Existing policies are contained in Chapters
RL 80-
87 and Appendix
I. The proposal would revise:
[1] Definitions.
[2] Applications, examination, experience, qualifying education, continuing education and renewal requirements.
[3] Rules of unprofessional conduct.
[4] Make minor, technical and grammatical changes.
Federal Regulations
A. Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA").
(1) In general:
The Federal Institutions Reform, Recovery, and Enforcement Act (“FIRREA"),
12 U.S.C. 3331 et seq., (Title XI) was enacted in 1989. Under FIRREA, insured financial institutions and insured credit unions are required to obtain the services of a state certified or licensed appraiser for appraisals conducted in connection with “federally related transactions."
Under FIRREA, the Appraisal Subcommittee of the Federal Financial Institutions Examination Council is required to monitor state appraiser certifying and licensing agencies for the purpose of determining whether a state agency's policies, practices, and procedures are consistent with the federal law. The Appraisal Subcommittee may not recognize appraiser certifications and licenses from states whose appraisal policies, practices, or procedures are found to be inconsistent with FIRREA. Before refusing to recognize a state's appraiser certifications or licenses, the Appraisal Subcommittee must provide that state's certifying and licensing agency with a written notice of its intentions not to recognize the state's certified or licensed appraisers and ample opportunity to provide rebuttal information or to correct the conditions causing the refusal. A decision of the Subcommittee to refuse to recognize a state's appraiser certifications or licenses is subject to judicial review.
12 U.S.C. 3331 et seq.
In 1997, the Appraisal Subcommittee adopted the
Policy Statements Regarding State Certification and Licensing of Real Estate Appraisers, which all states must comply with. [The Appraisal Subcommittee's Policy Statements are available at:
http://www.asc.gov.]
(2) Appraiser Qualifications:
Under FIRREA, the state criteria for the qualifications of
certified real estate appraisers must meet the minimum qualifications criteria for certification established by the Appraiser Qualifications Board (AQB) of the Appraisal Foundation. The minimum qualifications criteria established by the AQB are set forth in the
Real Property Appraiser Qualification Criteria and Interpretations of the Criteria (“Criteria"). The AQB Criteria includes the minimum experience, examination, qualifying education and continuing education requirements that must be satisfied by an individual in order to obtain and maintain a
certified appraiser credential. [The AQB Criteria is available on the Internet at:
http://www.appraisalfoundation.org.]
Under FIRREA, the states may establish their own qualifications and requirements for licensed appraiser credentials. The states are not obligated to adopt the minimum experience, examination, education and continuing education requirements recommended by AQB for the licensure of real estate appraisers. However, the Appraisal Subcommittee recommends that all states adopt the AQB Criteria established for licensed appraisers. The Department of Regulation and Licensing has adopted substantially all of the requirements set forth in the AQB Criteria established for the licensure of real estate appraisers.
States Regulations.
Under FIRREA, all states, including Illinois, Iowa, Indiana, Michigan and Minnesota, that certify real estate appraisers for purposes of conducting appraisals in federally related transactions must assure compliance with the AQB Criteria. In addition, the Appraisal Subcommittee recommends that all states assure compliance with the AQB Criteria for the licensure of real estate appraisers.
Statutory authority
Staff time required
120 hours.
Revenue
Subject
S.
Tax 2.99, relating to the dairy investment credit.
Description of all entities that will be affected by the rule
Entities that operate Wisconsin dairy farms, as well as entities that prepare Wisconsin income tax returns, will be affected by the rule.
Summary of, and comparison with, existing or proposed federal regulation
There is no existing or proposed federal regulation that is intended to address the activities to be regulated by the rule.
Description of policy issues:
Objective of the rule. The objective of the proposed rule is to clarify the following terms as they relate to the dairy investment credit, which was created by
2003 Wisconsin Act 135:
- “amount the claimant paid in the taxable year,"
- “dairy farm modernization or expansion,"
- “milk production," and
- “used exclusively related to dairy animals."
Policy analysis
Existing policies are as set forth in the rules. No new policies are being proposed, other than to reflect the creation by
2003 Wisconsin Act 135 of the dairy investment credit. If the rules are not changed, they will be incomplete in that they will not provide clarification of certain terms used in the statutory language of the credit.
Statutory authority
227.11 (2) (a), Stats.
Staff time required
The department estimates it will take approximately 60 hours to develop this rule order.
Revenue
Subject
S.
Tax 3.04, relating to the subtraction for military pay received by members of a reserve component of the armed forces.
Description of all entities that will be affected by the rule
Members of a reserve component of the armed forces, as well as entities that prepare Wisconsin income tax returns, will be affected by the rule.
Summary of, and comparison with, existing or proposed federal regulation
There is no existing or proposed federal regulation that is intended to address the activities to be regulated by the rule.
Policy analysis
Objective of the proposed rule. The objective of the proposed rule is to clarify that the subtraction from income for military pay received by members of a reserve component of the armed forces is not available to persons who are serving on active or full-time duty in the active guard reserve (AGR) program under
32 USC 502 (f).
Existing policies are as set forth in the rules. No new policies are being proposed, other than to reflect the creation by
2003 Wisconsin Act 183 of the subtraction from income for military pay received by members of a reserve component of the armed forces. If the rules are not changed, they will be incomplete in that they will not provide clarification that persons who are serving on active or full-time duty in the active guard reserve (AGR) program under
32 USC 502 (f) are not eligible to claim the subtraction.
Statutory authority
227.11 (2) (a), Stats.
Staff time required
The department estimates it will take approximately 60 hours to develop this rule order.
