(b) Subsection (2di) (b), (c), (d), (f) and (g), as it applies to the credit under sub. (2di), applies to the credit under this subsection.
(c) Section 71.28 (4) (g) and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.
(d) The credit under this subsection, as it applies to a person certified under s. 560.765 (3), applies to a person who conducts economic activity in a zone under s. 560.795 (1) and who is entitled to tax benefits under s. 560.795 (3), subject to the limits under s. 560.795 (2). A credit under this subsection may be credited using expenses incurred by a claimant on the effective date of this paragraph .... [revisor inserts date].
27,3378m Section 3378m. 71.07 (2dj) (d) of the statutes is amended to read:
71.07 (2dj) (d) If the allowable amount of the credit under par. (am) exceeds the taxes otherwise due under this chapter on or measured by the claimant's income, the amount of the credit not used as an offset against those taxes shall be certified to the department of administration for payment to the claimant by check, share draft or other draft unless the claimant does not fulfill the requirements under sub. (2di) (b) 2. and bases the claim on activity in a zone under s. 560.797.
27,3380gm Section 3380gm. 71.07 (2dj) (h) of the statutes is created to read:
71.07 (2dj) (h) For claims based on activity in a zone under s. 560.797, the rules under sub. (2di) (b) and (c) as they apply to the credit under that subsection apply to the credit under this subsection.
27,3380r Section 3380r. 71.07 (2ds) (c) of the statutes is amended to read:
71.07 (2ds) (c) If the allowable amount of the credit under par. (b) exceeds the taxes otherwise due under this chapter on or measured by the claimant's income, the amount of the credit not used as an offset against those taxes shall be certified to the department of administration for payment to the claimant by check, share draft or other draft unless the claimant does not fulfill the requirements under sub. (2di) (b) 2. and bases the claim on activity in a zone under s. 560.797.
27,3381mm Section 3381mm. 71.07 (2ds) (h) of the statutes is created to read:
71.07 (2ds) (h) For claims based on activity in a zone under s. 560.797, the rules under sub. (2di) (b) and (c) as they apply to the credit under that subsection apply to the credit under this subsection.
27,3382m Section 3382m. 71.07 (9e) (ac) of the statutes is created to read:
71.07 (9e) (ac) For taxable years beginning after December 31, 1994, and before January 1, 1996, any natural person may credit against the tax imposed under s. 71.02 an amount equal to one of the following percentages of the federal basic earned income credit for which the person is eligible for the taxable year under section 32 (b) (1) (A) to (C) of the internal revenue code:
1. If the person has one qualifying child who has the same principal place of abode as the person, 4%.
2. If the person has 2 qualifying children who have the same principal place of abode as the person, 16%.
3. If the person has 3 or more qualifying children who have the same principal place of abode as the person, 50%.
27,3383 Section 3383 . 71.07 (9e) (ad) (intro.) of the statutes is amended to read:
71.07 (9e) (ad) (intro.) For taxable years beginning on or after January 1, 1994 after December 31, 1993, and before January 1, 1995, a person who has one qualifying child who has the same principal place of abode as the person may credit against the tax imposed under s. 71.02 an amount equal to the amount calculated by one of the following methods, based on the person's earned income or federal adjusted gross income:
27,3383m Section 3383m. 71.07 (9e) (af) of the statutes is created to read:
71.07 (9e) (af) For taxable years beginning after December 31, 1995, any natural person may credit against the tax imposed under s. 71.02 an amount equal to one of the following percentages of the federal basic earned income credit for which the person is eligible for the taxable year under section 32 (b) (1) (A) to (C) of the internal revenue code:
1. If the person has one qualifying child who has the same principal place of abode as the person, 4%.
2. If the person has 2 qualifying children who have the same principal place of abode as the person, 14%.
3. If the person has 3 or more qualifying children who have the same principal place of abode as the person, 43%.
27,3384 Section 3384 . 71.07 (9e) (ah) (intro.) of the statutes is amended to read:
71.07 (9e) (ah) (intro.) For taxable years beginning on or after January 1, 1994 after December 31, 1993, and before January 1, 1995, a person who has 2 qualifying children who have the same principal place of abode as the person may credit against the tax imposed under s. 71.02 an amount equal to the amount calculated by one of the following methods, based on the person's earned income or federal adjusted gross income:
27,3388 Section 3388 . 71.07 (9e) (ap) (intro.) of the statutes is amended to read:
71.07 (9e) (ap) (intro.) For taxable years beginning on or after January 1, 1994 after December 31, 1993, and before January 1, 1995, a person who has more than 2 qualifying children who have the same principal place of abode as the person may credit against the tax imposed under s. 71.02 an amount equal to the amount calculated by one of the following methods, based on the person's earned income or federal adjusted gross income:
27,3391 Section 3391 . 71.07 (9e) (at) 1. (intro.) of the statutes is amended to read:
71.07 (9e) (at) 1. (intro.) For taxable years beginning on or after January 1, 1994, and subject to subd. 2. after December 31, 1993, and before January 1, 1995:
27,3392 Section 3392 . 71.07 (9e) (at) 2. of the statutes is repealed.
27,3393 Section 3393 . 71.07 (9e) (at) 3. (intro.) of the statutes is amended to read:
71.07 (9e) (at) 3. (intro.) For taxable years beginning on or after January 1, 1994 after December 31, 1993, and before January 1, 1995, the maximum credit is one of the following amounts:
27,3393m Section 3393m. 71.07 (9m) (a) of the statutes is amended to read:
71.07 (9m) (a) Any person may credit against taxes otherwise due under this chapter, up to the amount of those taxes, an amount equal to 5% of the costs of qualified rehabilitation expenditures, as defined in section 48 (g) (2) 47 (c) (2) of the internal revenue code, for certified historic structures on property located in this state if the physical work of construction or destruction in preparation for construction begins after December 31, 1988, and the rehabilitated property is placed in service after June 30, 1989.
27,3393r Section 3393r. 71.08 (1) (intro.) of the statutes is amended to read:
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), (2dd), (2de), (2di), (2dj), (2dL), (2ds), (2fd), (3m), (6) and (9e), 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1fd) and (2m) and 71.47 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1fd) and (2m) and subchs. VIII and IX 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:
27,3394mm Section 3394mm. 71.10 (4) (gd), (ge), (gs) and (gt) of the statutes are created to read:
71.10 (4) (gd) Development zones jobs credit under s. 71.07 (2dj) if the credit is based on activity in a zone under s. 560.797.
(ge) Development zones sales tax credit under s. 71.07 (2ds) if the credit is based on activity in a zone under s. 560.797.
(gs) Development zones day care credit under s. 71.07 (2dd).
(gt) Development zones environmental remediation credit under s. 71.07 (2de).
27,3394mp Section 3394mp. 71.10 (4) (i) of the statutes is amended to read:
71.10 (4) (i) The total of claim of right credit under s. 71.07 (1), farmland preservation credit under subch. IX, homestead credit under subch. VIII, farmland tax relief credit under s. 71.07 (3m), farmers' drought property tax credit under s. 71.07 (2fd), development zones sales tax credit under s. 71.07 (2ds) unless the credit is based on activity in a zone under s. 560.797, development zones jobs credit under s. 71.07 (2dj) unless the credit is based on activity in a zone under s. 560.797, earned income tax credit under s. 71.07 (9e), estimated tax payments under s. 71.09, and taxes withheld under subch. X.
27,3395e Section 3395e. 71.10 (5m) of the statutes is created to read:
71.10 (5m) Domestic abuse awareness and prevention. (a) Definitions. In this subsection, “ domestic abuse program" means the program described under s. 46.95 (4).
(b) Voluntary payments. 1. `Designation on return'. Any individual filing an income tax return may designate on the return any amount of additional payment or any amount of a refund due that individual for the domestic abuse program.
2. `Designation added to tax owed'. If the individual owes any tax, the individual shall remit in full the tax due and the amount designated on the return for the domestic abuse program when the individual files a tax return.
3. `Designation deducted from refund'. Except as provided under par. (d) if the individual is owed a refund for that year after crediting under ss. 71.75 (9) and 71.80 (3), the department of revenue shall deduct the amount designated on the return for the domestic abuse program from the amount of the refund.
(c) Errors; failure to remit correct amount. If an individual who owes taxes fails to remit an amount equal to or in excess of the total of the actual tax due, after error corrections, and the amount designated on the return for the domestic abuse program:
1. The department shall reduce the designation for the domestic abuse program to reflect the amount remitted in excess of the actual tax due, after error corrections, if the individual remitted an amount in excess of the actual tax due, after error corrections, but less than the total of the actual tax due, after error corrections, and the amount originally designated on the return for the domestic abuse program.
2. The designation for the domestic abuse program is void if the individual remitted an amount equal to or less than the actual tax due, after error corrections.
(d) Errors; insufficient refund. If an individual who is owed a refund which does not equal or exceed the amount designated on the return for the domestic abuse program, after crediting under ss. 71.75 (9) and 71.80 (3) and after error corrections, the department shall reduce the designation for the domestic abuse program to reflect the actual amount of the refund the individual is otherwise owed, after crediting under ss. 71.75 (9) and 71.80 (3) and after error corrections.
(e) Conditions. If an individual places any conditions on a designation for the domestic abuse program, the designation is void.
(f) Void designation. If a designation for the domestic abuse program is void, the department of revenue shall disregard the designation and determine amounts due, owed, refunded and received without regard to the void designation.
(g) Tax return. The secretary of revenue shall provide a place for the designations under this subsection on the individual income tax return and the secretary shall highlight that place on the return by a symbol chosen by the department of revenue that relates to domestic abuse prevention and awareness.
(h) Certification of amounts. Annually, on or before September 15, the secretary of revenue shall certify to the department of health and social services, the state treasurer and the secretary of administration:
1. The total amount of the administrative costs, including data processing costs, incurred by the department of revenue in administering this subsection during the previous fiscal year.
2. The total amount received from all designations for the domestic abuse program made by taxpayers during the previous fiscal year.
3. The net amount remaining after the administrative costs, including data processing costs, under subd. 1. are subtracted from the total received under subd. 2.
4. From the moneys received from designations for the domestic abuse program, an amount equal to the sum of administrative expenses, including data processing costs, certified under subd. 1. shall be deposited in the general fund and credited to the appropriation under s. 20.566 (1) (hp), and the net amount remaining certified under subd. 3. shall be credited to the appropriation under s. 20.435 (1) (hk).
5. Amounts designated for the domestic abuse program under this subsection are not subject to refund to the taxpayer unless the taxpayer submits information to the satisfaction of the department within 18 months after the date taxes are due or the date the return is filed, whichever is later, that the amount designated is clearly in error. Any refund granted by the department of revenue under this subdivision shall be deducted from the moneys received under this subsection in the fiscal year that the refund is certified.
27,3395m Section 3395m. 71.21 (4) of the statutes is amended to read:
71.21 (4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL) and (2ds) and passed through to partners or members shall be added to the partnership's or limited liability company's income.
27,3396b Section 3396b. 71.22 (4) (b) of the statutes is repealed.
27,3396h Section 3396h. 71.22 (4) (h) of the statutes is amended to read:
71.22 (4) (h) Except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g) and 71.42 (2), “internal revenue code", for taxable years that begin after December 31, 1992, and before January 1, 1994, means the federal internal revenue code as amended to December 31, 1992, excluding sections 103, 104 and 110 of P.L. 102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, and P.L. 103-465 and as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2) and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and, P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66 and P.L. 103-465. The internal revenue code applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the federal internal revenue code enacted after December 31, 1992, do not apply to this paragraph with respect to taxable years beginning after December 31, 1992, and before January 1, 1994, except that changes to the internal revenue code made by P.L. 103-66 and P.L. 103-465 and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 103-66 and P.L. 103-465 apply for Wisconsin purposes at the same time as for federal purposes.
27,3396i Section 3396i. 71.22 (4) (i) of the statutes is amended to read:
71.22 (4) (i) Except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g) and 71.42 (2), “internal revenue code", for taxable years that begin after December 31, 1993, and before January 1, 1995, means the federal internal revenue code as amended to December 31, 1993, excluding sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337 and P.L. 103-465 and as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2) and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66 and P.L. 103-296, P.L. 103-337 and P.L. 103-465. The internal revenue code applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the federal internal revenue code enacted after December 31, 1993, do not apply to this paragraph with respect to taxable years beginning after December 31, 1993, and before January 1, 1995, except that changes to the internal revenue code made by P.L. 103-296, P.L. 103-337 and P.L. 103-465 and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 103-296, P.L. 103-337 and P.L. 103-465 apply for Wisconsin purposes at the same time as for federal purposes.
27,3396j Section 3396j. 71.22 (4) (j) of the statutes is created to read:
71.22 (4) (j) Except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g) and 71.42 (2), “internal revenue code", for taxable years that begin after December 31, 1994, means the federal internal revenue code as amended to December 31, 1994, excluding sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, and as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2) and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66 and P.L. 103-296, P.L. 103-337 and P.L. 103-465. The internal revenue code applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the federal internal revenue code enacted after December 31, 1994, do not apply to this paragraph with respect to taxable years beginning after December 31, 1994.
27,3396p Section 3396p. 71.22 (4m) (f) of the statutes is amended to read:
71.22 (4m) (f) For taxable years that begin after December 31, 1992, and before January 1, 1994, “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, 1992, excluding sections 103, 104 and 110 of P.L. 102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, and P.L. 103-465 and as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and, P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66 and P.L. 103-465. The internal revenue code applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the internal revenue code enacted after December 31, 1992, do not apply to this paragraph with respect to taxable years beginning after December 31, 1992, and before January 1, 1994, except that changes to the internal revenue code made by P.L. 103-66 and P.L. 103-465 and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 103-66 and P.L. 103-465 apply for Wisconsin purposes at the same time as for federal purposes.
27,3396q Section 3396q. 71.22 (4m) (g) of the statutes is amended to read:
71.22 (4m) (g) For taxable years that begin after December 31, 1993, and before January 1, 1995, “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, 1993, excluding sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337 and P.L. 103-465 and as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337 and P.L. 103-465. The internal revenue code applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the internal revenue code enacted after December 31, 1993, do not apply to this paragraph with respect to taxable years beginning after December 31, 1993, and before January 1, 1995, except that changes to the internal revenue code made by P.L. 103-296, P.L. 103-337 and P.L. 103-465 and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 103-296, P.L. 103-337 and P.L. 103-465 apply for Wisconsin purposes at the same time as for federal purposes.
27,3396r Section 3396r. 71.22 (4m) (h) of the statutes is created to read:
71.22 (4m) (h) For taxable years that begin after December 31, 1994, “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, 1994, excluding sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, and as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337 and P.L. 103-465. The internal revenue code applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the internal revenue code enacted after December 31, 1994, do not apply to this paragraph with respect to taxable years beginning after December 31, 1994.
27,3397 Section 3397 . 71.26 (1) (a) of the statutes is amended to read:
71.26 (1) (a) Certain corporations. Income of corporations organized under ch. 185, except income of a cooperative sickness care association organized under s. 185.981, or of a service insurance corporation organized under ch. 613, that is derived from a health maintenance organization as defined in s. 609.01 (2) or a limited service health organization as defined in s. 609.01 (3), or operating under subch. I of ch. 616 which are bona fide cooperatives operated without pecuniary profit to any shareholder or member, or operated on a cooperative plan pursuant to which they determine and distribute their proceeds in substantial compliance with s. 185.45, and the income, except the unrelated business taxable income as defined in section 512 of the internal revenue code and except income that is derived from a health maintenance organization as defined in s. 609.01 (2) or a limited service health organization as defined in s. 609.01 (3), of all religious, scientific, educational, benevolent or other corporations or associations of individuals not organized or conducted for pecuniary profit. This paragraph does not apply to the income of savings banks, mutual loan corporations or savings and loan associations. This paragraph applies to the income of credit unions except to the income of any credit union that is derived from public deposits for any taxable year in which the credit union is approved as a public depository under ch. 34 and acts as a depository of state or local funds under s. 186.113 (20). For purposes of this paragraph, the income of a credit union that is derived from public deposits is the product of the credit union's gross annual income for the taxable year multiplied by a fraction, the numerator of which is the average monthly balance of public deposits in the credit union during the taxable year, and the denominator of which is the average monthly balance of all deposits in the credit union during the taxable year.
27,3398 Section 3398 . 71.26 (1) (be) of the statutes is created to read:
71.26 (1) (be) Certain authorities. Income of the University of Wisconsin Hospitals and Clinics Authority.
27,3399 Section 3399 . 71.26 (1) (d) of the statutes is amended to read:
71.26 (1) (d) Bank in liquidation. Income of any bank placed in the hands of the commissioner division of banking for liquidation under s. 220.08, if the tax levied, assessed or collected under this chapter on account of such bank diminishes the assets thereof so that full payment of all depositors cannot be made. Whenever the commissioner division of banking certifies to the department of revenue that the tax or any part thereof levied and assessed under this chapter against any such bank will so diminish the assets thereof that full payment of all depositors cannot be made, the department of revenue shall cancel and abate such tax or part thereof, together with any penalty thereon. This paragraph shall apply to unpaid taxes which were levied and assessed subsequent to the time the bank was taken over by the commissioner division of banking.
27,3399e Section 3399e. 71.26 (1) (e) of the statutes is amended to read:
71.26 (1) (e) Menominee Indian tribe; distribution of assets. No distribution of assets from the United States to the members of the Menominee Indian tribe as defined in s. 49.085 49.385 or their lawful distributees, or to any corporation, or organization, created by the tribe or at its direction pursuant to section 8 of P.L. 83-399, as amended, and no issuance of stocks, bonds, certificates of indebtedness, voting trust certificates or other securities by any such corporation or organization, or voting trust, to such members of the tribe or their lawful distributees shall be subject to income or franchise taxes under this chapter; provided that so much of any cash distribution made under said P.L. 83-399 as consists of a share of any interest earned on funds deposited in the treasury of the United States pursuant to the supplemental appropriation act, 1952, (65 Stat. 736, 754) shall not by virtue of this paragraph be exempt from the individual income tax of this state in the hands of the recipients for the year in which paid. For the purpose of ascertaining the gain or loss resulting from the sale or other disposition of such assets and stocks, bonds, certificates of indebtedness and other securities under this chapter, the fair market value of such property, on termination date as defined in s. 70.057 (1), 1967 stats., shall be the basis for determining the amount of such gain or loss.
27,3399em Section 3399em. 71.26 (1) (g) and (h) of the statutes are repealed.
27,3399er Section 3399er. 71.26 (1m) of the statutes is created to read:
71.26 (1m) Exemption from the income tax. The interest and income from the following obligations are exempt from the tax imposed under s. 71.23 (1):
(a) Those issued under s. 66.39.
(b) Those issued under s. 66.40.
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