Amendment SSA1-AB298

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 An Act to amend 71.05 (6) (b) 32. (intro.), 71.05 (6) (b) 32. a., 71.05 (6) (b) 33. (intro.) and 71.05 (6) (b) 33. a. of the statutes; relating to: allowing an individual income tax deduction for certain amounts contributed by a grandparent to a college savings account or a college tuition and expenses program and limiting the deductibility of total contributions to a college savings account 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 Section 1. 71.05 (6) (b) 32. (intro.) of the statutes, as created by 1999 Wisconsin Act 44, is amended to read:

AB298-SSA1,1,12 71.05 (6) (b) 32. (intro.) An amount paid into a college savings account, as described in s. 14.64, if the beneficiary of the account either is the claimant or; is the claimant's child and the claimant's dependent who is claimed under section 151 (c) of the Internal Revenue Code,; or is the claimant's grandchild; calculated as follows:

AB298-SSA1, s. 2 Section 2. 71.05 (6) (b) 32. a. of the statutes, as created by 1999 Wisconsin Act 44, is amended to read:

AB298-SSA1,2,6 71.05 (6) (b) 32. a. An amount equal to not more than $3,000 per beneficiary by each contributor to an account for each year to which the claim relates, except that the total amount for which a deduction may be claimed under this subdivision and under subd. 33., per beneficiary by any claimant may not exceed $3,000 each year.

AB298-SSA1, s. 3 Section 3. 71.05 (6) (b) 33. (intro.) of the statutes, as created by 1999 Wisconsin Act 44, is amended to read:

AB298-SSA1,2,13 71.05 (6) (b) 33. (intro.) An amount paid into a college tuition and expenses program, as described in s. 14.63, if the beneficiary of the account either is the claimant or; is the claimant's child and the claimant's dependent who is claimed under section 151 (c) of the Internal Revenue Code,; or is the claimant's grandchild; calculated as follows:

AB298-SSA1, s. 4 Section 4. 71.05 (6) (b) 33. a. of the statutes, as created by 1999 Wisconsin Act 44, is amended to read:

AB298-SSA1,2,19 71.05 (6) (b) 33. a. An amount equal to not more than $3,000 per beneficiary by each contributor to an account for each year to which the claim relates, except that the total amount for which a deduction may be claimed under this subdivision and under subd. 32., per beneficiary by any claimant may not exceed $3,000 each year.

AB298-SSA1, s. 5 Section 5. Initial applicability.

AB298-SSA1,2,24 (1) This act first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31 this act first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

AB298-SSA1,2,25 (End)