LRB-0572/P1
JK:skw
2021 - 2022 LEGISLATURE
DOA:......Quinn, BB0161 - Subtraction for Americorps award
For 2021-2023 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
taxation
income taxation
Education award subtraction
Under current law, an individual who completes a term of service in the AmeriCorps program may receive a Segal AmeriCorps education award to pay for post-secondary educational expenses and to repay student loans. The awards are subject to federal and state income taxation. Under this bill, an individual may subtract the amount received as an award during the taxable year when calculating his or her income for Wisconsin income tax purposes.
Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.
For further information see the state 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:
Section
1. 71.05 (6) (b) 54. of the statutes is created to read:
71.05
(6) (b) 54. For taxable years beginning after December 31, 2020, the amount of a national service educational award disbursed under
42 USC 12604 during the taxable year for the benefit of an individual. No modification may be claimed under this subdivision for an amount that is subtracted under subd. 28. or deducted under
26 USC 221.
(End)
