LRBb0783/1
MES&JK:kjf:rs
2005 - 2006 LEGISLATURE
SENATE AMENDMENT 47,
TO 2005 ASSEMBLY BILL 100
June 29, 2005 - Offered by Senators Robson and Carpenter.
AB100-SA47,1,3
3"
Section 1285e. 71.05 (1) (ap) of the statutes is created to read:
AB100-SA47,1,74
71.05
(1) (ap)
Pension income. Except for a payment that is exempt under par.
5(a), (am), or (an), or that is exempt as a railroad retirement benefit, up to $10,000 of
6payments or distributions received each year by an individual from a retirement plan
7offered by an employer if all of the following apply:
AB100-SA47,1,88
1. The individual does not claim an exemption under par. (aq).
AB100-SA47,1,109
2. The individual does not work more than 1,044 hours during the year to which
10the exemption claim relates.
AB100-SA47,1,1211
3. The individual is at least 55 years of age before the close of the taxable year
12to which the exemption claim relates.
AB100-SA47,2,3
171.05
(1) (aq)
Individual retirement income. Up to $10,000 of payments or
2distributions received each year by an individual from an individual retirement
3account established under
26 USC 408 or
26 USC 408A, if all of the following apply:
AB100-SA47,2,44
1. The individual does not claim an exemption under par. (ap).
AB100-SA47,2,65
2. The individual does not work more than 1,044 hours during the year to which
6the exemption claim relates.
AB100-SA47,2,87
3. The individual is at least 55 years of age before the close of the taxable year
8to which the exemption claim relates.".
AB100-SA47,2,10
10"
Section 1286d. 71.05 (6) (b) 4. of the statutes is amended to read:
AB100-SA47,2,2211
71.05
(6) (b) 4. Disability payments
other than disability payments that are
12paid from a retirement plan, the payments from which are exempt under sub. (1)
13(ap), if the individual either is single or is married and files a joint return, to the
14extent those payments are excludable under section
105 (d) of the
internal revenue
15code Internal Revenue Code as it existed immediately prior to its repeal in 1983 by
16section 122 (b) of P.L.
98-21, except that if an individual is divorced during the
17taxable year that individual may subtract an amount only if that person is disabled
18and the amount that may be subtracted then is $100 for each week that payments
19are received or the amount of disability pay reported as income, whichever is less.
20If the exclusion under this subdivision is claimed on a joint return and only one of
21the spouses is disabled, the maximum exclusion is $100 for each week that payments
22are received or the amount of disability pay reported as income, whichever is less.".
AB100-SA47,2,24
24"
Section 1292e. 71.06 (1p) (intro.) of the statutes is amended to read:
AB100-SA47,3,6
171.06
(1p) Fiduciaries, single individuals and heads of households; after 2000
2to 2005. (intro.) The tax to be assessed, levied
, and collected upon the taxable incomes
3of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve
4funds, and single individuals and heads of households shall be computed at the
5following rates for taxable years beginning after December 31, 2000
, and before
6January 1, 2006:
AB100-SA47,3,128
71.06
(1q) Fiduciaries, single individuals and heads of households; after
92005. The tax to be assessed, levied, and collected upon the taxable incomes of all
10fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and
11single individuals and heads of households shall be computed at the following rates
12for taxable years beginning after December 31, 2005:
AB100-SA47,3,1313
(a) On all taxable income from $0 to $7,500 , 4.6 percent.
AB100-SA47,3,1514
(b) On all taxable income exceeding $7,500 but not exceeding $15,000, 6.15
15percent.
AB100-SA47,3,1716
(c) On all taxable income exceeding $15,000 but not exceeding $112,500, 6.5
17percent.
AB100-SA47,3,1918
(d) On all taxable income exceeding $112,500 but not exceeding $1,000,000,
196.75 percent.
AB100-SA47,3,2020
(e) On all taxable income exceeding $1,000,000, 7.75 percent.
AB100-SA47,3,2322
71.06
(2) (g) (intro.) For joint returns, for taxable years beginning after
23December 31, 2000
, and before January 1, 2006:
AB100-SA47,4,2
171.06
(2) (h) (intro.) For married persons filing separately, for taxable years
2beginning after December 31, 2000
, and before January 1, 2006:
AB100-SA47,4,54
71.06
(2) (i) For joint returns, for taxable years beginning after
5December 31, 2005:
AB100-SA47,4,66
1. On all taxable income from $0 to $10,000, 4.6 percent.
AB100-SA47,4,87
2. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.15
8percent.
AB100-SA47,4,109
3. On all taxable income exceeding $20,000 but not exceeding $150,000, 6.5
10percent.
AB100-SA47,4,1211
4. On all taxable income exceeding $150,000 but not exceeding $1,000,000, 6.75
12percent.
AB100-SA47,4,1313
5. On all taxable income exceeding $1,000,000, 7.75 percent.
AB100-SA47,4,1615
71.06
(2) (j) For married persons filing separately, for taxable years beginning
16after December 31, 2005:
AB100-SA47,4,1717
1. On all taxable income from $0 to $5,000, 4.6 percent.
AB100-SA47,4,1918
2. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.15
19percent.
AB100-SA47,4,2120
3. On all taxable income exceeding $10,000 but not exceeding $75,000, 6.5
21percent.
AB100-SA47,4,2322
4. On all taxable income exceeding $75,000 but not exceeding $500,000, 6.75
23percent.
AB100-SA47,4,2424
5. On all taxable income exceeding $500,000, 7.75 percent.
AB100-SA47, s. 1292k
1Section 1292k. 71.06 (2e) of the statutes is renumbered 71.06 (2e) (a) and
2amended to read:
AB100-SA47,6,33
71.06
(2e) Bracket indexing. (a) For taxable years beginning after
4December 31, 1998, and before January 1, 2000, the maximum dollar amount in
5each tax bracket, and the corresponding minimum dollar amount in the next bracket,
6under subs. (1m) and (2) (c) and (d), and for taxable years beginning after
7December 31, 1999,
and before January 1, 2006, the maximum dollar amount in
8each tax bracket, and the corresponding minimum dollar amount in the next bracket,
9under subs. (1n), (1p), and (2) (e), (f), (g), and (h),
and for taxable years beginning
10after December 31, 2006, the maximum dollar amount in each tax bracket, and the
11corresponding minimum dollar amount in the next bracket, under subs. (1q) and (2)
12(i) and (j), shall be increased each year by a percentage equal to the percentage
13change between the U.S. consumer price index for all urban consumers, U.S. city
14average, for the month of August of the previous year and the U.S. consumer price
15index for all urban consumers, U.S. city average, for the month of August 1997, as
16determined by the federal department of labor, except that for taxable years
17beginning after December 31, 2000, and before January 1, 2002, the dollar amount
18in the top bracket under subs. (1p) (c) and (d), (2) (g) 3. and 4. and (h) 3. and 4. shall
19be increased by a percentage equal to the percentage change between the U.S.
20consumer price index for all urban consumers, U.S. city average, for the month of
21August of the previous year and the U.S. consumer price index for all urban
22consumers, U.S. city average, for the month of August 1999, as determined by the
23federal department of labor. Each amount that is revised under this
subsection 24paragraph shall be rounded to the nearest multiple of $10 if the revised amount is
25not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount
1shall be increased to the next higher multiple of $10. The department of revenue
2shall annually adjust the changes in dollar amounts required under this
subsection 3paragraph and incorporate the changes into the income tax forms and instructions.
