LRBs0108/1
MES:jld:km
2001 - 2002 LEGISLATURE
SENATE SUBSTITUTE AMENDMENT 1,
TO 2001 ASSEMBLY BILL 298
June 12, 2001 - Offered by Committee onUniversities, Housing, and Government
Operations
.
AB298-SSA1,1,6 1An Act to amend 71.05 (6) (b) 32. (intro.), 71.05 (6) (b) 32. a., 71.05 (6) (b) 33.
2(intro.) and 71.05 (6) (b) 33. a. of the statutes; relating to: allowing an
3individual income tax deduction for certain amounts contributed by a
4grandparent to a college savings account or a college tuition and expenses
5program and limiting the deductibility of total contributions to a college savings
6account and a college tuition and expenses program.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB298-SSA1, s. 1 7Section 1. 71.05 (6) (b) 32. (intro.) of the statutes, as created by 1999 Wisconsin
8Act 44
, is amended to read:
AB298-SSA1,1,129 71.05 (6) (b) 32. (intro.) An amount paid into a college savings account, as
10described in s. 14.64, if the beneficiary of the account either is the claimant or; is the
11claimant's child and the claimant's dependent who is claimed under section 151 (c)
12of the Internal Revenue Code,; or is the claimant's grandchild; calculated as follows:
AB298-SSA1, s. 2
1Section 2. 71.05 (6) (b) 32. a. of the statutes, as created by 1999 Wisconsin Act
244
, is amended to read:
AB298-SSA1,2,63 71.05 (6) (b) 32. a. An amount equal to not more than $3,000 per beneficiary
4by each contributor to an account
for each year to which the claim relates, except that
5the total amount for which a deduction may be claimed under this subdivision and
6under subd. 33., per beneficiary by any claimant may not exceed $3,000 each year
.
AB298-SSA1, s. 3 7Section 3. 71.05 (6) (b) 33. (intro.) of the statutes, as created by 1999 Wisconsin
8Act 44
, is amended to read:
AB298-SSA1,2,139 71.05 (6) (b) 33. (intro.) An amount paid into a college tuition and expenses
10program, as described in s. 14.63, if the beneficiary of the account either is the
11claimant or; is the claimant's child and the claimant's dependent who is claimed
12under section 151 (c) of the Internal Revenue Code,; or is the claimant's grandchild;
13calculated as follows:
AB298-SSA1, s. 4 14Section 4. 71.05 (6) (b) 33. a. of the statutes, as created by 1999 Wisconsin Act
1544
, is amended to read:
AB298-SSA1,2,1916 71.05 (6) (b) 33. a. An amount equal to not more than $3,000 per beneficiary
17by each contributor to an account for each year to which the claim relates, except that
18the total amount for which a deduction may be claimed under this subdivision and
19under subd. 32., per beneficiary by any claimant may not exceed $3,000 each year
.
AB298-SSA1, s. 5 20Section 5. Initial applicability.
AB298-SSA1,2,2421 (1) This act first applies to taxable years beginning on January 1 of the year
22in which this subsection takes effect, except that if this subsection takes effect after
23July 31 this act first applies to taxable years beginning on January 1 of the year
24following the year in which this subsection takes effect.
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