Amendment SA1-SB167

LRBa0374/1

MES:kmg&jlg:km

1997 - 1998 LEGISLATURE

SENATE AMENDMENT 1, TO 1997 SENATE BILL 167

April 23, 1997 - Offered by Senator Wineke.

SB167-SA1,1,1 At the locations indicated, amend the bill as follows:

SB167-SA1,1,2 1. Page 7, line 13: after that line insert:

SB167-SA1,1,3 " Section 7m. 71.05 (22) (ds) of the statutes is created to read:

SB167-SA1,2,4 71.05 (22) (ds) Standard deduction indexing. For taxable years beginning after December 31, 1998, the dollar amounts of the standard deduction that is allowable under par. (dp) and all of the dollar amounts of Wisconsin adjusted gross income under par. (dp) shall be increased each year by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the year before the previous year, as determined by the federal department of labor. Each amount that is revised under this paragraph shall be rounded to the nearest multiple of $10 if the revised amount is not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount shall be increased to the next higher multiple of $10. The department of revenue shall annually adjust the changes in dollar amounts required under this paragraph and incorporate the changes into the income tax forms and instructions.".

SB167-SA1,2,5 2. Page 9, line 18: after that line insert:

SB167-SA1,2,6 " Section 15m. 71.06 (2e) of the statutes is created to read:

SB167-SA1,2,19 71.06 (2e) Bracket indexing. For taxable years beginning after December 31, 1998, the maximum dollar amount in each tax bracket, and the corresponding minimum dollar amount in the next bracket, under subs. (1m) and (2) (c) and (d) shall be increased each year by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the year before the previous year, as determined by the federal department of labor. Each amount that is revised under this subsection shall be rounded to the nearest multiple of $10 if the revised amount is not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount shall be increased to the next higher multiple of $10. The department of revenue shall annually adjust the changes in dollar amounts required under this subsection and incorporate the changes into the income tax forms and instructions.".

SB167-SA1,2,20 (End)