SB30: Bill Text

SB30,1048 Section 1048 . 71.07 (9e) (aL) of the statutes is created to read:

SB30,532,17 71.07 (9e) (aL) 1. For taxable years beginning after December 31, 2017, and notwithstanding par. (b), for an individual who claims the credit under par. (ak), if the claimant becomes married in the taxable year to which the claim relates, the claimant may claim the greater of either the credit calculated under par. (ak) based on his or filing status as a married individual, or the credit that he or she claimed in the immediately preceding taxable year under par. (aj) or (ak) when the claimant was not married, which shall be considered the base year.

SB30,532,21 2. For the next 2 successive taxable years after an individual calculates the credit under subd. 1., he or she may continue to claim the greater of either the credit calculated under par. (ak) based on his or filing status as a married individual in the current taxable year, or the credit that he or she claimed in the base year.

SB30,1049 Section 1049 . 71.07 (9e) (aq) of the statutes is created to read:

SB30,533,3 71.07 (9e) (aq) For taxable years beginning after December 31, 2017, an individual may credit against the tax imposed under s. 71.02 an amount equal to 7.5 percent of the federal basic earned income credit for which the person would have been eligible for the taxable year under section 32 (b) (1) (A) to (C) of the Internal Revenue Code if the individual's noncustodial child met the definition of qualifying child, and if all of the following apply for the taxable year to which the claim relates:

SB30,533,4 1. The individual did not claim the credit under par. (aj).

SB30,533,5 2. The individual is a full-year resident of this state.

SB30,533,6 3. At any point in the taxable year, the individual is at least 18 years old.

SB30,533,8 4. The individual is the parent of at least one child who did not have the same principal place of abode as the claimant.

SB30,533,11 5. For at least one-half of the taxable year, a court order was in effect requiring the claimant to make child support payments for the child with regard to whom the claimant is claiming the credit under this paragraph.

SB30,533,14 6. The claimant has paid in full all amounts of court-ordered child support payments described under subd. 5., and the department of revenue has verified that such payments have in fact been made by the claimant.

SB30,1050 Section 1050 . 71.07 (9e) (h) of the statutes is created to read:

SB30,533,20 71.07 (9e) (h) 1. Subject to subd. 2., for taxable years beginning after December 31, 2017, no credit may be allowed under this subsection to an individual with a disqualified loss of greater than $15,000 deducted in determining Wisconsin adjusted gross income. In this subdivision, “disqualified loss" has the meaning given in s. 71.52 (1e).

SB30,533,25 2. Subdivision 1. does not apply to a claimant who is a farmer whose primary income is from farming and whose farming generates less than $250,000 in gross receipts from the operation of farm premises in the year to which the claim relates. In this subdivision, “farmer,” “farming,” and “farm premises” have the meanings given in s. 102.04 (3).

SB30,1051 Section 1051. 71.07 (9m) (i) of the statutes is created to read:

SB30,534,7 71.07 (9m) (i) 1. a. Except as provided in subd. 1. b., if the activity for which a person claims a credit under this subsection creates fewer full-time jobs than projected under s. 238.17 (3) (a), as reported to the department under s. 238.17 (4), the person who claimed the credit shall repay to the department any amount of the credit claimed, as determined by the department, in proportion to the number of full-time jobs created compared to the number of full-time jobs projected.

SB30,534,9 b. For purposes of subd. 1. a., the person who initially sells or transfers a credit under par. (h) is responsible for repaying the credit.

SB30,534,14 2. If a person who claims a credit under this subsection and a credit under section 47 of the Internal Revenue Code for the same qualified rehabilitation expenditures is required to repay any amount of the credit claimed under section 47 of the Internal Revenue Code, the person shall repay to the department a proportionate amount of the credit claimed under this subsection.

SB30,1052 Section 1052 . 71.08 (1) (intro.) of the statutes is amended to read:

SB30,534,24 71.08 (1) Imposition. (intro.) If the tax imposed on a natural person, married couple filing jointly, trust, or estate under s. 71.02, not considering the credits under ss. 71.07 (1), (2dx), (2dy), (3m), (3n), (3p), (3q), (3r), (3rm), (3rn), (3s), (3t), (3w), (3y), (4k), (5b), (5d), (5e), (5f), (5h), (5i), (5j), (5n), (6), (6e), (8m), (8r), (9e), (9m), and (9r), 71.28 (1dx), (1dy), (2m), (3), (3n), (3t), (3w), and (3y), 71.47 (1dx), (1dy), (2m), (3), (3n), (3t), (3w), and (3y), 71.57 to 71.61, and 71.613 and subch. VIII and payments to other states under s. 71.07 (7), is less than the tax under this section, there is imposed on that natural person, married couple filing jointly, trust or estate, instead of the tax under s. 71.02, an alternative minimum tax computed as follows:

SB30,1053 Section 1053 . 71.10 (4) (i) of the statutes is amended to read:

SB30,535,14 71.10 (4) (i) The total of claim of right credit under s. 71.07 (1), farmland preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and beyond under s. 71.613, homestead credit under subch. VIII, farmland tax relief credit under s. 71.07 (3m), dairy manufacturing facility investment credit under s. 71.07 (3p), jobs tax credit under s. 71.07 (3q), meat processing facility investment credit under s. 71.07 (3r), woody biomass harvesting and processing credit under s. 71.07 (3rm), food processing plant and food warehouse investment credit under s. 71.07 (3rn), business development credit under s. 71.07 (3y), film production services credit under s. 71.07 (5f), film production company investment credit under s. 71.07 (5h), young adult employment credit under s. 71.07 (8m), veterans and surviving spouses property tax credit under s. 71.07 (6e), enterprise zone jobs credit under s. 71.07 (3w), beginning farmer and farm asset owner tax credit under s. 71.07 (8r), earned income tax credit under s. 71.07 (9e), estimated tax payments under s. 71.09, and taxes withheld under subch. X.

SB30,1054 Section 1054 . 71.125 (1) of the statutes is amended to read:

SB30,535,19 71.125 (1) Except as provided in sub. (2), the tax imposed by this chapter on individuals and the rates under s. 71.06 (1), (1m), (1n), (1p), (1q), (1r), and (2) shall apply to the Wisconsin taxable income of estates or trusts, except nuclear decommissioning trust or reserve funds, and that tax shall be paid by the fiduciary.

SB30,1055 Section 1055 . 71.125 (2) of the statutes is amended to read:

SB30,535,25 71.125 (2) Each electing small business trust, as defined in section 1361 (e) (1) of the Internal Revenue Code, is subject to tax at the highest rate under s. 71.06 (1), (1m), (1n), (1p), or (1q), or (1r), whichever taxable year is applicable, on its income as computed under section 641 of the Internal Revenue Code, as modified by s. 71.05 (6) to (12), (19) and (20).

SB30,1056 Section 1056. 71.17 (6) of the statutes is amended to read:

SB30,536,5 71.17 (6) Funeral trusts. If a qualified funeral trust makes the election under section 685 of the Internal Revenue Code for federal income tax purposes, that election applies for purposes of this chapter and each trust shall compute its own tax and shall apply the rates under s. 71.06 (1), (1m), (1n), (1p), or (1q), or (1r).

SB30,1057 Section 1057 . 71.20 (1) of the statutes is amended to read:

SB30,536,17 71.20 (1) Every partnership shall furnish to the department a true and accurate statement, on or before April 15 of each year, except that returns for fiscal years ending on some other date than December 31 shall be furnished on or before the 15th day of the 4th month following the close of such fiscal year the date on which the partnership is required to file for federal income tax purposes, not including any extension, under the Internal Revenue Code, in such the manner and form and setting forth such the facts as the department deems necessary to enforce this chapter. A partnership that is the owner of a single-owner entity that is disregarded as a separate entity under section 7701 of the Internal Revenue Code shall include that entity's information on the owner's return under this subchapter. The statement shall be subscribed by one of the members partners of the partnership.

SB30,1058 Section 1058 . 71.22 (4) (b) of the statutes is repealed.

SB30,1059 Section 1059 . 71.22 (4) (j) 1. of the statutes is amended to read:

SB30,536,24 71.22 (4) (j) 1. For taxable years beginning after December 31, 2013, and before January 1, 2017, “Internal Revenue Code" means the federal Internal Revenue Code as amended to December 31, 2013, except as provided in subds. 2. and 3. and subject to subd. 4., and except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g), and 71.42 (2).

SB30,1060 Section 1060 . 71.22 (4) (j) 3. i. of the statutes is created to read:

SB30,537,1 71.22 (4) (j) 3. i. Section 2004 of P.L. 114-41.

SB30,1061 Section 1061 . 71.22 (4) (j) 3. j. of the statutes is created to read:

SB30,537,3 71.22 (4) (j) 3. j. Sections 503 and 504 of P.L. 114-74.

SB30,1062 Section 1062 . 71.22 (4) (j) 3. k. of the statutes is created to read:

SB30,537,6 71.22 (4) (j) 3. k. Sections 103, 104, 124, 168, 184, 185, 190, 204, 303, 306, 336, and 341 of division Q of P.L. 114-113.

SB30,1063 Section 1063 . 71.22 (4) (j) 3. L. of the statutes is created to read:

SB30,537,8 71.22 (4) (j) 3. L. P.L. 114-239.

SB30,1064 Section 1064 . 71.22 (4) (k) of the statutes is created to read:

SB30,537,13 71.22 (4) (k) 1. For taxable years beginning after December 31, 2016, “Internal Revenue Code" means the federal Internal Revenue Code as amended to December 31, 2016, except as provided in subds. 2. and 3. and subject to subd. 4., and except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g), and 71.42 (2).

SB30,538,3 2. For purposes of this paragraph, “Internal Revenue Code" does not include the following provisions of federal public laws for taxable years beginning after December 31, 2016: section 13113 of P.L 103-66; sections 1, 3, 4, and 5 of P.L. 106-519; sections 101, 102, and 422 of P.L 108-357; sections 1310 and 1351 of P.L. 109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L. 110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section 15351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections 312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251, 1501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L. 111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L. 111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and 411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division P of P.L. 114-113; and sections 112, 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to 171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113.

SB30,538,5 3. For purposes of this paragraph, “Internal Revenue Code" does not include amendments to the federal Internal Revenue Code enacted after December 31, 2016.

SB30,538,12 4. For purposes of this paragraph, the provisions of federal public laws that directly or indirectly affect the Internal Revenue Code, as defined in this paragraph, apply for Wisconsin purposes at the same time as for federal purposes, except that changes made by section 4007 (b) of P.L. 114-41, section 1102 of P.L. 114-74, sections 105, 111, 113 to 115, 133, 301, 302, 304, 305, 308, 311, 313 to 323, 325, 331, and 343 to 345 of division Q of P.L. 114-113 first apply for taxable years beginning after December 31, 2016.

SB30,1065 Section 1065 . 71.22 (4m) (b) of the statutes is repealed.

SB30,1066 Section 1066 . 71.22 (4m) (j) 1. of the statutes is amended to read:

SB30,538,19 71.22 (4m) (j) 1. For taxable years beginning after December 31, 2013, and before January 1, 2017, “Internal Revenue Code", for corporations that are subject to a tax on unrelated business income under s. 71.26 (1) (a), means the federal Internal Revenue Code as amended to December 31, 2013, except as provided in subds. 2. and 3. and subject to subd. 4.

SB30,1067 Section 1067 . 71.22 (4m) (j) 3. i. of the statutes is created to read:

SB30,538,21 71.22 (4m) (j) 3. i. Section 2004 of P.L. 114-41.

SB30,1068 Section 1068 . 71.22 (4m) (j) 3. j. of the statutes is created to read:

SB30,538,23 71.22 (4m) (j) 3. j. Sections 503 and 504 of P.L. 114-74.

SB30,1069 Section 1069 . 71.22 (4m) (j) 3. k. of the statutes is created to read:

SB30,539,2 71.22 (4m) (j) 3. k. Sections 103, 104, 124, 168, 184, 185, 190, 204, 303, 306, 336, and 341 of division Q of P.L. 114-113.

SB30,1070 Section 1070 . 71.22 (4m) (j) 3. L. of the statutes is created to read:

SB30,539,4 71.22 (4m) (j) 3. L. P.L. 114-239.

SB30,1071 Section 1071 . 71.22 (4m) (k) of the statutes is created to read:

SB30,539,10 71.22 (4m) (k) 1. For taxable years beginning after December 31, 2016, “Internal Revenue Code", for corporations that are subject to a tax on unrelated business income under s. 71.26 (1) (a), means the federal Internal Revenue Code as amended to December 31, 2016, except as provided in subds. 2. and 3. and subject to subd. 4.

SB30,539,25 2. For purposes of this paragraph, “Internal Revenue Code" does not include the following provisions of federal public laws for taxable years beginning after December 31, 2016: section 13113 of P.L 103-66; sections 1, 3, 4, and 5 of P.L. 106-519; sections 101, 102, and 422 of P.L 108-357; sections 1310 and 1351 of P.L. 109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L. 110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section 15351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections 312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251, 1501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L. 111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L. 111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and 411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division P of P.L. 114-113; and sections 112, 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to 171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113.

SB30,540,2 3. For purposes of this paragraph, “Internal Revenue Code" does not include amendments to the federal Internal Revenue Code enacted after December 31, 2016.

SB30,540,9 4. For purposes of this paragraph, the provisions of federal public laws that directly or indirectly affect the Internal Revenue Code, as defined in this paragraph, apply for Wisconsin purposes at the same time as for federal purposes, except that changes made by section 4007 (b) of P.L. 114-41, section 1102 of P.L. 114-74, sections 105, 111, 113 to 115, 133, 301, 302, 304, 305, 308, 311, 313 to 323, 325, 331, and 343 to 345 of division Q of P.L. 114-113 first apply for taxable years beginning after December 31, 2016.

SB30,1072 Section 1072 . 71.24 (1) of the statutes is amended to read:

SB30,541,4 71.24 (1) Filing returns. Every corporation, except corporations a corporation all of whose income is exempt from taxation and except as provided in sub. (1m), shall furnish to the department a true and accurate statement, on or before March 15 of each year, except that returns for fiscal years ending on some other date than December 31 shall be furnished on or before the 15th day of the 3rd month following the close of such fiscal year and except that returns for less than a full taxable year shall be furnished on or before the date applicable on which the corporation is required to file for federal income taxes tax purposes, not including any extension, under the internal revenue code Internal Revenue Code, in such the manner and form and setting forth such the facts as the department deems necessary to enforce this chapter. Every corporation that is required to furnish a statement under this subsection and that has income that is not taxable under this subchapter shall include with its the corporation's statement a report that identifies each item of its the corporation's nontaxable income. The statement shall be subscribed by the president, vice president, treasurer, assistant treasurer, chief accounting officer, or any other officer duly authorized so to act. In the case of a return made for a corporation by a fiduciary, the fiduciary shall subscribe the return. The fact that an individual's name is subscribed on the return shall be prima facie evidence that the individual is authorized to subscribe the return on behalf of the corporation.

SB30,1073 Section 1073 . 71.24 (1m) of the statutes is amended to read:

SB30,541,12 71.24 (1m) Unrelated business income statement. Every corporation subject to a tax on unrelated business income under s. 71.26 (1) (a), if that corporation is required to file for federal income tax purposes, shall furnish to the department of revenue a true and accurate statement on or before the date on or before which it the corporation is required to file for federal income tax purposes , not including any extension, under the Internal Revenue Code. The requirements about manner, form, and subscription under sub. (1) apply to statements under this subsection.

SB30,1074 Section 1074 . 71.24 (9) (a) of the statutes is amended to read:

SB30,541,16 71.24 (9) (a) Corporation franchise and income taxes not paid on or before the 15th day of the 3rd month following the close of the taxable year deadline for filing returns described in sub. (1) or (1m) shall be deemed delinquent.

SB30,1075 Section 1075 . 71.25 (9) (dh) 2. b. of the statutes is amended to read:

SB30,541,20 71.25 (9) (dh) 2. b. The service relates to tangible personal property that is located in this state at the time that the service is received or tangible personal property that is delivered directly or indirectly to customers in this state.

SB30,1076 Section 1076 . 71.25 (9) (dh) 2. c. of the statutes is amended to read:

SB30,541,23 71.25 (9) (dh) 2. c. The service is provided to purchased by an individual who is physically present in this state at the time that the service is received.

SB30,1077 Section 1077 . 71.255 (2) (a) of the statutes is amended to read:

SB30,542,9 71.255 (2) (a) A corporation, not including a corporation of which all its income is exempt from taxation under s. 71.26 (1) or 71.45 (1), except as provided in par. (am), engaged in a unitary business with one or more other corporations in the same commonly controlled group shall report its share of income from that unitary business in the amount determined by a combined report filed by a designated agent of the unitary business, as determined under sub. (7). The combined report shall include the income, determined under sub. (3), and apportionment factor or factors determined under sub. (5), of every corporation in the commonly controlled group that is engaged in the unitary business, except as provided in pars. (b) (am) to (f).

SB30,1078 Section 1078 . 71.255 (2) (am) of the statutes is created to read:

SB30,542,20 71.255 (2) (am) A captive insurance company is subject to the requirements of par. (a) even if all of its income is exempt from taxation under s. 71.45 (1), but the captive insurance company's share of business income of the combined group, as determined in sub. (5), is exempt from taxation. For purposes of this paragraph, a “captive insurance company" means a corporation that insures the risks primarily of itself or persons to which it is related, as determined under section 267 (b) of the Internal Revenue Code, including a subsidiary captive insurance company, an association captive insurance company, an industrial insured captive insurance company, and a captive insurance company that is organized as a protected cell company.

SB30,1079 Section 1079 . 71.26 (2) (b) 2. of the statutes is repealed.

SB30,1080 Section 1080 . 71.26 (2) (b) 10. a. of the statutes is amended to read:

SB30,543,6 71.26 (2) (b) 10. a. For taxable years beginning after December 31, 2013, and before January 1, 2017, for a corporation, conduit, or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit, real estate investment trust, or financial asset securitization investment trust under the Internal Revenue Code, “net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income, federal real estate investment trust or financial asset securitization investment trust taxable income of the corporation, conduit, or trust as determined under the Internal Revenue Code.

SB30,1081 Section 1081 . 71.26 (2) (b) 10. d. of the statutes is amended to read:

SB30,543,15 71.26 (2) (b) 10. d. For purposes of subd. 10. a., “Internal Revenue Code" does not include amendments to the federal Internal Revenue Code enacted after December 31, 2013, except that “Internal Revenue Code" includes the provisions of P.L. 113-97, P.L. 113-159, P.L. 113-168, section 302901 of P.L. 113-287, sections 171, 172, and 201 to 221 of P.L. 113-295, sections 102, 105, and 207 of division B of P.L. 113-295, P.L. 114-14, and P.L. 114-26, section 2004 of P.L. 114-41, sections 503 and 504 of P.L. 114-74, sections 103, 104, 124, 168, 184, 185, 190, 204, 303, 306, 336, and 341 of division Q of P.L. 114-113, and P.L. 114-239.

SB30,1082 Section 1082 . 71.26 (2) (b) 11. of the statutes is created to read:

SB30,543,24 71.26 (2) (b) 11. a. For taxable years beginning after December 31, 2016, for a corporation, conduit, or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit, real estate investment trust, or financial asset securitization investment trust under the Internal Revenue Code, “net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income, federal real estate investment trust or financial asset securitization investment trust taxable income of the corporation, conduit, or trust as determined under the Internal Revenue Code.

SB30,544,3 b. For purposes of subd. 11. a., “Internal Revenue Code" means the federal Internal Revenue Code as amended to December 31, 2016, except as provided in subd. 11. c. and d. and subject to subd. 11. e.

SB30,544,18 c. For purposes of subd. 11. a., “Internal Revenue Code" does not include the following provisions of federal public laws for taxable years beginning after December 31, 2016: section 13113 of P.L 103-66; sections 1, 3, 4, and 5 of P.L. 106-519; sections 101, 102, and 422 of P.L 108-357; sections 1310 and 1351 of P.L. 109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L. 110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section 15351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections 312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251, 1501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L. 111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L. 111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and 411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division P of P.L. 114-113; and sections 112, 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to 171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113.

SB30,544,20 d. For purposes of subd. 11. a., “Internal Revenue Code" does not include amendments to the federal Internal Revenue Code enacted after December 31, 2016.

SB30,545,2 e. For purposes of subd. 11. a., the provisions of federal public laws that directly or indirectly affect the Internal Revenue Code, as defined in this subdivision, apply for Wisconsin purposes at the same time as for federal purposes, except that changes made by section 4007 (b) of P.L. 114-41, section 1102 of P.L. 114-74, sections 105, 111, 113 to 115, 133, 301, 302, 304, 305, 308, 311, 313 to 323, 325, 331, and 343 to 345 of division Q of P.L. 114-113 first apply for taxable years beginning after December 31, 2016.

SB30,1083 Section 1083 . 71.26 (4) (a) of the statutes is amended to read: