Amendment ASA-AB150

AB150-ASA, s. 3402r Section 3402r. 71.28 (1ds) (c) of the statutes is amended to read:

AB150-ASA,1147,4 71.28 (1ds) (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. (1di) (b) 2. and bases the claim on activity in a zone under s. 560.797.

AB150-ASA, s. 3403m Section 3403m. 71.28 (1ds) (e) of the statutes is amended to read:

AB150-ASA,1147,7 71.28 (1ds) (e) The rules under sub. (1di) (b), (f) and (g) as they apply to the credit under that subsection apply to the credit under this subsection.

AB150-ASA, s. 3404c Section 3404c. 71.28 (6) (a) of the statutes is amended to read:

AB150-ASA,1147,15 71.28 (6) (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.

AB150-ASA, s. 3404cg Section 3404cg. 71.30 (3) (eo) and (ep) of the statutes are created to read:

AB150-ASA,1147,17 71.30 (3) (eo) Development zones day care credit under s. 71.28 (1dd).

AB150-ASA,1147,18 (ep) Development zones environmental remediation credit under s. 71.28 (1de).

AB150-ASA, s. 3404cm Section 3404cm. 71.34 (1) (g) of the statutes is amended to read:

AB150-ASA,1147,22 71.34 (1) (g) An addition shall be made for credits computed by a tax-option corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL) and (1ds) and passed through to shareholders.

AB150-ASA, s. 3404e Section 3404e. 71.34 (1g) (b) of the statutes is repealed.

AB150-ASA, s. 3404h Section 3404h. 71.34 (1g) (h) of the statutes is amended to read:

AB150-ASA,1148,21 71.34 (1g) (h) "Internal revenue code" for tax-option corporations, 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 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, 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.

AB150-ASA, s. 3404i Section 3404i. 71.34 (1g) (i) of the statutes is amended to read:

AB150-ASA,1149,19 71.34 (1g) (i) "Internal revenue code" for tax-option corporations, 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, P.L. 103-296, P.L. 103-337 and P.L. 103-465 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, 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.

AB150-ASA, s. 3404j Section 3404j. 71.34 (1g) (j) of the statutes is created to read:

AB150-ASA,1150,12 71.34 (1g) (j) "Internal revenue code" for tax-option corporations, 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, P.L. 103-296, P.L. 103-337 and P.L. 103-465, 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, 1994, do not apply to this paragraph with respect to taxable years beginning after December 31, 1994.

AB150-ASA, s. 3404k Section 3404k. 71.365 (1m) of the statutes is amended to read:

AB150-ASA,1151,14 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, 1993 1994, 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.

AB150-ASA, s. 3404q Section 3404q. 71.42 (2) (g) of the statutes is amended to read:

AB150-ASA,1152,8 71.42 (2) (g) For taxable years that begin after December 31, 1992, and before January 1, 1994, "internal revenue code" 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 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 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, 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 federal internal revenue code made by P.L. 103-66 and P.L. 103-465 apply for Wisconsin purposes at the same time as for federal purposes.

AB150-ASA, s. 3404r Section 3404r. 71.42 (2) (h) of the statutes is amended to read:

AB150-ASA,1153,2 71.42 (2) (h) For taxable years that begin after December 31, 1993, and before January 1, 1995, "internal revenue code" 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 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 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, 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.

AB150-ASA, s. 3404s Section 3404s. 71.42 (2) (i) of the statutes is created to read:

AB150-ASA,1153,16 71.42 (2) (i) For taxable years that begin after December 31, 1994, "internal revenue code" 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 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 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, 1994, do not apply to this paragraph with respect to taxable years beginning after December 31, 1994.

AB150-ASA, s. 3405 Section 3405. 71.45 (1) of the statutes is amended to read:

AB150-ASA,1154,8 71.45 (1) Exempt and excludable income. There shall be exempt from taxation under this subchapter income of insurers exempt from federal income taxation pursuant to section 501 (c) (15) of the internal revenue code, town mutuals organized under or subject to ch. 612, foreign insurers, and domestic insurers engaged exclusively in life insurance business, domestic insurers insuring against financial loss by reason of nonpayment of principal, interest and other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust or other instrument constituting a lien or charge on real estate and corporations organized under ch. 185, but not including income of cooperative sickness care associations 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.

AB150-ASA, s. 3406 Section 3406. 71.45 (2) (a) (intro.) of the statutes is amended to read:

AB150-ASA,1154,14 71.45 (2) (a) (intro.) Insurers subject to taxation under this chapter shall pay a tax according to or measured by net income. Such tax is payable under s. 71.44 (1). "Net Except as provided in sub. (5), "net income" of an insurer subject to taxation under this chapter means federal taxable income as determined in accordance with the provisions of the internal revenue code adjusted as follows:

AB150-ASA, s. 3406r Section 3406r. 71.45 (2) (a) 10. of the statutes is amended to read:

AB150-ASA,1154,21 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit computed under s. 71.47 (1di) (1dd) to (1ds) and not passed through by a partnership, limited liability company or tax-option corporation that has added that amount to the partnership's, limited liability company's or tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) and the amount of credit computed under s. 71.47 (1), (3), (4) and (5).

AB150-ASA, s. 3406v Section 3406v. 71.45 (2) (a) 13. of the statutes is amended to read:

AB150-ASA,1155,10 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, 1993 1994, 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.

AB150-ASA, s. 3407 Section 3407. 71.45 (5) of the statutes is created to read:

AB150-ASA,1155,18 71.45 (5) Exceptions. The net 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), is the net income that would be determined if the cooperative sickness care association or service insurance corporation were subject to federal income taxation and as if that income were that of an insurance company.

AB150-ASA, s. 3407m Section 3407m. 71.47 (1dd) of the statutes is created to read:

AB150-ASA,1155,20 71.47 (1dd) Development zones day care credit. (a) In this subsection:

AB150-ASA,1155,23 1. "Day care center benefits" means benefits provided at a day care facility that is licensed under s. 48.65 or 48.69 and that for compensation provides care for at least 6 children.

AB150-ASA,1156,2 2. "Employment-related day care expenses" means amounts paid or incurred by a claimant for providing or making day care center benefits available to a qualifying child in order to enable a member of a targeted group to be employed by the claimant.

AB150-ASA,1156,4 3. "Qualifying child" means a child of a member of a targeted group who is employed by a claimant.

AB150-ASA,1156,5 4. "Member of a targeted group" means a person under sub. (1dj) (am) 1.

AB150-ASA,1156,13 (b) Except as provided in s. 73.03 (35), for any taxable year for which that person is certified under s. 560.765 (3) and begins business operations in a zone under s. 560.71 after the effective date of this paragraph .... [revisor inserts date], entitled under s. 560.795 (3) (a) and begins business operations in a zone under s. 560.795 after the effective date of this paragraph .... [revisor inserts date], or certified under s. 560.797 (4) (a), for each zone for which the person is certified or entitled a person may credit against taxes otherwise due under this subchapter employment-related day care expenses, up to $1,200 for each qualifying child.

AB150-ASA,1156,15 (c) Subsection (1di) (b), (d), (f) and (g), as it applies to the credit under sub. (1di), applies to the credit under this subsection.

AB150-ASA,1156,17 (d) Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

AB150-ASA,1156,23 (e) 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].

AB150-ASA, s. 3407r Section 3407r. 71.47 (1de) of the statutes is created to read:

AB150-ASA,1157,12 71.47 (1de) Development zones environmental remediation credit. (a) Except as provided in s. 73.03 (35), for any taxable year for which a person is certified under s. 560.765 (3) and begins business operations in a zone under s. 560.71 after the effective date of this paragraph .... [revisor inserts date], entitled under s. 560.795 (3) (a) and begins business operations in a zone under s. 560.795 after the effective date of this paragraph .... [revisor inserts date], or certified under s. 560.797 (4) (a), for each zone for which the person is certified or entitled the person may claim as a credit against taxes otherwise due under this subchapter an amount equal to 7.5% of the amount that the person expends to remove or contain environmental pollution, as defined in s. 144.01 (3), in the zone or to restore soil or groundwater that is affected by environmental pollution, as defined in s. 144.01 (3), in the zone if the person fulfills all of the following requirements:

AB150-ASA,1157,16 1. Begins the work, other than planning and investigating, for which the credit is claimed after the area that includes the site where the work is done is designated a development zone under s. 560.71, a development opportunity zone under s. 560.795 or an enterprise development zone under s. 560.797.

AB150-ASA,1157,19 2. Completes the project for which the credit is claimed after the claimant is certified under s. 560.765 (3), entitled under s. 560.795 (3) (a) or certified under s. 560.797 (4) (a).

AB150-ASA,1157,21 (b) Subsection (1di) (b), (d), (f) and (g), as it applies to the credit under s. 71.07 (2di), applies to the credit under this subsection.

AB150-ASA,1157,23 (c) Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

AB150-ASA,1158,4 (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].

AB150-ASA, s. 3408f Section 3408f. 71.47 (1dj) (am) 4b. of the statutes is created to read:

AB150-ASA,1158,10 71.47 (1dj) (am) 4b. Modify "qualified wages", as defined in section 51 (b) of the internal revenue code, to include up to $2,500 in day care center benefits, as defined in sub. (1dd) (a) 1., if the claimant begins operations in a zone under s. 560.71 or 560.795 after the effective date of this subdivision .... [revisor inserts date], or if the claimant conducts economic activity in a zone under s. 560.797.

AB150-ASA, s. 3408g Section 3408g. 71.47 (1dj) (d) of the statutes is amended to read:

AB150-ASA,1158,17 71.47 (1dj) (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. (1di) (b) 2. and bases the claim on activity in a zone under s. 560.797.

AB150-ASA, s. 3410m Section 3410m. 71.47 (1dj) (f) of the statutes is amended to read:

AB150-ASA,1158,20 71.47 (1dj) (f) The rules under sub. (1di) (b), (f) and (g) as they apply to the credit under that subsection apply to the credit under this subsection.

AB150-ASA, s. 3410r Section 3410r. 71.47 (1ds) (c) of the statutes is amended to read:

AB150-ASA,1159,2 71.47 (1ds) (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. (1di) (b) 2. and bases the claim on activity in a zone under s. 560.797.

AB150-ASA, s. 3411m Section 3411m. 71.47 (1ds) (e) of the statutes is amended to read:

AB150-ASA,1159,5 71.47 (1ds) (e) The rules under sub. (1di) (b), (f) and (g) as they apply to the credit under that subsection apply to the credit under this subsection.

AB150-ASA, s. 3412m Section 3412m. 71.47 (6) (a) of the statutes is amended to read:

AB150-ASA,1159,13 71.47 (6) (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.

AB150-ASA, s. 3412r Section 3412r. 71.49 (1) (en) and (eo) of the statutes are created to read:

AB150-ASA,1159,15 71.49 (1) (en) Development zones day care credit under s. 71.47 (1dd).

AB150-ASA,1159,16 (eo) Development zones environmental remediation credit under s. 71.47 (1de).

AB150-ASA, s. 3413 Section 3413. 71.52 (6) of the statutes is amended to read:

AB150-ASA,1161,2 71.52 (6) "Income" means the sum of Wisconsin adjusted gross income and the following amounts, to the extent not included in Wisconsin adjusted gross income: maintenance payments (except foster care maintenance and supplementary payments excludable under section 131 of the internal revenue code), support money, cash public assistance and general relief (not including credit granted under this subchapter and amounts under s. 46.27), cash benefits paid by counties under s. 59.07 (154), the gross amount of any pension or annuity (including railroad retirement benefits, all payments received under the federal social security act and veterans disability pensions), nontaxable interest received from the federal government or any of its instrumentalities, nontaxable interest received on state or municipal bonds, worker's compensation, unemployment compensation, the gross amount of "loss of time" insurance, compensation and other cash benefits received from the United States for past or present service in the armed forces, scholarship and fellowship gifts or income, capital gains, gain on the sale of a personal residence excluded under section 121 of the internal revenue code, dividends, income of a nonresident or part-year resident who is married to a full-year resident, housing allowances provided to members of the clergy, the amount by which a resident manager's rent is reduced, nontaxable income of an American Indian, nontaxable income from sources outside this state and nontaxable deferred compensation. Intangible drilling costs, depletion allowances and depreciation, including first-year depreciation allowances under section 179 of the internal revenue code, amortization, contributions to individual retirement accounts under section 219 of the internal revenue code, contributions to Keogh plans, net operating loss carry-forwards and capital loss carry-forwards deducted in determining Wisconsin adjusted gross income shall be added to "income". "Income" does not include gifts from natural persons, cash reimbursement payments made under title XX of the federal social security act, surplus food or other relief in kind supplied by a governmental agency, the gain on the sale of a personal residence deferred under section 1034 of the internal revenue code or nonrecognized gain from involuntary conversions under section 1033 of the internal revenue code. Amounts not included in adjusted gross income but added to "income" under this subsection in a previous year and repaid may be subtracted from income for the year during which they are repaid. A marital property agreement or unilateral statement under ch. 766 has no effect in computing "income" for a person whose homestead is not the same as the homestead of that person's spouse.

AB150-ASA, s. 3414 Section 3414. 71.54 (2) (a) (intro.) of the statutes is amended to read:

AB150-ASA,1161,8 71.54 (2) (a) (intro.) Property taxes accrued or rent constituting property taxes accrued shall be reduced by one-twelfth for each month or portion of a month for which the claimant received general relief from any municipality or county under s. 59.07 (154) equal to or in excess of $400, or received assistance under s. 49.19, except assistance received:

AB150-ASA, s. 3414m Section 3414m. 71.55 (1) of the statutes is amended to read:

AB150-ASA,1161,13 71.55 (1) Application of credit against any liability. The amount of any claim otherwise payable under this subchapter may be applied by the department of revenue against any amount certified to the department under s. 71.93 or 71.935 or may be credited under s. 71.80 (3) or (3m).

AB150-ASA, s. 3415r Section 3415r. 71.61 (1) of the statutes is amended to read:

AB150-ASA,1161,18 71.61 (1) Department may apply credit against any tax liability. The amount of any claim otherwise payable under this subchapter may be applied by the department against any amount certified to the department under s. 71.93 or 71.935 or may be credited under s. 71.80 (3) or (3m).

AB150-ASA, s. 3417m Section 3417m. 71.67 (4) (a) of the statutes is amended to read:

AB150-ASA,1161,25 71.67 (4) (a) The administrator of the lottery division in the gaming commission department under ch. 565 shall withhold from any lottery prize of $2,000 or more an amount determined by multiplying the amount of the prize by the highest rate applicable to individuals under s. 71.06 (1). The administrator shall deposit the amounts withheld, on a monthly basis, as would an employer depositing under s. 71.65 (3) (a).

AB150-ASA, s. 3419 Section 3419. 71.67 (6) of the statutes is created to read:

AB150-ASA,1162,3 71.67 (6) Withholding registration; fee. Each employer who is required to withhold under this chapter shall obtain a valid certificate under s. 73.03 (50).

AB150-ASA, s. 3419e Section 3419e. 71.74 (13) (a) of the statutes is amended to read:

AB150-ASA,1162,16 71.74 (13) (a) If the tax is increased the department shall proceed to collect the additional tax in the same manner as other income or franchise taxes are collected. If the income or franchise taxes are decreased upon direction of the department the state treasurer secretary of administration shall refund to the taxpayer such part of the overpayment as was actually paid in cash, and the certification of the overpayment by the department shall be sufficient authorization to the treasurer secretary of administration for the refunding of the overpayment. No refund of income or franchise tax shall be made by the treasurer secretary of administration unless the refund is so certified. The part of the overpayment paid to the county and the local taxation district shall be deducted by the state treasurer secretary of administration in the treasurer's next settlement with the county and local treasurer.

AB150-ASA, s. 3419g Section 3419g. 71.74 (13) (b) of the statutes is amended to read:

AB150-ASA,1163,2 71.74 (13) (b) No action or proceeding whatsoever shall be brought against the state or the treasurer thereof secretary of administration for the recovery, refund or credit of any income or surtaxes; except in case the state treasurer secretary of administration shall neglect or refuse for a period of 60 days to refund any overpayment of any income or surtaxes certified, the taxpayer may maintain an action to collect the overpayment against the treasurer secretary of administration so neglecting or refusing to refund such overpayment, without filing a claim for refund with such treasurer the secretary of administration, provided that such action shall be commenced within one year after the certification of such overpayment.

AB150-ASA, s. 3419j Section 3419j. 71.74 (14) of the statutes is amended to read:

AB150-ASA,1163,19 71.74 (14) Additional remedy to collect tax. The department of revenue may also proceed under s. 71.91 (5) for the collection of any additional assessment of income or franchise taxes or surtaxes, after notice thereof has been given under sub. (11) and before the same shall have become delinquent, when it has reasonable grounds to believe that the collection of such additional assessment will be jeopardized by delay. In such cases notice of the intention to so proceed shall be given by registered mail to the taxpayer, and the warrant of the department of revenue shall not issue if the taxpayer within 10 days after such notice furnishes a bond in such amount, not exceeding double the amount of the tax, and with such sureties as the department of revenue shall approve, conditioned upon the payment of so much of the additional taxes as shall finally be determined to be due, together with interest thereon as provided by s. 71.82 (1) (a). Nothing in this subsection shall affect the review of additional assessments provided by ss. 71.88 (1) (a) and (2) (a), 71.89 (2), 73.01 and 73.015, and any amounts collected under this subsection shall be deposited with the state treasurer secretary of administration and disbursed after final determination of the taxes as are amounts deposited under s. 71.90 (2).

AB150-ASA, s. 3419m Section 3419m. 71.75 (1) of the statutes is amended to read:

AB150-ASA,1163,25 71.75 (1) Except as provided in ss. 46.255, 71.77 (5) and (7) (b) and 71.93 and 71.935, the provisions for refunds and credits provided in this section shall be the only method for the filing and review of claims for refund of income and surtaxes, and no person may bring any action or proceeding for the recovery of such taxes other than as provided in this section.

AB150-ASA, s. 3419p Section 3419p. 71.75 (1) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read: