LRBs0012/2
MES/JK/TKK:jld:jf
2007 - 2008 LEGISLATURE
ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 2007 ASSEMBLY BILL 65
May 22, 2007 - Offered by Committee on Colleges and Universities.
AB65-ASA1,1,9
1An Act to renumber 231.01 (4m) (a) and (b);
to amend 231.01 (4m) (intro.) and
2231.01 (5w); and
to create 71.05 (1) (c) 8., 71.26 (1m) (i), 71.45 (1t) (i) and 231.01
3(4m) (bm) of the statutes;
relating to: creating an individual and corporate
4income tax exemption for interest on bonds or notes issued by the Wisconsin
5Health and Educational Facilities Authority for purposes related to an
6educational facility and authorizing the Wisconsin Health and Educational
7Facilities Authority to issue bonds to finance a project undertaken by the
8Wisconsin Association of Independent Colleges and Universities related to an
9educational facility.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB65-ASA1, s. 1
10Section
1. 71.05 (1) (c) 8. of the statutes is created to read:
AB65-ASA1,2,3
171.05
(1) (c) 8. The Wisconsin Health and Educational Facilities Authority
2under s. 231.03 (6) (c), on or after the effective date of this subdivision .... [revisor
3inserts date], to finance any project undertaken for an educational facility.
AB65-ASA1, s. 2
4Section
2. 71.26 (1m) (i) of the statutes is created to read:
AB65-ASA1,2,65
71.26
(1m) (i) Those issued under s. 231.03 (6) (c) on or after the effective date
6of this paragraph .... [revisor inserts date].
AB65-ASA1, s. 3
7Section
3. 71.45 (1t) (i) of the statutes is created to read:
AB65-ASA1,2,98
71.45
(1t) (i) Those issued under s. 231.03 (6) (c) on or after the effective date
9of this paragraph .... [revisor inserts date].
AB65-ASA1, s. 4
10Section
4. 231.01 (4m) (intro.) of the statutes is amended to read:
AB65-ASA1,2,1111
231.01
(4m) (intro.) "Educational facility" means
a any of the following:
AB65-ASA1,2,15
12(am) A facility used for education by a private institution that is described in
13section
501 (c) (3) of the Internal Revenue Code
, as defined in s. 71.22 (4), and that
14is exempt from federal taxation under section
501 (a) of the Internal Revenue Code,
15and that satisfies any of the following:
AB65-ASA1, s. 5
16Section
5. 231.01 (4m) (a) and (b) of the statutes are renumbered 231.01 (4m)
17(am) 1. and 2.
AB65-ASA1, s. 6
18Section
6. 231.01 (4m) (bm) of the statutes is created to read:
AB65-ASA1,2,2119
231.01
(4m) (bm) An institution, place, building, or other structure used by the
20Wisconsin Association of Independent Colleges and Universities solely for providing
21one or more supporting services to one or more institutions specified in par. (am).
AB65-ASA1, s. 7
22Section
7. 231.01 (5w) of the statutes is amended to read:
AB65-ASA1,3,423
231.01
(5w) "Participating educational institution" means
the Wisconsin
24Association of Independent Colleges and Universities or a corporation, agency
, or
25association
which that is authorized by state law to provide or operate an educational
1facility
and which, if the Wisconsin Association of Independent Colleges and
2Universities or the corporation, agency, or association undertakes the financing and
3construction or acquisition of a project or undertakes the refunding or refinancing
4of obligations or of a mortgage or of advances as provided in this chapter.
AB65-ASA1,3,116
(1) The treatment of sections 71.05 (1) (c) 8., 71.26 (1m) (i), and 71.45 (1t) (i) of
7the statutes first applies to taxable years beginning on January 1 of the year in which
8this subsection takes effect, except that if this subsection takes effect after July 31
9the treatment of sections 71.05 (1) (c) 8., 71.26 (1m) (i), and 71.45 (1t) (i) of the
10statutes first applies to taxable years beginning on January 1 of the year following
11the year in which this subsection takes effect.
