimant" means an individual; an individual partner or member of a partnership, limited liability company, or limited liability partnership; or an individual shareholder of a tax-option corporation.

AB40,751,17 2. "Financial institution" has the meaning given in s. 69.30 (1) (b).

AB40,751,20 3. "Long-term capital gain" means the gain realized from the sale of any capital asset held more than one year that is treated as a long-term gain under the Internal Revenue Code.

AB40,751,22 4. "Qualified Wisconsin business" means a business certified by the Wisconsin Economic Development Corporation under s. 238.146.

AB40,751,25 (b) For taxable years beginning after December 31, 2010, a claimant may subtract from federal adjusted gross income any amount of a long-term capital gain if the claimant does all of the following:

AB40,752,1 1. Deposits the gain into a segregated account in a financial institution.

AB40,752,4 2. Within 180 days after the sale of the asset that generated the gain, invests all of the proceeds in the account described under subd. 1. in a qualified Wisconsin business.

AB40,752,10 3. After making the investment as described under subd. 2., notifies the department, on a form prepared by the department, that the claimant will not declare on the claimant's income tax return the gain described under subd. 1. because the claimant has reinvested the capital gain as described under subd. 2. The form shall be sent to the department along with the claimant's income tax return for the year to which the claim relates.

AB40,752,13 (c) The basis of the investment described in par. (b) 2. shall be calculated by subtracting the gain described in par. (b) 1. from the amount of the investment described in par. (b) 2.

AB40,752,16 (d) If a claimant defers the payment of income taxes on a capital gain under this subsection, the claimant may not use the gain described under par. (b) 1. to net capital gains and losses, as described under sub. (10) (c).

AB40,752,19 (e) If a claimant claims the subtraction under this subsection, the claimant may not use the gain described under par. (b) 1. to claim a subtraction under sub. (24) or (25).

AB40, s. 1765 Section 1765. 71.07 (2dd) (b) of the statutes is amended to read:

AB40,753,2 71.07 (2dd) (b) Except as provided in s. 73.03 (35), for any taxable year for which that person is certified under s. 560.765 (3), 2009 stats., and begins business operations in a zone under s. 560.71, 2009 stats., after July 29, 1995, or certified under s. 560.797 (4) (a), 2009 stats., for each zone for which the person is certified or entitled a person may credit against taxes otherwise due under this subchapter employment-related day care expenses, up to $1,200 for each qualifying individual.

AB40, s. 1766 Section 1766. 71.07 (2de) (a) (intro.) of the statutes is amended to read:

AB40,753,12 71.07 (2de) (a) (intro.) Except as provided in s. 73.03 (35), for any taxable year for which a person is certified under s. 560.765 (3), 2009 stats., and begins business operations in a zone under s. 560.71, 2009 stats., after July 29, 1995, or certified under s. 560.797 (4) (a), 2009 stats., for each zone for which the person is certified or entitled the person may claim as a credit against taxes otherwise due under this subchapter an amount equal to 7.5% of the amount that the person expends to remove or contain environmental pollution, as defined in s. 299.01 (4), in the zone or to restore soil or groundwater that is affected by environmental pollution, as defined in s. 299.01 (4), in the zone if the person fulfills all of the following requirements:

AB40, s. 1767 Section 1767. 71.07 (2de) (a) 1. of the statutes is amended to read:

AB40,753,18 71.07 (2de) (a) 1. Begins the work, other than planning and investigating, for which the credit is claimed after the area that includes the site where the work is done is designated a development zone under s. 560.71, 2009 stats., or an enterprise development zone under s. 560.797, 2009 stats., and after the claimant is certified under s. 560.765 (3), 2009 stats., or certified under s. 560.797 (4) (a), 2009 stats.

AB40, s. 1768 Section 1768. 71.07 (2di) (a) (intro.) of the statutes is amended to read:

AB40,754,2 71.07 (2di) (a) (intro.) Except as provided in pars. (dm) and (f) and s. 73.03 (35), for any taxable year for which the person is entitled under s. 560.795 (3), 2009 stats., to claim tax benefits, any person may claim as a credit against taxes otherwise due under this chapter 2.5% of the purchase price of depreciable, tangible personal property, or 1.75% of the purchase price of depreciable, tangible personal property that is expensed under section 179 of the internal revenue code for purposes of the taxes under this chapter, except that:

AB40, s. 1769 Section 1769. 71.07 (2di) (a) 1. of the statutes is amended to read:

AB40,754,9 71.07 (2di) (a) 1. The investment must be in property that is purchased after the person is entitled under s. 560.795 (3), 2009 stats., to claim tax benefits and that is used for at least 50% of its use in the conduct of the person's business operations at a location in a development zone under subch. VI of ch. 560, 2009 stats., or, if the property is mobile, the base of operations of the property for at least 50% of its use must be a location in a development zone.

AB40, s. 1770 Section 1770. 71.07 (2di) (b) 2. of the statutes is amended to read: