LRBb0786/1
JK:cx:rs
2005 - 2006 LEGISLATURE
SENATE AMENDMENT 48,
TO 2005 ASSEMBLY BILL 100
June 29, 2005 - Offered by Senators Robson and Carpenter.
AB100-SA48,1,4
4"
Section 452hm. 20.835 (3) (bm) of the statutes is created to read:
AB100-SA48,1,65
20.835
(3) (bm)
Homeowner's tax credit. A sum sufficient to make the payments
6under s. 79.10 (5m) and (6m) (c).".
AB100-SA48,1,8
8"
Section 1292e. 71.06 (1p) (intro.) of the statutes is amended to read:
AB100-SA48,2,29
71.06
(1p) Fiduciaries, single individuals and heads of households; after 2000
10to 2005. (intro.) The tax to be assessed, levied
, and collected upon the taxable incomes
11of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve
12funds, and single individuals and heads of households shall be computed at the
1following rates for taxable years beginning after December 31, 2000
, and before
2January 1, 2006:
AB100-SA48,2,84
71.06
(1q) Fiduciaries, single individuals and heads of households; after
52005. The tax to be assessed, levied, and collected upon the taxable incomes of all
6fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and
7single individuals and heads of households shall be computed at the following rates
8for taxable years beginning after December 31, 2005:
AB100-SA48,2,99
(a) On all taxable income from $0 to $7,500 , 4.6 percent.
AB100-SA48,2,1110
(b) On all taxable income exceeding $7,500 but not exceeding $15,000, 6.15
11percent.
AB100-SA48,2,1312
(c) On all taxable income exceeding $15,000 but not exceeding $112,500, 6.5
13percent.
AB100-SA48,2,1514
(d) On all taxable income exceeding $112,500 but not exceeding $1,000,000,
156.75 percent.
AB100-SA48,2,1616
(e) On all taxable income exceeding $1,000,000, 7.75 percent.
AB100-SA48,2,1918
71.06
(2) (g) (intro.) For joint returns, for taxable years beginning after
19December 31, 2000
, and before January 1, 2006:
AB100-SA48,2,2221
71.06
(2) (h) (intro.) For married persons filing separately, for taxable years
22beginning after December 31, 2000
, and before January 1, 2006:
AB100-SA48,2,2524
71.06
(2) (i) For joint returns, for taxable years beginning after
25December 31, 2005:
AB100-SA48,3,1
11. On all taxable income from $0 to $10,000, 4.6 percent.
AB100-SA48,3,32
2. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.15
3percent.
AB100-SA48,3,54
3. On all taxable income exceeding $20,000 but not exceeding $150,000, 6.5
5percent.
AB100-SA48,3,76
4. On all taxable income exceeding $150,000 but not exceeding $1,000,000, 6.75
7percent.
AB100-SA48,3,88
5. On all taxable income exceeding $1,000,000, 7.75 percent.
AB100-SA48,3,1110
71.06
(2) (j) For married persons filing separately, for taxable years beginning
11after December 31, 2005:
AB100-SA48,3,1212
1. On all taxable income from $0 to $5,000, 4.6 percent.
AB100-SA48,3,1413
2. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.15
14percent.
AB100-SA48,3,1615
3. On all taxable income exceeding $10,000 but not exceeding $75,000, 6.5
16percent.
AB100-SA48,3,1817
4. On all taxable income exceeding $75,000 but not exceeding $500,000, 6.75
18percent.
AB100-SA48,3,1919
5. On all taxable income exceeding $500,000, 7.75 percent.
AB100-SA48, s. 1292k
20Section 1292k. 71.06 (2e) of the statutes is renumbered 71.06 (2e) (a) and
21amended to read:
AB100-SA48,4,2222
71.06
(2e) Bracket indexing. (a) For taxable years beginning after
23December 31, 1998, and before January 1, 2000, the maximum dollar amount in
24each tax bracket, and the corresponding minimum dollar amount in the next bracket,
25under subs. (1m) and (2) (c) and (d), and for taxable years beginning after
1December 31, 1999,
and before January 1, 2006, the maximum dollar amount in
2each tax bracket, and the corresponding minimum dollar amount in the next bracket,
3under subs. (1n), (1p), and (2) (e), (f), (g), and (h),
and for taxable years beginning
4after December 31, 2006, the maximum dollar amount in each tax bracket, and the
5corresponding minimum dollar amount in the next bracket, under subs. (1q) and (2)
6(i) and (j), shall be increased each year by a percentage equal to the percentage
7change between the U.S. consumer price index for all urban consumers, U.S. city
8average, for the month of August of the previous year and the U.S. consumer price
9index for all urban consumers, U.S. city average, for the month of August 1997, as
10determined by the federal department of labor, except that for taxable years
11beginning after December 31, 2000, and before January 1, 2002, the dollar amount
12in the top bracket under subs. (1p) (c) and (d), (2) (g) 3. and 4. and (h) 3. and 4. shall
13be increased by a percentage equal to the percentage change between the U.S.
14consumer price index for all urban consumers, U.S. city average, for the month of
15August of the previous year and the U.S. consumer price index for all urban
16consumers, U.S. city average, for the month of August 1999, as determined by the
17federal department of labor. Each amount that is revised under this
subsection 18paragraph shall be rounded to the nearest multiple of $10 if the revised amount is
19not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount
20shall be increased to the next higher multiple of $10. The department of revenue
21shall annually adjust the changes in dollar amounts required under this
subsection 22paragraph and incorporate the changes into the income tax forms and instructions.
AB100-SA48,5,1224
71.06
(2e) (b) For taxable years beginning after December 31, 2004, and before
25January 1, 2006, the maximum dollar amount in each tax bracket, and the
1corresponding minimum dollar amount in the next bracket, under subs. (1q) (a), (b),
2(c), and (d) and (2) (i) 1., 2., 3., and 4. and (j) 1., 2., 3., and 4., shall be increased each
3year by a percentage equal to the percentage change between the U.S. consumer
4price index for all urban consumers, U.S. city average, for the month of August of the
5previous year and the U.S. consumer price index for all urban consumers, U.S. city
6average, for the month of August 1997, as determined by the federal department of
7labor. Each amount that is revised under this paragraph shall be rounded to the
8nearest multiple of $10 if the revised amount is not a multiple of $10 or, if the revised
9amount is a multiple of $5, such an amount shall be increased to the next higher
10multiple of $10. The department of revenue shall annually adjust the changes in
11dollar amounts required under this paragraph and incorporate the changes into the
12income tax forms and instructions.
AB100-SA48,5,1714
71.06
(2m) Rate changes. If a rate under sub. (1), (1m), (1n), (1p)
, (1q), or (2)
15changes during a taxable year, the taxpayer shall compute the tax for that taxable
16year by the methods applicable to the federal income tax under section
15 of the
17internal revenue code Internal Revenue Code.
AB100-SA48,6,619
71.06
(2s) (d) For taxable years beginning after December 31, 2000,
and before
20January 1, 2006, with respect to nonresident individuals, including individuals
21changing their domicile into or from this state, the tax brackets under subs. (1p) and
22(2) (g) and (h) shall be multiplied by a fraction, the numerator of which is Wisconsin
23adjusted gross income and the denominator of which is federal adjusted gross
24income. In this paragraph, for married persons filing separately "adjusted gross
25income" means the separate adjusted gross income of each spouse, and for married
1persons filing jointly "adjusted gross income" means the total adjusted gross income
2of both spouses. If an individual and that individual's spouse are not both domiciled
3in this state during the entire taxable year, the tax brackets under subs. (1p) and (2)
4(g) and (h) on a joint return shall be multiplied by a fraction, the numerator of which
5is their joint Wisconsin adjusted gross income and the denominator of which is their
6joint federal adjusted gross income.
AB100-SA48,6,208
71.06
(2s) (e) For taxable years beginning after December 31, 2005, with
9respect to nonresident individuals, including individuals changing their domicile
10into or from this state, the tax brackets under subs. (1q) and (2) (i) and (j) shall be
11multiplied by a fraction, the numerator of which is Wisconsin adjusted gross income
12and the denominator of which is federal adjusted gross income. In this paragraph,
13for married persons filing separately "adjusted gross income" means the separate
14adjusted gross income of each spouse, and for married persons filing jointly "adjusted
15gross income" means the total adjusted gross income of both spouses. If an individual
16and that individual's spouse are not both domiciled in this state during the entire
17taxable year, the tax brackets under subs. (1q) and (2) (i) and (j) on a joint return shall
18be multiplied by a fraction, the numerator of which is their joint Wisconsin adjusted
19gross income and the denominator of which is their joint federal adjusted gross
20income.".
AB100-SA48,6,22
22"
Section 1318e. 71.125 of the statutes is amended to read:
AB100-SA48,7,3
2371.125 Imposition of tax. (1) Except as provided in sub. (2), the tax imposed
24by this chapter on individuals and the rates under s. 71.06 (1), (1m), (1n), (1p)
, (1q),
1and (2) shall apply to the Wisconsin taxable income of estates or trusts, except
2nuclear decommissioning trust or reserve funds, and that tax shall be paid by the
3fiduciary.
