AB40,1288
17Section
1288. 71.01 (6) (i) of the statutes is created to read:
AB40,639,318
71.01
(6) (i) For taxable years that begin after December 31, 2012, for natural
19persons and fiduciaries, except fiduciaries of nuclear decommissioning trust or
20reserve funds, "Internal Revenue Code" means the federal Internal Revenue Code
21as amended to December 31, 2010, excluding sections 103, 104, and 110 of P.L.
22102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66,
23sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, sections 1, 3,
244, and 5 of P.L.
106-519, sections 162 and 165 of P.L.
106-554, section 431 of P.L.
25107-16, sections 101 and 301 (a) of P.L.
107-147, sections 106, 201, and 202 of P.L.
1108-27, section 1201 of P.L.
108-173, sections 306, 308, 316, 401, and 403 (a) of P.L.
2108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
3108-357, P.L.
109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
41329, 1348, and 1351 of P.L.
109-58, section 11146 of P.L.
109-59, section 301 of P.L.
5109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
6(j), and (q), and 405 of P.L.
109-135, sections 101, 207, 503, and 513 of P.L.
109-222,
7P.L.
109-432, except sections 117, 406, 409, 410, 412, 417, 418, 424, and 425 of
8division A and section 403 of division C of P.L.
109-432, P.L.
110-28, except sections
98215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
110-140, sections 2, 3, and 5
10of P.L.
110-142, P.L.
110-166, sections 3 (b) and 11 (b), (e), and (g) of P.L.
110-172,
11P.L.
110-185, P.L.
110-234, section 301 of P.L.
110-245, P.L.
110-246, except sections
124, 15312, 15313, 15314, 15316, and 15342 of P.L.
110-246, sections 3071, 3081, and
133082 of P.L.
110-289, section 9 (e) of P.L.
110-317, P.L.
110-343, except sections 116,
14208, 211, and 301 of division B and sections 313 and 504 of division C of P.L.
110-343,
15P.L.
111-5, except sections 1261, 1262, 1401, 1402, 1521, 1522, 1531, and 1541 of
16division B of P.L.
111-5, section 201 of P.L.
111-147, P.L.
111-148, except sections
171322, 1515, 9003, 9004, 9005, 9012, 9013, 9014, 9016, 9021, 9022, 10108, 10902,
1810908, and 10909 of P.L.
111-148, P.L.
111-152, except sections 1403 and 1407 of P.L.
19111-152, P.L.
111-203, except section 1601 of P.L.
111-203, P.L.
111-226, except
20sections 215 and 217 of P.L.
111-226, P.L.
111-240, except sections 2014, 2043, 2111,
212112, and 2113 of P.L.
111-240, and P.L.
111-312, and as amended by section 1858
22of P.L.
112-10, section 1108 of P.L.
112-95, sections 40211, 40241, 40242, and 100121
23of P.L.
112-141, and sections 101 and 902 of P.L.
112-240, and as indirectly affected
24by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179,
25P.L.
101-239, P.L.
101-280, P.L.
101-508, P.L.
102-90, P.L.
102-227, excluding
1sections 103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66,
2excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66,
3P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-117, P.L.
104-188,
4excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
5104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
6105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections
7162 and 165 of P.L.
106-554, P.L.
106-573, P.L.
107-15, P.L.
107-16, excluding
8section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147,
9excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
10107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
11108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
12108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316, 401, and 403
13(a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 102, 201, 211, 242, 244, 336,
14337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7,
15P.L.
109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
161329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146 of P.L.
17109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135, excluding
18sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
19(q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections 101, 207,
20503, and 513 of P.L.
109-222, P.L.
109-227, P.L.
109-280, sections 117, 406, 409, 410,
21412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L.
109-432,
22sections 8215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
110-141, P.L.
110-142,
23excluding sections 2, 3, and 5 of P.L.
110-142, P.L.
110-172, excluding sections 3 (b)
24and 11 (b), (e), and (g) of P.L.
110-172, P.L.
110-245, excluding section 301 of P.L.
25110-245, sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L.
110-246, P.L.
1110-289, excluding sections 3071, 3081, and 3082 of P.L.
110-289, P.L.
110-317,
2excluding section 9 (e) of P.L.
110-317, sections 116, 208, 211, and 301 of division B
3and sections 313 and 504 of division C of P.L.
110-343, P.L.
110-351, P.L.
110-458,
4sections 1261, 1262, 1401, 1402, 1521, 1522, 1531, and 1541 of division B of P.L.
5111-5, P.L.
111-92, P.L.
111-147, excluding section 201 of P.L.
111-147, sections
61322, 1515, 9003, 9004, 9005, 9012, 9013, 9014, 9016, 9021, 9022, 10108, 10902,
710908, and 10909 of P.L.
111-148, sections 1403 and 1407 of P.L.
111-152, P.L.
8111-192, section 1601 of P.L.
111-203, sections 215 and 217 of P.L.
111-226, sections
92014, 2043, 2111, 2112, and 2113 of P.L.
111-240, P.L.
111-325, section 1858 of P.L.
10112-10, section 1108 of P.L.
112-95, and sections 40211, 40241, 40242, 100121 of P.L.
11112-141, and sections 101 and 902 of P.L.
112-240. The Internal Revenue Code
12applies for Wisconsin purposes at the same time as for federal purposes, except that
13changes made by P.L.
106-573, sections 9004, 9005, 9012, 9013, 9014, 9016, and
1410902 of P.L.
111-148, sections 1403 and 1407 of P.L.
111-152, section 1858 of P.L.
15112-10, section 1108 of P.L.
112-95, and sections 40211, 40241, 40242, and 100121
16of P.L.
112-141 do not apply for taxable years beginning before January 1, 2013.
17Amendments to the federal Internal Revenue Code enacted after December 31, 2010,
18do not apply to this paragraph with respect to taxable years beginning after
19December 31, 2010, except that changes to the Internal Revenue Code made by
20section 1858 of P.L.
112-10, section 1108 of P.L.
112-95, and sections 40211, 40241,
2140242, and 100121 of P.L.
112-141, and changes that indirectly affect the provisions
22applicable to this subchapter made by section 1858 of P.L.
112-10, section 1108 of P.L.
23112-95, and sections 40211, 40241, 40242, and 100121 of P.L.
112-141, do not apply
24for taxable years beginning before January 1, 2013, and changes to the Internal
25Revenue Code made by sections 101 and 902 of P.L.
112-240, and changes that
1indirectly affect the provisions applicable to this subchapter made by sections 101
2and 902 of P.L.
112-240, apply for Wisconsin purposes at the same time as for federal
3purposes.
AB40,1289
4Section
1289. 71.01 (6) (o) of the statutes is repealed.
AB40,1290
5Section
1290. 71.01 (6) (p) of the statutes is renumbered 71.01 (6) (a).
AB40,1291
6Section
1291. 71.01 (6) (q) of the statutes is renumbered 71.01 (6) (b).
AB40,1292
7Section
1292. 71.01 (6) (r) of the statutes is renumbered 71.01 (6) (c).
AB40,1293
8Section
1293. 71.01 (6) (s) of the statutes is renumbered 71.01 (6) (d).
AB40,1294
9Section
1294. 71.01 (6) (t) of the statutes is renumbered 71.01 (6) (e).
AB40,1295
10Section
1295. 71.01 (6) (u) of the statutes is renumbered 71.01 (6) (f).
AB40,1296
11Section
1296. 71.01 (6) (um) of the statutes is renumbered 71.01 (6) (g).
AB40,1297
12Section
1297. 71.01 (6) (un) of the statutes is renumbered 71.01 (6) (h) and
13amended to read:
AB40,642,2114
71.01
(6) (h) For taxable years that begin after December 31, 2010,
and before
15January 1, 2013, for natural persons and fiduciaries, except fiduciaries of nuclear
16decommissioning trust or reserve funds, "Internal Revenue Code" means the federal
17Internal Revenue Code as amended to December 31, 2010, excluding sections 103,
18104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203
19(d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
20104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165 of P.L.
106-554,
21P.L.
106-573, section 431 of P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147,
22sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173, sections 306,
23308, 316, 401, and 403 (a) of P.L.
108-311, sections 101, 102, 201, 211, 242, 244, 336,
24337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308, 1309,
251310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58, section
111146 of P.L.
109-59, section 301 of P.L.
109-73, sections 101, 105, 201 (a) as it relates
2to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, sections 101,
3207, 503, and 513 of P.L.
109-222, P.L.
109-432, except sections 117, 406, 409, 410,
4412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L.
109-432,
5P.L.
110-28, except sections 8215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
6110-140, sections 2, 3, and 5 of P.L.
110-142, P.L.
110-166, sections 3 (b) and 11 (b),
7(e), and (g) of P.L.
110-172, P.L.
110-185, P.L.
110-234, section 301 of P.L.
110-245,
8P.L.
110-246, except sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L.
9110-246, sections 3071, 3081, and 3082 of P.L.
110-289, section 9 (e) of P.L.
110-317,
10P.L.
110-343, except sections 116, 208, 211, and 301 of division B and sections 313
11and 504 of division C of P.L.
110-343, P.L.
111-5, except sections 1261, 1262, 1401,
121402, 1521, 1522, 1531, and 1541 of division B of P.L.
111-5, section 201 of P.L.
13111-147, P.L.
111-148, except sections 1322, 1515, 9003, 9021, 9022, 10108, 10908,
14and 10909 of P.L.
111-148, P.L.
111-152, except section 1407 of P.L.
111-152, P.L.
15111-203, except section 1601 of P.L.
111-203, P.L.
111-226, except sections 215 and
16217 of P.L.
111-226, P.L.
111-240, except sections 2014, 2043, 2111, 2112, and 2113
17of P.L.
111-240, and P.L.
111-312,
and as amended by section 902 of P.L. 112-240, 18and as indirectly affected by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73,
19P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-280, P.L.
101-508, P.L.
102-90,
20P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
21102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
2213203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
23104-117, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
24(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
25105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
1106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
2excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
3107-147, excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
4107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and
5202 of P.L.
108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
6108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316,
7401, and 403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 102, 201, 211,
8242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476,
9P.L.
109-7, P.L.
109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
101326, 1328, 1329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146
11of P.L.
109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135,
12excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
13(j), and (q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections
14101, 207, 503, and 513 of P.L.
109-222, P.L.
109-227, P.L.
109-280, sections 117, 406,
15409, 410, 412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L.
16109-432, sections 8215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
110-141, P.L.
17110-142, excluding sections 2, 3, and 5 of P.L.
110-142, P.L.
110-172, excluding
18sections 3 (b) and 11 (b), (e), and (g) of P.L.
110-172, P.L.
110-245, excluding section
19301 of P.L.
110-245, sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L.
20110-246, P.L.
110-289, excluding sections 3071, 3081, and 3082 of P.L.
110-289, P.L.
21110-317, excluding section 9 (e) of P.L.
110-317, sections 116, 208, 211, and 301 of
22division B and sections 313 and 504 of division C of P.L.
110-343, P.L.
110-351, P.L.
23110-458, sections 1261, 1262, 1401, 1402, 1521, 1522, 1531, and 1541 of division B
24of P.L.
111-5, P.L.
111-92, P.L.
111-147, excluding section 201 of P.L.
111-147,
25sections 1322, 1515, 9003, 9021, 9022, 10108, 10908, and 10909 of P.L.
111-148,
1section 1407 of P.L.
111-152, P.L.
111-192, section 1601 of P.L.
111-203, sections 215
2and 217 of P.L.
111-226, sections 2014, 2043, 2111, 2112, and 2113 of P.L.
111-240,
3and P.L.
111-325, and section 902 of P.L. 112-240. The Internal Revenue Code
4applies for Wisconsin purposes at the same time as for federal purposes, except that
5changes made by section 209 of P.L.
109-222, sections 117, 406, 409, 410, 412, 417,
6418, 424, and 425 of division A and section 403 of division C of P.L.
109-432, sections
78215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
110-141, P.L.
110-142,
8excluding sections 2, 3, and 5 of P.L.
110-142, P.L.
110-172, excluding sections 3 (b)
9and 11 (b), (e), and (g) of P.L.
110-172, sections 110 and 113 of P.L.
110-245, sections
1015312, 15313, 15314, and 15342 of P.L.
110-246, sections 3031, 3032, 3033, 3041,
113051, 3052, 3061, and 3092 of P.L.
110-289, P.L.
110-317, excluding section 9 (e) of
12P.L.
110-317, sections 116, 208, and 211 of division B and section 504 of division C
13of P.L.
110-343, section 14 of P.L.
111-92, sections 531, 532, and 533 of P.L.
111-147,
14sections 10908 and 10909 of P.L.
111-148, and section 2043 of P.L.
111-240 do not
15apply for taxable years beginning before January 1, 2011. Amendments to the
16federal Internal Revenue Code enacted after December 31, 2010, do not apply to this
17paragraph with respect to taxable years beginning after December 31, 2010
, and
18before January 1, 2013, except that changes to the Internal Revenue Code made by
19section 902 of P.L. 112-240, and changes that indirectly affect the provisions
20applicable to this subchapter made by section 902 of P.L. 112-240, apply for
21Wisconsin purposes at the same time as for federal purposes.
AB40,1298
22Section
1298. 71.05 (1) (c) 11. of the statutes is created to read:
AB40,643,323
71.05
(1) (c) 11. The Wisconsin Health and Educational Facilities Authority
24under s. 231.03 (6), if the bonds or notes are issued for the benefit of a person who
25is eligible to receive the proceeds of bonds or notes from another entity for the same
1purpose for which the bonds or notes are issued under s. 231.03 (6) and the interest
2income received from the other bonds or notes is exempt from taxation under this
3subchapter.
AB40,1299
4Section
1299. 71.05 (6) (b) 19. a. of the statutes is amended to read:
AB40,643,145
71.05
(6) (b) 19. a. One hundred percent of the amount paid by the person for
6medical care insurance
, not including any amount that is paid with a premium
7assistance credit amount under 26 USC 36B. In this subdivision, "medical care
8insurance" means a medical care insurance policy that covers the person, his or her
9spouse and the person's dependents and provides surgical, medical, hospital, major
10medical or other health service coverage, and includes payments made for medical
11care benefits under a self-insured plan, but "medical care insurance" does not
12include hospital indemnity policies or policies with ancillary benefits such as
13accident benefits or benefits for loss of income resulting from a total or partial
14inability to work because of illness, sickness or injury.
AB40,1300
15Section
1300. 71.05 (6) (b) 28. (intro.) of the statutes is amended to read:
AB40,643,2216
71.05
(6) (b) 28. (intro.) An amount paid by a claimant for tuition expenses and
17mandatory student fees for a student who is the claimant or who is the claimant's
18child and the claimant's dependent who is claimed under section
151 (c) of the
19Internal Revenue Code, to attend any university, college, technical college or a school
20approved under s.
38.50 440.55, that is located in Wisconsin or to attend a public
21vocational school or public institution of higher education in Minnesota under the
22Minnesota-Wisconsin reciprocity agreement under s. 39.47, calculated as follows:
AB40,1301
23Section
1301. 71.05 (6) (b) 28. i. of the statutes is created to read:
AB40,644,1224
71.05
(6) (b) 28. i. For taxable years beginning after December 31, 2012, the
25dollar amounts in subd. 28. b., c., d., and g. shall be increased each year by a
1percentage equal to the percentage change between the U.S. consumer price index
2for all urban consumers, U.S. city average, for the month of August of the previous
3year and the U.S. consumer price index for all urban consumers, U.S. city average,
4for the month of August 2011, as determined by the federal department of labor,
5except that the adjustment may occur only if the resulting amount is greater than
6the corresponding amount that was calculated for the previous year. Each amount
7that is revised under this subd. 28. i. shall be rounded to the nearest multiple of $10
8if the revised amount is not a multiple of $10 or, if the revised amount is a multiple
9of $5, such an amount shall be increased to the next higher multiple of $10. The
10department of revenue shall annually adjust the changes in dollar amounts required
11under this subd. 28. i. and incorporate the changes into the income tax forms and
12instructions.
AB40,1302
13Section
1302. 71.05 (6) (b) 35. a. of the statutes is amended to read:
AB40,644,2314
71.05
(6) (b) 35. a. One hundred percent of the amount paid by the individual
15for medical care insurance
, not including any amount that is paid with a premium
16assistance credit amount under 26 USC 36B. In this subdivision, "medical care
17insurance" means a medical care insurance policy that covers the individual, his or
18her spouse, and the individual's dependents and provides surgical, medical, hospital,
19major medical, or other health service coverage, and includes payments made for
20medical care benefits under a self-insured plan, but "medical care insurance" does
21not include hospital indemnity policies or policies with ancillary benefits such as
22accident benefits or benefits for loss of income resulting from a total or partial
23inability to work because of illness, sickness, or injury.
AB40,1303
24Section
1303. 71.05 (6) (b) 38. a. of the statutes is amended to read:
AB40,645,10
171.05
(6) (b) 38. a. One hundred percent of the amount paid by the individual
2for medical care insurance
, not including any amount that is paid with a premium
3assistance credit amount under 26 USC 36B. In this subdivision, "medical care
4insurance" means a medical care insurance policy that covers the individual, his or
5her spouse, and the individual's dependents and provides surgical, medical, hospital,
6major medical, or other health service coverage, and includes payments made for
7medical care benefits under a self-insured plan, but "medical care insurance" does
8not include hospital indemnity policies or policies with ancillary benefits such as
9accident benefits or benefits for loss of income resulting from a total or partial
10inability to work because of illness, sickness, or injury.
AB40,1304
11Section
1304. 71.05 (6) (b) 42. a. of the statutes is amended to read:
AB40,645,2112
71.05
(6) (b) 42. a. One hundred percent of the amount paid by the individual
13for medical care insurance
, not including any amount that is paid with a premium
14assistance credit amount under 26 USC 36B. In this subdivision, "medical care
15insurance" means a medical care insurance policy that covers the individual, his or
16her spouse, and the individual's dependents and provides surgical, medical, hospital,
17major medical, or other health service coverage, and includes payments made for
18medical care benefits under a self-insured plan, but "medical care insurance" does
19not include hospital indemnity policies or policies with ancillary benefits such as
20accident benefits or benefits for loss of income resulting from a total or partial
21inability to work because of illness, sickness, or injury.
AB40,1305
22Section
1305. 71.05 (24) (a) 4. of the statutes is amended to read:
AB40,645,2423
71.05
(24) (a) 4. "Qualified new business venture" means a business certified
24under s. 238.20
, 2011 stats., or s. 560.2085, 2009 stats.
AB40,1306
25Section
1306. 71.05 (24) (b) (intro.) of the statutes is amended to read:
AB40,646,4
171.05
(24) (b) (intro.) For taxable years beginning after December 31, 2010,
and
2before January 1, 2014, a claimant may subtract from federal adjusted gross income
3any amount, up to $10,000,000, of a long-term capital gain if the claimant does all
4of the following:
AB40,1307
5Section
1307. 71.05 (25) (title) of the statutes is amended to read:
AB40,646,76
71.05
(25) (title)
Capital gains exclusion; Wisconsin-source assets qualified
7Wisconsin business.
AB40,1308
8Section
1308. 71.05 (25) (a) 2. of the statutes is amended to read:
AB40,646,179
71.05
(25) (a) 2. "Qualifying gain" means
the a long-term capital gain
under
10the Internal Revenue Code realized from the sale of
any asset which is a Wisconsin
11capital asset in the year it is purchased by the claimant and for at least 2 of the
12subsequent 4 years; that is purchased an investment made after December 31, 2010
;
13that is, and held for at least 5 uninterrupted years
; and that is treated as a long-term
14gain under the Internal Revenue Code in a business that for the year of investment
15and at least 2 of the 4 subsequent years was a qualified Wisconsin business; except
16that a qualifying gain may not include any amount for which the claimant claimed
17a subtraction under sub. (24) (b) or any gain described under sub. (26) (b)
1.
AB40,1309
18Section
1309. 71.05 (25) (a) 3. of the statutes is renumbered 71.05 (25) (a) 1s.
19and amended to read:
AB40,646,2220
71.05
(25) (a) 1s. "
Qualified Wisconsin business" means a business certified by
21the Wisconsin Economic Development Corporation under s. 238.145
, 2011 stats., or
22registered with the department under s. 73.03 (69).
AB40,1310
23Section
1310. 71.05 (25) (a) 4. of the statutes is repealed.
AB40,1311
24Section
1311. 71.05 (25) (b) (intro.) of the statutes is renumbered 71.05 (25)
25(b) and amended to read:
AB40,647,6
171.05
(25) (b) For taxable years beginning after December 31, 2015, for
a
2Wisconsin capital asset that is purchased an investment in a qualified Wisconsin
3business made after December 31, 2010, and held for at least 5
uninterrupted years,
4a claimant may subtract from federal adjusted gross income the
lesser of one of the
5following amounts amount of the claimant's qualifying gain in the year to which the
6claim relates, to the extent that it is not subtracted under sub. (6) (b) 9. or 9m.
:
AB40,1312
7Section
1312. 71.05 (25) (b) 1. of the statutes is repealed.
AB40,1313
8Section
1313. 71.05 (25) (b) 2. of the statutes is repealed.
AB40,1314
9Section
1314. 71.05 (26) (title) of the statutes is amended to read:
AB40,647,1110
71.05
(26) (title)
Income tax deferral;
long-term Wisconsin capital assets
11qualified Wisconsin business.
AB40,1315
12Section
1315. 71.05 (26) (a) 4. of the statutes is amended to read:
AB40,647,1513
71.05
(26) (a) 4. "Qualified Wisconsin business" means a business certified by
14the Wisconsin Economic Development Corporation under s. 238.146
, 2011 stats., or
15registered with the department under s. 73.03 (69).
AB40,1316
16Section
1316. 71.05 (26) (b) (intro.) of the statutes is amended to read:
AB40,647,1917
71.05
(26) (b) (intro.) For taxable years beginning after December 31, 2010,
and
18before January 1, 2014, a claimant may subtract from federal adjusted gross income
19any amount of a long-term capital gain if the claimant does all of the following:
AB40,1317
20Section
1317. 71.05 (26) (bm) of the statutes is created to read:
AB40,647,2321
71.05
(26) (bm) For taxable years beginning after December 31, 2013, a
22claimant may subtract from federal adjusted gross income any amount of a
23long-term capital gain if the claimant does all of the following:
AB40,647,2524
1. Within 180 days after the sale of the asset that generated the gain, invests
25all of the gain in a qualified Wisconsin business.
AB40,648,6
12. After making the investment as described under subd. 1., notifies the
2department, on a form prepared by the department, that the claimant will not
3declare the gain on the claimant's income tax return because the claimant has
4reinvested the capital gain as described under subd. 1. The form shall be sent to the
5department along with the claimant's income tax return for the year to which the
6claim relates.
AB40,1318
7Section
1318. 71.05 (26) (c) of the statutes is amended to read:
AB40,648,128
71.05
(26) (c) The basis of the investment described in par. (b) 2. shall be
9calculated by subtracting the gain described in par. (b) 1. from the amount of the
10investment described in par. (b) 2.
The basis of the investment described in par. (bm)
111. shall be calculated by subtracting the gain described in par. (bm) 1. from the
12amount of the investment described in par. (bm) 1.
AB40,1319
13Section
1319. 71.05 (26) (d) of the statutes is amended to read:
AB40,648,1614
71.05
(26) (d) If a claimant defers the payment of income taxes on a capital gain
15under this subsection, the claimant may not use the gain
described under par. (b) 1. 16to net capital gains and losses, as described under sub. (10) (c).
AB40,1320
17Section
1320. 71.05 (26) (f) of the statutes is amended to read:
AB40,648,2018
71.05
(26) (f) If a claimant claims
the a subtraction
for a capital gain under
this
19subsection par. (b) or (bm), the gain
described under par. (b) 1. may not be used as
20a qualifying gain under sub. (25).
AB40,1321
21Section
1321. 71.06 (1p) (intro.) of the statutes is amended to read:
AB40,649,222
71.06
(1p) Fiduciaries, single individuals and heads of households; after 2000
232001 to 2012. (intro.) The tax to be assessed, levied and collected upon the taxable
24incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or
25reserve funds, and single individuals and heads of households shall be computed at
1the following rates for taxable years beginning after December 31,
2000
, and before
2January 1, 2013:
AB40,1322
3Section
1322. 71.06 (1q) of the statutes is created to read:
AB40,649,84
71.06
(1q) Fiduciaries, single individuals, and heads of households; after
52012. (intro.) The tax to be assessed, levied, and collected upon the taxable incomes
6of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve
7funds, and single individuals and heads of households shall be computed at the
8following rates for taxable years beginning after December 31, 2012:
AB40,649,99
(a) On all taxable income from $0 to $7,500, 4.5 percent.
AB40,649,1110
(b) On all taxable income exceeding $7,500 but not exceeding $15,000, 5.94
11percent.
AB40,649,1312
(c) On all taxable income exceeding $15,000 but not exceeding $112,500, 6.36
13percent.
AB40,649,1514
(d) On all taxable income exceeding $112,500 but not exceeding $225,000, 6.75
15percent.
AB40,649,1616
(e) On all taxable income exceeding $225,000, 7.75 percent.
AB40,1323
17Section
1323. 71.06 (2) (g) (intro.) of the statutes is amended to read:
AB40,649,1918
71.06
(2) (g) (intro.) For joint returns, for taxable years beginning after
19December 31, 2000
, and before January 1, 2013:
AB40,1324
20Section
1324. 71.06 (2) (h) (intro.) of the statutes is amended to read:
AB40,649,2221
71.06
(2) (h) (intro.) For married persons filing separately, for taxable years
22beginning after December 31, 2000
, and before January 1, 2013:
AB40,1325
23Section
1325. 71.06 (2) (i) of the statutes is created to read:
AB40,649,2524
71.06
(2) (i) For joint returns, for taxable years beginning after
25December 31, 2012:
AB40,650,1
11. On all taxable income from $0 to $10,000, 4.5 percent.
AB40,650,32
2. On all taxable income exceeding $10,000 but not exceeding $20,000, 5.94
3percent.
AB40,650,54
3. On all taxable income exceeding $20,000 but not exceeding $150,000, 6.36
5percent.
AB40,650,76
4. On all taxable income exceeding $150,000 but not exceeding $300,000, 6.75
7percent.
AB40,650,88
5. On all taxable income exceeding $300,000, 7.75 percent.
AB40,1326
9Section
1326. 71.06 (2) (j) of the statutes is created to read:
AB40,650,1110
71.06
(2) (j) For married persons filing separately, for taxable years beginning
11after December 31, 2012:
AB40,650,1212
1. On all taxable income from $0 to $5,000, 4.5 percent.
AB40,650,1413
2. On all taxable income exceeding $5,000 but not exceeding $10,000, 5.94
14percent.
AB40,650,1615
3. On all taxable income exceeding $10,000 but not exceeding $75,000, 6.36
16percent.
AB40,650,1817
4. On all taxable income exceeding $75,000 but not exceeding $150,000, 6.75
18percent.
AB40,650,1919
5. On all taxable income exceeding $150,000, 7.75 percent.
AB40,1327
20Section
1327. 71.06 (2e) (a) of the statutes is amended to read:
AB40,651,2121
71.06
(2e) (a) For taxable years beginning after December 31, 1998, and before
22January 1, 2000, the maximum dollar amount in each tax bracket, and the
23corresponding minimum dollar amount in the next bracket, under subs. (1m) and (2)
24(c) and (d), and for taxable years beginning after December 31, 1999, the maximum
25dollar amount in each tax bracket, and the corresponding minimum dollar amount
1in the next bracket, under subs. (1n), (1p) (a) to (c),
(1q) (a) to (c), and (2) (e), (f), (g)
21. to 3.,
and (h) 1. to 3.,
(i) 1. to 3., and (j) 1. to 3., shall be increased each year by a
3percentage equal to the percentage change between the U.S. consumer price index
4for all urban consumers, U.S. city average, for the month of August of the previous
5year and the U.S. consumer price index for all urban consumers, U.S. city average,
6for the month of August 1997, as determined by the federal department of labor,
7except that for taxable years beginning after December 31, 2000, and before January
81, 2002, the dollar amount in the top bracket under subs. (1p) (c) and (d), (2) (g) 3.
9and 4. and (h) 3. and 4. shall be increased by a percentage equal to the percentage
10change between the U.S. consumer price index for all urban consumers, U.S. city
11average, for the month of August of the previous year and the U.S. consumer price
12index for all urban consumers, U.S. city average, for the month of August 1999, as
13determined by the federal department of labor, except that for taxable years
14beginning after December 31, 2011, the adjustment may occur only if the resulting
15amount is greater than the corresponding amount that was calculated for the
16previous year.
Each amount that is revised under this paragraph shall be rounded
17to the nearest multiple of $10 if the revised amount is not a multiple of $10 or, if the
18revised amount is a multiple of $5, such an amount shall be increased to the next
19higher multiple of $10. The department of revenue shall annually adjust the changes
20in dollar amounts required under this paragraph and incorporate the changes into
21the income tax forms and instructions.
AB40,1328
22Section
1328. 71.06 (2e) (b) of the statutes is amended to read:
AB40,652,1423
71.06
(2e) (b) For taxable years beginning after December 31, 2009, the
24maximum dollar amount in each tax bracket, and the corresponding minimum dollar
25amount in the next bracket, under subs. (1p) (d)
, (1q) (d), and (2) (g) 4.
and, (h) 4.,
(i)
14., and (j) 4., and the dollar amount in the top bracket under subs. (1p) (e)
, (1q) (e), 2and (2) (g) 5.
and, (h) 5.,
(i) 5., and (j) 5., shall be increased each year by a percentage
3equal to the percentage change between the U.S. consumer price index for all urban
4consumers, U.S. city average, for the month of August of the previous year and the
5U.S. consumer price index for all urban consumers, U.S. city average, for the month
6of August 2008, as determined by the federal department of labor, except that for
7taxable years beginning after December 31, 2011, the adjustment may occur only if
8the resulting amount is greater than the corresponding amount that was calculated
9for the previous year.
Each amount that is revised under this paragraph shall be
10rounded to the nearest multiple of $10 if the revised amount is not a multiple of $10
11or, if the revised amount is a multiple of $5, such an amount shall be increased to the
12next higher multiple of $10. The department of revenue shall annually adjust the
13changes in dollar amounts required under this paragraph and incorporate the
14changes into the income tax forms and instructions.
AB40,1329
15Section
1329. 71.06 (2e) (c) of the statutes is created to read:
