Amendment SA83-SSA1-SB44

LRBb0641/1

MES:cjs:rs

2003 - 2004 LEGISLATURE

SENATE AMENDMENT 83, TO SENATE SUBSTITUTE AMENDMENT 1, TO 2003 SENATE BILL 44

June 18, 2003 - Offered by Senator Carpenter.

SB44-SSA1-SA83,1,1 At the locations indicated, amend the substitute amendment as follows:

SB44-SSA1-SA83,1,2 1. Page 613, line 14: after that line insert:

SB44-SSA1-SA83,1,3 " Section 1580m. 71.06 (1p) (d) of the statutes is amended to read:

SB44-SSA1-SA83,1,5 71.06 (1p) (d) On Subject to par. (e), on all taxable income exceeding $112,500, 6.75%.

SB44-SSA1-SA83, s. 1580mb Section 1580mb. 71.06 (1p) (e) of the statutes is created to read:

SB44-SSA1-SA83,1,10 71.06 (1p) (e) On all taxable income of the chief executive officer of a corporation, exceeding $1,000,000, 85%, except that this paragraph does not apply if the taxable income exceeding $1,000,000 has been approved by a majority vote of the shareholders of the corporation in the year in which the taxable income is paid.

SB44-SSA1-SA83, s. 1580md Section 1580md. 71.06 (2) (g) 4. of the statutes is amended to read:

SB44-SSA1-SA83,2,2 71.06 (2) (g) 4. On Subject to subd. 5., on all taxable income exceeding $150,000, 6.75%.

SB44-SSA1-SA83, s. 1580me Section 1580me. 71.06 (2) (g) 5. of the statutes is created to read:

SB44-SSA1-SA83,2,7 71.06 (2) (g) 5. On all taxable income of the chief executive officer of a corporation, exceeding $1,000,000, 85%, except that this subdivision does not apply if the taxable income exceeding $1,000,000 has been approved by a majority vote of the shareholders of the corporation in the year in which the taxable income is paid.

SB44-SSA1-SA83, s. 1580mf Section 1580mf. 71.06 (2) (h) 4. of the statutes is amended to read:

SB44-SSA1-SA83,2,10 71.06 (2) (h) 4. On Subject to subd. 5., on all taxable income exceeding $75,000, 6.75%.

SB44-SSA1-SA83, s. 1580mg Section 1580mg. 71.06 (2) (h) 5. of the statutes is created to read:

SB44-SSA1-SA83,2,15 71.06 (2) (h) 5. On all taxable income of the chief executive officer of a corporation, exceeding $1,000,000, 85%, except that this subdivision does not apply if the taxable income exceeding $1,000,000 has been approved by a majority vote of the shareholders of the corporation in the year in which the taxable income is paid.

SB44-SSA1-SA83, s. 1580p Section 1580p. 71.07 (5) (a) 5m. of the statutes is created to read:

SB44-SSA1-SA83,2,18 71.07 (5) (a) 5m. Interest, in excess of $20,000, that is incurred to purchase or refinance a principal residence.

SB44-SSA1-SA83, s. 1580pc Section 1580pc. 71.07 (5) (a) 9. of the statutes is created to read:

SB44-SSA1-SA83,2,22 71.07 (5) (a) 9. An amount in excess of 50% of the amount that is allowed as a meal and entertainment expenses deduction under section 274 (n) of the Internal Revenue Code.".

SB44-SSA1-SA83,2,23 2. Page 1139, line 9: after that line insert:

SB44-SSA1-SA83,3,3 "(5r) Rates of individual income taxation, ceo's. The treatment of section 71.06 (1p) (d) and (e), (2) (g) 4. and 5., and (h) 4. and 5. of the statutes first applies to taxable years beginning on January 1, 2003.

SB44-SSA1-SA83,3,5 (5s) Itemized deductions credit. The treatment of section 71.07 (5) (a) 5m. and 9. of the statutes first applies to taxable years beginning on January 1, 2003.".

SB44-SSA1-SA83,3,6 (End)