The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
71.05
(6) (b) 32. (intro.) An amount paid into a college savings account, as described in s. 14.64, if the beneficiary of the account
either is
one of the following: the claimant;
is the claimant's child and the claimant's dependent who is claimed under section
151 (c) of the Internal Revenue Code;
or is the claimant's grandchild;
the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:
71.05
(6) (b) 33. (intro.) An amount paid into a college tuition and expenses program, as described in s. 14.63, if the beneficiary of the account
either is
one of the following: the claimant;
is the claimant's child and the claimant's dependent who is claimed under section
151 (c) of the Internal Revenue Code;
or is the claimant's grandchild;
the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:
(1) This act first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31, this act first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.