SS 072-17

• General Insurance Fund debentures issued under the Rental Housing Insurance, 12 USC 1713(i)

• General Insurance Fund debentures issued under the National Defense Housing Insurance, 12 USC 1750c(d)

• General Insurance Fund debentures issued under the Neighborhood Conservation Housing Insurance, 12 USC 1715k(h)(7)

• Northern Mariana Islands, 48 USC 1801 and 607 of the Covenant to Establish a Commonwealth of the Northern Mariana Islands

• Participation Certificates in the Federal Assets Financing Trust due in 1987 and 1988, 12 USC 1717(c)

• National Credit Union Administration Central Liquidity Facility, 12 USC 1795k(b)

• Taxable obligation:

• National Consumer Cooperative Bank, 12 USC 3017(c)

c. Revise headings

• Change s. 3.095 (4) (a) Title to State, municipal, and other government securities exempt from Wisconsin income tax.

• Change s. 3.095 (4) (b) Title to Federal securities exempt from Wisconsin income tax.

2. Description of existing policies relevant to the rule, new policies proposed to be included in the rule, and an analysis of policy alternatives:

Existing policies are as set forth in the rules. Changes and additional language is needed to reflect the statutory provisions described above. If the rules are not changed, they will be incorrect in that they will not reflect current law or current department policy.

3. Detailed explanation of statutory authority for the rule (including the statutory citation and language):

Under s. 71.80 (1) (c), Stats., the department may make such regulations as it shall deem necessary in order to carry out chapter 71 of the Wisconsin Statutes, relating to income and franchise taxes.

Section 227.11 (2) (a), Stats., provides “[e]ach agency may promulgate rules interpreting the provisions of any statute enforced or administered by the agency, if the agency considers it necessary to effectuate the purpose of the statute...”

4. Estimate of amount of time that state employees will spend developing the rule and of other resources necessary to develop the rule:

The department estimates it will take approximately 100 hours to develop the rule.

5. List with description of all entities that may be affected by the proposed rule:

Tax professionals, individuals, fiduciaries, and others who rely on clear, current, and concise rules.

6. Summary and preliminary comparison with any existing or proposed federal regulation that is intended to address the activities to be regulated by the proposed rule:

There is no existing or proposed federal regulation that is intended to address the activities to be regulated by the rule.

7. Anticipated economic impact of implementing the rule (note if the rule is likely to have a significant economic impact on small businesses):

No economic impact is anticipated.

Contact Person: Jennifer Chadwick [phone]