Amendment SSA1-SB7

SB7-SSA1,52,7 71.26 (1g) Loss of exemption. If any corporation that is exempt under sub. (1), either by itself or by means of an affiliate or agent, violates s. 11.095, that corporation's exemption is revoked for ten taxable years, beginning with the taxable year during which the violation occurs.

SB7-SSA1, s. 128 Section 128. 71.26 (2) (b) 1g. of the statutes is created to read:

SB7-SSA1,52,14 71.26 (2) (b) 1g. In computing the net income under this paragraph of a corporation, conduit or common law trust that qualifies as a regulated investment company, real estate mortgage investment conduit or real estate investment trust, expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code may not be deducted.

SB7-SSA1, s. 129 Section 129. 71.26 (3) (e) 4. of the statutes is created to read:

SB7-SSA1,52,18 71.26 (3) (e) 4. So that expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code may not be deducted.

SB7-SSA1, s. 130 Section 130. 71.34 (1) (ad) of the statutes is created to read:

SB7-SSA1,52,22 71.34 (1) (ad) The expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code may not be deducted.

SB7-SSA1, s. 131 Section 131. 71.45 (1) of the statutes is amended to read:

SB7-SSA1,53,15 71.45 (1) Exempt and excludable income. There Except as provided in sub. (1g), 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.

SB7-SSA1, s. 132 Section 132. 71.45 (1g) of the statutes is created to read:

SB7-SSA1,53,20 71.45 (1g) Loss of exemption. If any insurer that is exempt under sub. (1), either by itself or by means of an affiliate or agent, violates s. 11.095, that insurer's exemption is revoked for 10 taxable years, beginning with the taxable year during which the violation occurs.

SB7-SSA1, s. 133 Section 133. 71.45 (2) (a) 15. of the statutes is created to read:

SB7-SSA1,53,24 71.45 (2) (a) 15. By adding to federal taxable income the amount of any expenses that are deductible under section 162 (e) (1) of the Internal Revenue Code because of the exception contained in section 162 (e) (5) of the Internal Revenue Code.

SB7-SSA1, s. 134 Section 134. 230.08 (2) (f) of the statutes is amended to read:

SB7-SSA1,54,3 230.08 (2) (f) All legislative officers and, in addition, policy research personnel, assistants to legislators, research staff assigned to legislative committees and party caucuses and other persons employed under s. 13.20.

SB7-SSA1, s. 135 Section 135. 806.04 (11m) of the statutes is created to read:

SB7-SSA1,54,10 806.04 (11m) Campaign finance registration. Any person who proposes to publish, disseminate or broadcast, or cause to be published, disseminated or broadcast any communication, or who proposes to retain any person to engage in persuasive telephoning, as defined in s. 11.095 (1) (a), may commence a proceeding under this section to determine the application to that person of a registration requirement under s. 11.05 (1), (2) or (2g).

SB7-SSA1, s. 136 Section 136. Nonstatutory provisions.

SB7-SSA1,54,21 (1) Initial terms of office. The members of the elections board who are serving on the effective date of this subsection may continue to hold office until all members of the elections board who are initially appointed under this act are nominated by the governor and with the advice and consent of the senate appointed and qualified, at which time the members who are serving on the effective date of this subsection shall cease to hold office. Notwithstanding section 15.61 of the statutes, as affected by this act, of the members of the elections board who are initially appointed under this act, the governor shall designate 2 members to serve for terms expiring on May 1, 1999, 2 members to serve for terms expiring on May 1, 2001, and 2 members to serve for terms expiring on May 1, 2003.

SB7-SSA1,54,22 (2) Elimination of partisan caucus staffs.

SB7-SSA1,54,25 (a) The authorized FTE positions for the assembly, funded from the appropriation under section 20.765 (1) (a) of the statutes, are decreased by 30.0 GPR positions on July 1, 1998, to eliminate staffing of party caucuses.

SB7-SSA1,55,3 (b) The authorized FTE positions for the senate, funded from the appropriation under section 20.765 (1) (b) of the statutes, are decreased by 24.0 GPR positions on July 1, 1998, to eliminate staffing of party caucuses.

SB7-SSA1, s. 137 Section 137. Initial applicability.

SB7-SSA1,55,6 (1) Except as provided in subsections (2) to (4 ), this act first applies to elections held on January 1, 1998, or the day after publication, whichever is later.

SB7-SSA1,55,9 (2)  The treatment of sections 11.21 (16) and 20.510 (1) (i) of the statutes first applies with respect to campaign finance reports that are required to be filed after June 30, 1999.

SB7-SSA1,55,13 (3) The treatment of sections 11.50 (2m), 71.05 (6) (a) 20., 71.07 (5) (a) 8., 71.10 (3) (a), 71.26 (1) (a), (2) (b) 1g. and (3) (e) 4., 71.34 (1) (ad) and 71.45 (2) (a) 15. of the statutes first applies to tax returns for taxable years beginning on the January 1 following the effective date of this subsection.

SB7-SSA1,55,15 (4) The treatment of section 11.31 (9) of the statutes first applies to adjustment of disbursement limitations for the biennium beginning on January 1, 1999.

SB7-SSA1, s. 138 Section 138. Effective dates. This act takes effect on the day after publication, except as follows:

SB7-SSA1,55,19 (1) The treatment of section 11.20 (10) (a) of the statutes takes effect on July 1, 1998.

SB7-SSA1,55,21 (2) The treatment of sections 13.14 (3), 13.20 (1), 20.923 (6) (h) and 230.08 (2) (f) of the statutes takes effect on July 1, 1998.

SB7-SSA1,55,23 (3) The treatment of section 20.510 (1) (d) of the statutes takes effect on January 1, 1999.

SB7-SSA1,55,24 (End)