237,284e
Section 284e. 71.06 (1m) (a) of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (1m) (a) On all taxable income from $0 to $7,500, 4.85% 4.77%.
237,284ee
Section 284ee. 71.06 (1m) (b) of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (1m) (b) On all taxable income exceeding $7,500 but not exceeding $15,000, 6.48% 6.37%.
237,284em
Section 284em. 71.06 (1m) (c) of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (1m) (c) On all taxable income exceeding $15,000, 6.87% 6.77%.
237,284g
Section 284g. 71.06 (2) (c) 1. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (2) (c) 1. On all taxable income from $0 to $10,000, 4.85% 4.77%.
237,284ge
Section 284ge. 71.06 (2) (c) 2. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (2) (c) 2. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.48% 6.37%.
237,284gm
Section 284gm. 71.06 (2) (c) 3. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (2) (c) 3. On all taxable income exceeding $20,000, 6.87% 6.77%.
237,284i
Section 284i. 71.06 (2) (d) 1. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (2) (d) 1. On all taxable income from $0 to $5,000, 4.85% 4.77%.
237,284ie
Section 284ie. 71.06 (2) (d) 2. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (2) (d) 2. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.48% 6.37%.
237,284im
Section 284im. 71.06 (2) (d) 3. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.06 (2) (d) 3. On all taxable income exceeding $10,000, 6.87% 6.77%.
237,284m
Section 284m. 71.07 (3s) (b) of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.07 (3s) (b) The tax imposed under s. 71.02
or 71.08 shall be reduced by an amount equal to the sales and use tax under ch. 77 paid by the person in such taxable year on fuel and electricity consumed in manufacturing tangible personal property in this state. Shareholders in a tax-option corporation and partners may claim the credit under this subsection, based on eligible sales and use taxes paid by the partnership or tax-option corporation, in proportion to the ownership interest of each partner or shareholder. The partnership or tax-option corporation shall calculate the amount of the credit which may be claimed by each partner or shareholder and shall provide that information to the partner or shareholder.
237,284p
Section 284p. 71.07 (3s) (c) 5. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.07 (3s) (c) 5. If a corporation that is not a tax-option corporation has a carry-over credit from a taxable year that begins on or after January 1, 1998, and becomes a tax-option corporation before the credit carried over is used, the unused portion of the credit may be used by the tax-option corporation's shareholders on a prorated basis.
237,285b
Section 285b. 71.07 (9) (b) of the statutes is renumbered 71.07 (9) (b) 1. and is amended to read:
71.07 (9) (b) 1. Subject to the limitations under this subsection and except as provided in subd. 2., a claimant may claim as a credit against, but not to exceed the amount of, taxes under s. 71.02, 10% of the first $2,000 of property taxes or rent constituting property taxes, or 10% of the first $1,000 of property taxes or rent constituting property taxes of a married person filing separately.
237,285c
Section 285c. 71.07 (9) (b) 2. of the statutes is created to read:
71.07 (9) (b) 2.
Beginning on the date that the joint committee on finance takes action under 1997 Wisconsin Act .... (this act), section 9256 (2c) (c), subject to the limitations under this subsection, a claimant may claim as a credit against, but not to exceed the amount of, taxes under s. 71.02, the amounts specified in the proposal
, as adopted or modified by the joint committee on finance, under 1997 Wisconsin Act .... (this act), section 9256 (2c)
(c).
237,286
Section 286
. 71.08 (1) (intro.) of the statutes, as affected by 1997 Wisconsin Act 27, 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), (2dr), (2ds), (2dx), (2fd), (3m), (3s), (6) and (9e), 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1dx), (1fd) and, (2m) and (3) and 71.47 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1dx), (1fd) and, (2m) and (3) 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:
237,286m
Section 286m. 71.10 (4) (de) of the statutes, as created by 1997 Wisconsin Act 27, is renumbered 71.10 (4) (gb).
237,288
Section 288
. 71.125 (2) of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
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) or under s. 71.06 (1m), whichever taxable year is applicable, on its Wisconsin taxable income as computed under section 641 of the Internal Revenue Code, as modified by s. 71.05 (6) to (12), (19) and (20).
237,289
Section 289
. 71.17 (6) of the statutes is created to read:
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) and (1m).
237,290
Section 290
. 71.22 (4) (m) of the statutes, as created by 1997 Wisconsin Act 37, is amended to read:
71.22 (4) (m) 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, 1997, means the federal Internal Revenue Code as amended to December 31, 1996 1997, excluding sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as amended by the provisions of P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, 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, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191 , P.L. 104-193 and the provisions of, P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998. 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, 1996 1997, do not apply to this paragraph with respect to taxable years beginning after December 31, 1997, except that changes to the Internal Revenue Code made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, apply for Wisconsin purposes at the same time as for federal purposes.
237,291
Section 291
. 71.22 (4m) (k) of the statutes, as created by 1997 Wisconsin Act 37, is amended to read:
71.22 (4m) (k) For taxable years that begin after December 31, 1997, “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, 1996
1997, excluding sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as amended by the provisions of P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, 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, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191 , P.L. 104-193 and the provisions of, P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998. 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, 1996 1997, do not apply to this paragraph with respect to taxable years beginning after December 31, 1997, except that changes to the Internal Revenue Code made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, apply for Wisconsin purposes at the same time as for federal purposes.
237,292
Section 292
. 71.26 (2) (b) 13. of the statutes, as created by 1997 Wisconsin Act 37, is amended to read:
71.26 (2) (b) 13. For taxable years that begin after December 31, 1997, 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 as amended to December 31, 1996 1997, excluding sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as amended by the provisions of P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, 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, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191 , P.L. 104-193 and the provisions of, P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, “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 as amended to December 31, 1996 1997, excluding sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as amended by the provisions of P.L. 105-33 and P.L. 105-34 that take effect before January 1,1998, 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, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191 , P.L. 104-193 and the provisions of, P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The Internal Revenue Code as amended to December 31, 1996 1997, excluding sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as amended by the provisions of P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, 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, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191 , P.L. 104-193 and the provisions of, P.L.105-33 and P.L. 105-34 that take effect before January 1, 1998, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the Internal Revenue Code enacted after December 31, 1996
1997, do not apply to this subdivision with respect to taxable years that begin after December 31, 1997, except that changes to the Internal Revenue Code made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, apply for Wisconsin purposes at the same time as for federal purposes.
237,293
Section 293
. 71.26 (3) (y) of the statutes, as affected by 1997 Wisconsin Act 37, is amended to read:
71.26 (3) (y) A corporation may compute amortization and depreciation under either the federal internal revenue code as amended to December 31, 1996, for property placed in service before August 6, 1997, or as amended to August 5, 1997, for property placed in service on August 6, 1997, or thereafter 1997, or the federal internal revenue code in effect for the taxable year for which the return is filed, except that property first placed in service by the taxpayer on or after January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats., is required to be depreciated under the internal revenue code as amended to December 31, 1980, and property first placed in service in taxable year 1981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985 stats., is required to be depreciated under the internal revenue code as amended to December 31, 1980, shall continue to be depreciated under the internal revenue code as amended to December 31, 1980.
237,293p
Section 293p. 71.28 (3) (c) 5. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.28 (3) (c) 5. If a corporation that is not a tax-option corporation has a carry-over credit from a taxable year that begins on or after January 1, 1998, and becomes a tax-option corporation before the credit carried over is used, the unused portion of the credit may be used by the tax-option corporation's shareholders on a prorated basis.
237,294p
Section 294p. 71.34 (1) (j) of the statutes, as created by 1997 Wisconsin Act 27, is repealed.
237,294
Section 294
. 71.34 (1g) (m) of the statutes, as created by 1997 Wisconsin Act 37, is amended to read:
71.34 (1g) (m) “Internal Revenue Code" for tax-option corporations, for taxable years that begin after December 31, 1997, means the federal Internal Revenue Code as amended to December 31, 1996 1997, excluding sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as amended by the provisions of P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, 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, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191 , P.L. 104-193 and the provisions of, P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, except that section 1366 (f) (relating to pass-through of items to shareholders) is modified by substituting the tax under s. 71.35 for the taxes under sections 1374 and 1375. 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, 1996 1997, do not apply to this paragraph with respect to taxable years beginning after December 31, 1997, except that changes to the Internal Revenue Code made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, apply for Wisconsin purposes at the same time as for federal purposes.
237,295
Section 295
. 71.365 (1m) of the statutes, as affected by 1997 Wisconsin Act 37, is amended to read:
71.365 (1m) Tax-option corporations; depreciation. A tax-option corporation may compute amortization and depreciation under either the federal internal revenue code as amended to December 31, 1996, for property placed in service before August 6, 1997, or as amended to August 5, 1997, for property placed in service on August 6, 1997, or thereafter 1997, or the federal internal revenue code in effect for the taxable year for which the return is filed, except that property first placed in service by the taxpayer on or after January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats., is required to be depreciated under the internal revenue code as amended to December 31, 1980, and property first placed in service in taxable year 1981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985 stats., is required to be depreciated under the internal revenue code as amended to December 31, 1980, shall continue to be depreciated under the internal revenue code as amended to December 31, 1980. Any difference between the adjusted basis for federal income tax purposes and the adjusted basis under this chapter shall be taken into account in determining net income or loss in the year or years for which the gain or loss is reportable under this chapter. If that property was placed in service by the taxpayer during taxable year 1986 and thereafter but before the property is used in the production of income subject to taxation under this chapter, the property's adjusted basis and the depreciation or other deduction schedule are not required to be changed from the amount allowable on the owner's federal income tax returns for any year because the property is used in the production of income subject to taxation under this chapter. If that property was acquired in a transaction in taxable year 1986 or thereafter in which the adjusted basis of the property in the hands of the transferee is the same as the adjusted basis of the property in the hands of the transferor, the Wisconsin adjusted basis of that property on the date of transfer is the adjusted basis allowable under the internal revenue code as defined for Wisconsin purposes for the property in the hands of the transferor.
237,296
Section 296
. 71.42 (2) (L) of the statutes, as created by 1997 Wisconsin Act 37, is amended to read:
71.42 (2) (L) For taxable years that begin after December 31, 1997, “Internal Revenue Code" means the federal Internal Revenue Code as amended to December 31, 1996 1997, excluding sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as amended by the provisions of P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, and as indirectly affected 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, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c) 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191 , P.L. 104-193 and the provisions of, P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, except that “Internal Revenue Code" does not include section 847 of the federal Internal Revenue Code. 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, 1996 1997, do not apply to this paragraph with respect to taxable years beginning after December 31, 1997, except that changes to the Internal Revenue Code made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 105-33 and P.L. 105-34 that take effect before January 1, 1998, apply for Wisconsin purposes at the same time as for federal purposes.
237,297
Section 297
. 71.45 (2) (a) 13. of the statutes, as affected by 1997 Wisconsin Act 37, is amended to read:
71.45 (2) (a) 13. By adding or subtracting, as appropriate, the difference between the depreciation deduction under the federal internal revenue code as amended to December 31, 1996, for property placed in service before August 6, 1997, or as amended to August 5, 1997, for property placed in service on August 6, 1997, or thereafter 1997 and the depreciation deduction under the federal internal revenue code in effect for the taxable year for which the return is filed, so as to reflect the fact that the insurer may choose between these 2 deductions, except that property first placed in service by the taxpayer on or after January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats., is required to be depreciated under the internal revenue code as amended to December 31, 1980, and property first placed in service in taxable year 1981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985 stats., is required to be depreciated under the internal revenue code as amended to December 31, 1980, shall continue to be depreciated under the internal revenue code as amended to December 31, 1980.
237,297p
Section 297p. 71.47 (3) (c) 5. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.47 (3) (c) 5. If a corporation that is not a tax-option corporation has a carry-over credit from a taxable year that begins on or after January 1, 1998, and becomes a tax-option corporation before the credit carried over is used, the unused portion of the credit may be used by the tax-option corporation's shareholders on a prorated basis.
237,298
Section 298
. 71.78 (4) (o) of the statutes is repealed and recreated to read:
71.78 (4) (o) A licensing department or the supreme court, if the supreme court agrees, for the purpose of denial, nonrenewal, discontinuation and revocation of a license based on tax delinquency under s. 73.0301.
237,298s
Section 298s. 71.83 (1) (d) 2. of the statutes, as created by 1997 Wisconsin Act 27, is amended to read:
71.83 (1) (d) 2. The penalty described under subd. 1. shall be the amount of the capital gains exclusion received by the transferor under s. 71.05 (6) (b) 25. income tax that would have been imposed under s. 71.02 on the capital gains received by the transferor in the transaction described in subd. 1. if the exemption under s. 71.05 (6) (b) 25. did not apply to the transaction multiplied by a fraction, the denominator of which is 24 and the numerator of which is the difference between 24 and the number of months between the date on which the person who is liable for the penalty purchased or otherwise received the assets described in subd. 1. and the month in which the person sells or otherwise disposes of the assets.
237,299
Section 299
. 71.83 (3) of the statutes is amended to read:
71.83 (3) Late filing fees. If any person required under this chapter to file an income or franchise tax return fails to file a return within the time prescribed by law, or as extended under s. 71.03 (7), 71.24 (7) or 71.44 (3), unless the return is filed under such an extension but the person fails to file a copy of the extension that is granted by or requested of the internal revenue service, the department shall add to the tax of the person $30 in the case of corporations and in the case of persons other than corporations $2 when the total normal income tax of the person is less than $10, $3 when the tax is $10 or more but less than $20, $5 when the tax is $20 or more, except that $30 shall be added to the tax if the return is 60 or more days late. If no tax is assessed against any such person the amount of this fee shall be collected as income or franchise taxes are collected. If any person who is required under s. 71.65 (3) to file a withholding report and deposit withheld taxes fails timely to do so; unless the person so required dies or the failure is due to a reasonable cause and not due to neglect; the department of revenue shall add $30 to the amount due.
237,299r
Section 299r. 71.91 (5) (f) of the statutes is amended to read:
71.91 (5) (f) When the taxes set forth in a warrant together with penalties and interest to date of payment and all costs due the department have been paid to it or when such warrant has not been paid or discharged, but the taxes for which such warrant was issued have been canceled or credited, the department shall issue a satisfaction of the warrant and file it with the clerk and said warrant shall be immediately satisfied of record by such clerk. The department shall send a copy of such satisfaction to the taxpayer at the taxpayer's request. If the taxpayer so requests, the department shall indicate
on the warrant the amount that was paid to satisfy the warrant. When such warrant has not been paid or discharged but the enforcement of same would, in the opinion of the department, result in depriving the taxpayer of a substantial right, the department may issue a release of said warrant and file same with the clerk who shall immediately make an entry of same of record, and it shall be held conclusive of the extinguishment of the warrant and all liens and rights created thereby, but shall not constitute a release or satisfaction of the taxes for which such warrant was issued.
237,300
Section 300
. 71.91 (8) (title) of the statutes is repealed.
237,301
Section 301
. 71.91 (8) of the statutes is renumbered 73.0301 (5) (a) and amended to read:
73.0301 (5) (a) The department of revenue shall conduct a hearing requested by a credential holder under s. 440.08 (4) (b) 2. license holder or applicant for a license or license renewal or continuation under sub. (2) (b) 1. b. or by an applicant for certification or recertification or a certificate holder under s. 73.03 (50) or 73.09 (7m) (b) to review a certification or determination of tax delinquency that is the basis of a denial by the department of regulation and licensing under s. 440.08 (4) (b) 1. of an application for the renewal of a credential or revocation of a license in accordance with this section or of a certificate, certification or recertification under s. 73.03 (50) or 73.09 (7m). A hearing under this subsection
paragraph is limited to questions of mistaken identity of the credential license or certificate holder or applicant and of prior payment of the delinquent taxes for which the department of revenue certified or determined the credential license or certificate holder or applicant is liable. At a hearing under this subsection paragraph, any statement filed by the department of revenue or, the
licensing department of regulation and licensing or the supreme court, if the supreme court agrees, may be admitted into evidence and is prima facie evidence of the facts that it contains. Notwithstanding ch. 227, a person entitled to a hearing under this paragraph is not entitled to any other notice, hearing or review, except as provided in sub. (2) (b) 2.
237,302
Section 302
. 71.92 (2) of the statutes is amended to read:
71.92 (2) Any taxpayer who is unable to pay the full amount of his or her delinquent income or franchise taxes, costs, penalties and interest may apply to the department of revenue to pay such taxes, costs, penalties and interest in instalments. Such application shall contain a statement of the reasons such taxes, costs, penalties and interest cannot be paid in full and shall set forth the plan of instalment payments proposed by the taxpayer. Upon approval of such plan by the department and the payment of instalments in accordance therewith collection proceedings with respect to such taxes, costs, penalties and interest shall be withheld; but on failure of the taxpayer to make any instalment payment, the department shall proceed to collect the unpaid portion of such taxes, costs, penalties and interest in the manner provided by law. The department of revenue may require taxpayers who make instalment payments under this subsection to do so by electronic funds transfer.
237,303
Section 303
. 73.03 (27) (intro.) of the statutes is renumbered 73.03 (27) and amended to read:
73.03 (27) To write off from the records of the department income, franchise, sales, use, withholding, motor fuel, gift, beverage and cigarette tax and recycling surcharge liabilities, following a determination by the secretary of revenue that they are not collectible, as hereinafter provided:. Taxes written off under this subsection remain legal obligations.
237,304
Section 304
. 73.03 (27) (a) to (e) of the statutes are repealed.
237,305
Section 305
. 73.03 (28g) of the statutes is repealed.
237,305r
Section 305r. 73.03 (50) of the statutes, as affected by 1997 Wisconsin Act 191, is amended to read:
73.03 (50) With the approval of the joint committee on finance, to establish fees for obtaining a business tax registration certificate, which, except as provided in s. 73.0302, is valid for 2 years, and for renewing that certificate and, except as provided in s. 73.0302, shall issue and renew those certificates if the person who wishes to obtain or renew a certificate applies on a form that the department prescribes; sets forth the name under which the applicant intends to operate, the location of the applicant's place of operations, the social security number of the applicant if the applicant is a natural person and the other information that the department requires; and, in the case of a sole proprietor, signs the form or, in the case of other persons, has an individual who is authorized to act on behalf of the person sign the form, or, in the case of a single-owner entity that is disregarded as a separate entity under section 7701 of the Internal Revenue Code, the person is the owner.
237,306
Section 306
. 73.03 (52) of the statutes is created to read:
73.03 (52) To enter into agreements with the internal revenue service that provide for offsetting state tax refunds against federal tax obligations and offsetting federal tax refunds against state tax obligations, if the agreements provide that setoffs under ss. 71.93 and 71.935 occur before the setoffs under those agreements.
237,306m
Section 306m. 73.03 (54) and (55) of the statutes are created to read:
73.03 (54) To publish instructional material that provides information to persons who wish to object to valuations under s. 70.47 and to distribute that material in sufficient quantity to taxation districts.
(55) To provide or approve suitable training sessions at suitable times and instructional material for board of review members.
237,307
Section 307
. 73.0301 of the statutes is created to read:
73.0301 License denial, nonrenewal, discontinuation, suspension and revocation based on tax delinquency. (1) Definitions. In this section:
(a) “Credential" has the meaning given in s. 440.01 (2) (a), but does not include a registration as an inactive licensee under s. 452.12 (6) (b).
(b) “Credentialing board" means a board, examining board or affiliated credentialing board in the department of regulation and licensing that grants a credential.
(d) “License" means any of the following:
1. An approval specified in s. 29.09 (11r).
2. A license issued by the department of health and family services under s. 48.66 (1) to a child welfare agency, group home, shelter care facility or day care center, as required by s. 48.60, 48.625, 48.65 or 938.22 (7).
3. A license, certificate of approval, provisional license, conditional license, certification, certification card, registration, permit, training permit or approval specified in s. 50.35, 50.49 (6) (a) or (10), 51.038, 51.04, 51.42 (7) (b) 11., 51.421 (3) (a), 51.45 (8), 146.40 (3) or (3m), 146.50 (5) (a) or (b), (6g) (a), (7) or (8) (a) or (f), 250.05 (5), 252.23 (2), 252.24 (2), 254.176, 254.20 (3), 255.08 (2) (a) or 343.305 (6) (a) or a permit for operation of a campground specified in s. 254.47 (1).
3m. A license or certificate issued by the department of workforce development under s. 102.17 (1) (c), 103.275 (2) (b), 103.91 (1), 103.92 (3), 104.07 (1) or (2) or 105.13 (1).
5. A license, as defined in s. 101.02 (20) (a).
6. A license or certificate of registration issued by the department of financial institutions, or a division of it, under s. 138.09, 138.12, 217.06, 218.01, 218.02, 218.04, 218.05 or 224.72 or under subch. III of ch. 551.
