Amendment AA8-ASA1-AB100

AB100-ASA1-AA8,210,5 71.05 (6) (a) 10. For the taxable year, for a person who is not "actively engaged in farming", as that term is used in 7 CFR 1497.201, combined net losses, exclusive of net gains from the sale or exchange of capital or business assets and exclusive of net profits, from businesses, from rents, from partnerships, from limited liability companies, from S corporations, from estates or from trusts, under section 165 of the internal revenue code, except losses allowable under sections 1211 and 1231 of the internal revenue code, otherwise includable in calculating Wisconsin income if those losses are incurred in the operation of a farming business, as defined in section 464 (e) 1. of the internal revenue code to the extent that those combined net losses exceed $20,000 if nonfarm Wisconsin adjusted gross income exceeds $55,000 but does not exceed $75,000, exceed $17,500 if nonfarm Wisconsin adjusted gross income exceeds $75,000 but does not exceed $100,000, exceed $15,000 if nonfarm Wisconsin adjusted gross income exceeds $100,000 but does not exceed $150,000, exceed $12,500 if nonfarm Wisconsin adjusted gross income exceeds $150,000 but does not exceed $200,000, exceed $10,000 if nonfarm Wisconsin adjusted gross income exceeds $200,000 but does not exceed $250,000, exceed $7,500 if nonfarm Wisconsin adjusted gross income exceeds $250,000 but does not exceed $300,000, exceed $5,000 if nonfarm Wisconsin adjusted gross income exceeds $300,000 but does not exceed $400,000 $600,000 and exceed $0 if nonfarm adjusted gross income exceeds $400,000 $600,000, except that the amounts applicable to married persons filing separately are 50% of the amounts specified in this subdivision.".

AB100-ASA1-AA8,210,6 798. Page 961, line 22: after that line insert:

AB100-ASA1-AA8,210,7 " Section 2261ao. 71.05 (6) (a) 20. of the statutes is created to read:

AB100-ASA1-AA8,210,10 71.05 (6) (a) 20. The amount of any excess distribution, as that term is used in section 1291 (b) of the Internal Revenue Code, from a passive foreign investment company.".

AB100-ASA1-AA8,210,11 799. Page 963, line 8: after that line insert:

AB100-ASA1-AA8,210,12 " Section 2261e. 71.06 (1) (intro.) of the statutes is amended to read:

AB100-ASA1-AA8,210,21 71.06 (1) (title) Fiduciaries, single individuals and heads of households; 1986 to 1997. (intro.) The tax to be assessed, levied and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals for taxable years beginning on or after August 1, 1986, and before January 1, 1994, and upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households for taxable years beginning on or after January 1, 1994 December 31, 1993, and before January 1, 1998, shall be computed at the following rates:

AB100-ASA1-AA8, s. 2261ee Section 2261ee. 71.06 (1m) of the statutes is created to read:

AB100-ASA1-AA8,211,2 71.06 (1m) Fiduciaries, single individuals and heads of households; after 1997. The tax to be assessed, levied and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates:

AB100-ASA1-AA8,211,4 (a) For taxable years beginning after December 31, 1997, and before January 1, 1999:

AB100-ASA1-AA8,211,5 1. On all taxable income from $0 to $7,500, 4.85%.

AB100-ASA1-AA8,211,6 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.48%.

AB100-ASA1-AA8,211,7 3. On all taxable income exceeding $15,000, 6.87%.

AB100-ASA1-AA8,211,9 (b) For taxable years beginning after December 31, 1998, and before January 1, 2000:

AB100-ASA1-AA8,211,10 1. On all taxable income from $0 to $7,500, 4.80%.

AB100-ASA1-AA8,211,11 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.42%.

AB100-ASA1-AA8,211,12 3. On all taxable income exceeding $15,000, 6.79%.

AB100-ASA1-AA8,211,14 (c) For taxable years beginning after December 31, 1999, and before January 1, 2001:

AB100-ASA1-AA8,211,15 1. On all taxable income from $0 to $7,500, 4.75%.

AB100-ASA1-AA8,211,16 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.35%.

AB100-ASA1-AA8,211,17 3. On all taxable income exceeding $15,000, 6.72%.

AB100-ASA1-AA8,211,19 (d) For taxable years beginning after December 31, 2000, and before January 1, 2002:

AB100-ASA1-AA8,211,20 1. On all taxable income from $0 to $7,500, 4.70%.

AB100-ASA1-AA8,211,21 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.29%.

AB100-ASA1-AA8,211,22 3. On all taxable income exceeding $15,000, 6.65%.

AB100-ASA1-AA8,211,23 (e) For taxable years beginning after December 31, 2001:

AB100-ASA1-AA8,211,24 1. On all taxable income from $0 to $7,500, 4.66%.

AB100-ASA1-AA8,211,25 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.22%.

AB100-ASA1-AA8,212,1 3. On all taxable income exceeding $15,000, 6.58%.

AB100-ASA1-AA8, s. 2261eg Section 2261eg. 71.06 (2) (intro.) of the statutes is amended to read:

AB100-ASA1-AA8,212,6 71.06 (2) Married persons. (intro.) The tax to be assessed, levied and collected upon the taxable incomes of all married persons for calendar year 1987 and corresponding fiscal years and for calendar and fiscal years thereafter shall be computed at the following rates:

AB100-ASA1-AA8, s. 2261ei Section 2261ei. 71.06 (2) (a) (intro.) of the statutes is amended to read:

AB100-ASA1-AA8,212,9 71.06 (2) (a) (intro.) For joint returns, for taxable years beginning after July 31, 1986, and before January 1, 1998:

AB100-ASA1-AA8, s. 2261ek Section 2261ek. 71.06 (2) (b) (intro.) of the statutes is amended to read:

AB100-ASA1-AA8,212,12 71.06 (2) (b) (intro.) For married persons filing separately, for taxable years beginning after July 31, 1986, and before January 1, 1998:

AB100-ASA1-AA8, s. 2261eL Section 2261eL. 71.06 (2) (c) of the statutes is created to read:

AB100-ASA1-AA8,212,14 71.06 (2) (c) For joint returns:

AB100-ASA1-AA8,212,16 1. For taxable years beginning after December 31, 1997, and before January 1, 1999:

AB100-ASA1-AA8,212,17 a. On all taxable income from $0 to $10,000, 4.85%.

AB100-ASA1-AA8,212,18 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.48%.

AB100-ASA1-AA8,212,19 c. On all taxable income exceeding $20,000, 6.87%.

AB100-ASA1-AA8,212,21 2. For taxable years beginning after December 31, 1998, and before January 1, 2000:

AB100-ASA1-AA8,212,22 a. On all taxable income from $0 to $10,000, 4.80%.

AB100-ASA1-AA8,212,23 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.42%.

AB100-ASA1-AA8,212,24 c. On all taxable income exceeding $20,000, 6.79%.

AB100-ASA1-AA8,213,2 3. For taxable years beginning after December 31, 1999, and before January 1, 2001:

AB100-ASA1-AA8,213,3 a. On all taxable income from $0 to $10,000, 4.75%.

AB100-ASA1-AA8,213,4 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.35%.

AB100-ASA1-AA8,213,5 c. On all taxable income exceeding $20,000, 6.72%.

AB100-ASA1-AA8,213,7 4. For taxable years beginning after December 31, 2000, and before January 1, 2002:

AB100-ASA1-AA8,213,8 a. On all taxable income from $0 to $10,000, 4.70%.

AB100-ASA1-AA8,213,9 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.29%.

AB100-ASA1-AA8,213,10 c. On all taxable income exceeding $20,000, 6.65%.

AB100-ASA1-AA8,213,11 5. For taxable years beginning after December 31, 2001:

AB100-ASA1-AA8,213,12 a. On all taxable income from $0 to $10,000, 4.66%.

AB100-ASA1-AA8,213,13 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.22%.

AB100-ASA1-AA8,213,14 c. On all taxable income exceeding $20,000, 6.58%.

AB100-ASA1-AA8, s. 2261em Section 2261em. 71.06 (2) (d) of the statutes is created to read:

AB100-ASA1-AA8,213,16 71.06 (2) (d) For married persons filing separately:

AB100-ASA1-AA8,213,18 1. For taxable years beginning after December 31, 1997, and before January 1, 1999:

AB100-ASA1-AA8,213,19 a. On all taxable income from $0 to $5,000, 4.85%.

AB100-ASA1-AA8,213,20 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.48%.

AB100-ASA1-AA8,213,21 c. On all taxable income exceeding $10,000, 6.87%.

AB100-ASA1-AA8,213,23 2. For taxable years beginning after December 31, 1998, and before January 1, 2000:

AB100-ASA1-AA8,213,24 a. On all taxable income from $0 to $5,000, 4.80%.

AB100-ASA1-AA8,213,25 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.42%.

AB100-ASA1-AA8,214,1 c. On all taxable income exceeding $10,000, 6.79%.

AB100-ASA1-AA8,214,3 3. For taxable years beginning after December 31, 1999, and before January 1, 2001:

AB100-ASA1-AA8,214,4 a. On all taxable income from $0 to $5,000, 4.75%.

AB100-ASA1-AA8,214,5 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.35%.

AB100-ASA1-AA8,214,6 c. On all taxable income exceeding $10,000, 6.72%.

AB100-ASA1-AA8,214,8 4. For taxable years beginning after December 31, 2000, and before January 1, 2002:

AB100-ASA1-AA8,214,9 a. On all taxable income from $0 to $5,000, 4.70%.

AB100-ASA1-AA8,214,10 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.29%.

AB100-ASA1-AA8,214,11 c. On all taxable income exceeding $10,000, 6.65%.

AB100-ASA1-AA8,214,12 5. For taxable years beginning after December 31, 2001:

AB100-ASA1-AA8,214,13 a. On all taxable income from $0 to $5,000, 4.66%.

AB100-ASA1-AA8,214,14 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.22%.

AB100-ASA1-AA8,214,15 c. On all taxable income exceeding $10,000, 6.58%.

AB100-ASA1-AA8, s. 2261eo Section 2261eo. 71.06 (2m) of the statutes is amended to read:

AB100-ASA1-AA8,214,20 71.06 (2m) Rate changes. If a rate under sub. (1), (1m) or (2) changes during a taxable year, the taxpayer shall compute the tax for that taxable year by the methods applicable to the federal income tax under section 15 of the internal revenue code.".

AB100-ASA1-AA8,214,21 800. Page 963, line 22: after that line insert:

AB100-ASA1-AA8,214,23 " Section 2261fm. 71.06 (2s) of the statutes, as created by 1997 Wisconsin Act .... (this act), is renumbered 71.06 (2s) (a) and amended to read:

AB100-ASA1-AA8,215,13 71.06 (2s) (a) For taxable years beginning after December 31, 1996, and ending before January 1, 1998, with respect to nonresident individuals, including individuals changing their domicile into or from this state, the tax brackets under subs. (1) and (2) shall be multiplied by a fraction, the numerator of which is Wisconsin adjusted gross income and the denominator of which is federal adjusted gross income. In this subsection paragraph, for married persons filing separately "adjusted gross income" means the separate adjusted gross income of each spouse, and for married persons filing jointly "adjusted gross income" means the total adjusted gross income of both spouses. If an individual and that individual's spouse are not both domiciled in this state during the entire taxable year, the tax brackets under subs. (1) and (2) on a joint return shall be multiplied by a fraction, the numerator of which is their joint Wisconsin adjusted gross income and the denominator of which is their joint federal adjusted gross income.

AB100-ASA1-AA8, s. 2261fn Section 2261fn. 71.06 (2s) (b) of the statutes is created to read:

AB100-ASA1-AA8,216,2 71.06 (2s) (b) For taxable years beginning after December 31, 1997, with respect to nonresident individuals, including individuals changing their domicile into or from this state, the tax brackets under subs. (1m) and (2) (c) and (d) shall be multiplied by a fraction, the numerator of which is Wisconsin adjusted gross income and the denominator of which is federal adjusted gross income. In this paragraph, for married persons filing separately "adjusted gross income" means the separate adjusted gross income of each spouse, and for married persons filing jointly "adjusted gross income" means the total adjusted gross income of both spouses. If an individual and that individual's spouse are not both domiciled in this state during the entire taxable year, the tax brackets under subs. (1m) and (2) (c) and (d) on a joint return shall be multiplied by a fraction, the numerator of which is their joint Wisconsin adjusted gross income and the denominator of which is their joint federal adjusted gross income.".

AB100-ASA1-AA8,216,3 801. Page 973, line 20: after that line insert:

AB100-ASA1-AA8,216,4 " Section 2262ns. 71.07 (6) (a) of the statutes is amended to read:

AB100-ASA1-AA8,216,20 71.07 (6) (a) Married For taxable years beginning before January 1, 1998, married persons filing a joint return, except those who reduce their gross income under section 911 or 931 of the internal revenue code, may claim as a credit against, but not to exceed the amount of, Wisconsin net income taxes otherwise due an amount equal to 2% of the earned income of the spouse with the lower earned income, but not more than $300. In this paragraph, "earned income" means qualified earned income, as defined in section 221 (b) of the internal revenue code as amended to December 31, 1985, plus employe business expenses under section 62 (2) (B) to (D) of that code, allocable to Wisconsin under s. 71.04, plus amounts received by the individual for services performed in the employ of the individual's spouse minus the amount of disability income excluded under s. 71.05 (6) (b) 4. and minus any other amount not subject to tax under this chapter. Earned income is computed notwithstanding the fact that each spouse owns an undivided one-half interest in the whole of the marital property. A marital property agreement or unilateral statement under ch. 766 transferring income between spouses has no effect in computing earned income under this paragraph.