Amendment SA49-AB100

AB100-SA49, s. 1363h Section 1363h. 71.26 (3) (x) of the statutes is amended to read:

AB100-SA49,31,10 71.26 (3) (x) Sections 1501 to 1505, 1551, 1552, 1563 and 1564 (relating to consolidated returns) are excluded, except to the extent that they pertain to intercompany transactions and the carry-forward of net business loss under s. 71.255 and except that they are modified so that more than 50 percent ownership is substituted for at least 80 percent ownership.

AB100-SA49, s. 1363m Section 1363m. 71.26 (4) of the statutes is amended to read:

AB100-SA49,32,3 71.26 (4) Net business loss carry-forward. A corporation, except a tax-option corporation or an insurer to which s. 71.45 (4) applies, may offset against its Wisconsin net business income any Wisconsin net business loss sustained in any of the next 15 preceding taxable years, if the corporation was subject to taxation under this chapter in the taxable year in which the loss was sustained, to the extent not offset by other items of Wisconsin income in the loss year and by Wisconsin net business income of any year between the loss year and the taxable year for which an offset is claimed. For purposes of this subsection Wisconsin net business income or loss shall consist of all the income attributable to the operation of a trade or business in this state, less the business expenses allowed as deductions in computing net income. The Wisconsin net business income or loss of corporations engaged in business within and without the state shall be determined under s. 71.25 (6) and (10) to (12) or 71.255. Nonapportionable losses having a Wisconsin situs under s. 71.25 (5) (b) shall be included in Wisconsin net business loss; and nonapportionable income having a Wisconsin situs under s. 71.25 (5) (b), whether taxable or exempt, shall be included in other items of Wisconsin income and Wisconsin net business income for purposes of this subsection.".

AB100-SA49,32,4 7. Page 653, line 12: after that line insert:

AB100-SA49,32,5 " Section 1385m. 71.29 (2) of the statutes is amended to read:

AB100-SA49,32,8 71.29 (2) Who shall pay. Every Except as provided in s. 71.255 (11), every corporation subject to tax under s. 71.23 (1) or (2) and every virtually exempt entity subject to tax under s. 71.125 or 71.23 (1) or (2) shall pay an estimated tax.".

AB100-SA49,32,9 8. Page 681, line 17: after that line insert:

AB100-SA49,32,10 " Section 1406b. 71.44 (1) (a) of the statutes is amended to read:

AB100-SA49,33,4 71.44 (1) (a) Every Except as provided in par. (e), every corporation, except corporations all of whose income is exempt from taxation and except as provided in sub. (1m), shall furnish to the department a true and accurate statement, on or before March 15 of each year, except that returns for fiscal years ending on some other date than December 31 shall be furnished on or before the 15th day of the 3rd month following the close of such fiscal year and except that returns for less than a full taxable year shall be furnished on or before the date applicable for federal income taxes under the internal revenue code, in such manner and form and setting forth such facts as the department deems necessary to enforce this chapter. Every corporation that is required to furnish a statement under this paragraph and that has income that is not taxable under this subchapter shall include with its statement a report that identifies each item of its nontaxable income. The statement shall be subscribed by the president, vice president, treasurer, assistant treasurer, chief accounting officer or any other officer duly authorized so to act. In the case of a return made for a corporation by a fiduciary, the fiduciary shall subscribe the return. The fact that an individual's name is subscribed on the return shall be prima facie evidence that the individual is authorized to subscribe the return on behalf of the corporation.

AB100-SA49, s. 1406c Section 1406c. 71.44 (1) (e) of the statutes is created to read:

AB100-SA49,33,8 71.44 (1) (e) A corporation that is a member of a commonly controlled group, as defined in s. 71.255 (1) (d), and engaged in a unitary business, as defined in s. 71.255 (1) (m), shall file a tax return under s. 71.255.".

AB100-SA49,33,9 9. Page 682, line 3: after that line insert:

AB100-SA49,33,10 " Section 1406mh. 71.46 (3) of the statutes is repealed.".

AB100-SA49,33,11 10. Page 689, line 15: after that line insert:

AB100-SA49,33,12 " Section 1428m. 71.48 of the statutes is amended to read:

AB100-SA49,33,15 71.48 Payments of estimated taxes. Sections Except as provided in s. 71.255 (11), ss. 71.29 and 71.84 (2) shall apply to insurers subject to taxation under this chapter.".

AB100-SA49,33,16 11. Page 689, line 25: after that line insert:

AB100-SA49,33,17 " Section 1430e. 71.64 (9) (b) (intro.) of the statutes is amended to read:

AB100-SA49,33,21 71.64 (9) (b) (intro.) The department shall from time to time adjust the withholding tables to reflect any changes in income tax rates, any applicable surtax, or any changes in dollar amounts in s. 71.06 (1), (1m), (1n), (1p) , (1q), and (2) resulting from statutory changes, except as follows:".

AB100-SA49,33,22 12. Page 690, line 6: delete "or (1p)" and substitute "or , (1p), or (1q)".

AB100-SA49,33,23 13. Page 695, line 14: after that line insert:

AB100-SA49,33,24 " Section 1432n. 71.84 (2) (a) of the statutes is amended to read:

AB100-SA49,34,11 71.84 (2) (a) Except as provided in s. 71.29 (7), in the case of any underpayment of estimated tax under s. 71.255, 71.29 or 71.48 there shall be added to the aggregate tax for the taxable year interest at the rate of 12% per year on the amount of the underpayment for the period of the underpayment. For corporations, except as provided in par. (b), "period of the underpayment" means the time period from the due date of the installment until either the 15th day of the 3rd month beginning after the end of the taxable year or the date of payment, whichever is earlier. If 90% of the tax shown on the return is not paid by the 15th day of the 3rd month following the close of the taxable year, the difference between that amount and the estimated taxes paid, along with any interest due, shall accrue delinquent interest under s. 71.91 (1) (a).".

AB100-SA49,34,12 14. Page 726, line 17: after that line insert:

AB100-SA49,34,13 " Section 1698d. 78.01 (1) of the statutes is amended to read:

AB100-SA49,35,2 78.01 (1) Imposition of tax and by whom paid. An excise tax at the rate determined under ss. 78.015 and, 78.017 , and 78.018 is imposed on all motor vehicle fuel received by a supplier for sale in this state, for sale for export to this state or for export to this state except as otherwise provided in this chapter. The motor vehicle fuel tax is to be computed and paid as provided in this chapter. Except as otherwise provided in this chapter, a person who receives motor vehicle fuel under s. 78.07 shall collect from the purchaser of the motor vehicle fuel that is received, and the purchaser shall pay to the person who receives the motor vehicle fuel under s. 78.07, the tax imposed by this section on each sale of motor vehicle fuel at the time of the sale, irrespective of whether the sale is for cash or on credit. In each subsequent sale or distribution of motor vehicle fuel on which the tax has been collected as provided in this subsection, the tax collected shall be added to the selling price so that the tax is paid ultimately by the user of the motor vehicle fuel.

AB100-SA49, s. 1698g Section 1698g. 78.018 of the statutes is created to read:

AB100-SA49,35,8 78.018 Annual rate reduction. (1) On or before April 1, 2006, and on or before each April 1 thereafter, the department shall reduce the rate of the tax imposed under s. 78.01, as adjusted under s. 78.015, so that the total reduction in motor vehicle fuel tax receipts for the 12-month period beginning April 1 is the amount determined under sub. (2).

AB100-SA49,35,13 (2) On or before April 1, the department shall determine the amount of tax revenue generated in the 12 months preceding April 1 by the operation of ss. 71.06 (1q) and (2) (i) and (j) and 71.255, plus the amount of tax revenue collected in that preceding 12 months as a result of the maximum limit that may be claimed as a deduction under s. 71.26 (3) (e) 1.

AB100-SA49,35,16 (3) Annually, beginning on April 1, 2006, and on each April 1 thereafter, an amount equal to 50 percent of the amount determined under sub. (2) shall be transferred from s. 20.855 (4) (fn) to the transportation fund.

AB100-SA49, s. 1698m Section 1698m. 78.12 (4) (a) 4. of the statutes is amended to read:

AB100-SA49,35,19 78.12 (4) (a) 4. Multiply the number of gallons under subd. 3. by the rate under s. 78.015 as increased under s. 78.017 and as decreased under s. 78.018.

AB100-SA49, s. 1698n Section 1698n. 78.12 (4) (b) 2. of the statutes is amended to read:

AB100-SA49,35,22 78.12 (4) (b) 2. Multiply the number of gallons under subd. 1. by the rate under s. 78.015 as increased under s. 78.017 and as decreased under s. 78.018.".

AB100-SA49,35,23 15. Page 1037, line 5: after that line insert:

AB100-SA49,36,3 "(5gk) Combined reporting. The treatment of sections 71.25 (9) (a), 71.255, 71.26 (3) (x) and (4), 71.29 (2), 71.44 (1) (a) and (e), 71.46 (3), 71.48, and 71.84 (2) (a) of the statutes first applies to taxable years beginning on January 1, 2006.".

AB100-SA49,36,4 16. Page 1038, line 6: after that line insert:

AB100-SA49,36,10 "(9m) Compensation deduction. The treatment of section 71.26 (3) (e) 1. of the statutes 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 the treatment of section 71.26 (3) (e) 1. of the statutes first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.".

AB100-SA49,36,11 (End)