Amendment ASA1-AB65

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 An Act to renumber 231.01 (4m) (a) and (b); to amend 231.01 (4m) (intro.) and 231.01 (5w); and to create 71.05 (1) (c) 8., 71.26 (1m) (i), 71.45 (1t) (i) and 231.01 (4m) (bm) of the statutes; relating to: creating an individual and corporate income tax exemption for interest on bonds or notes issued by the Wisconsin Health and Educational Facilities Authority for purposes related to an educational facility and authorizing the Wisconsin Health and Educational Facilities Authority to issue bonds to finance a project undertaken by the Wisconsin Association of Independent Colleges and Universities related to an educational facility.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB65-ASA1, s. 1 Section 1. 71.05 (1) (c) 8. of the statutes is created to read:

AB65-ASA1,2,3 71.05 (1) (c) 8. The Wisconsin Health and Educational Facilities Authority under s. 231.03 (6) (c), on or after the effective date of this subdivision .... [revisor inserts date], to finance any project undertaken for an educational facility.

AB65-ASA1, s. 2 Section 2. 71.26 (1m) (i) of the statutes is created to read:

AB65-ASA1,2,6 71.26 (1m) (i) Those issued under s. 231.03 (6) (c) on or after the effective date of this paragraph .... [revisor inserts date].

AB65-ASA1, s. 3 Section 3. 71.45 (1t) (i) of the statutes is created to read:

AB65-ASA1,2,9 71.45 (1t) (i) Those issued under s. 231.03 (6) (c) on or after the effective date of this paragraph .... [revisor inserts date].

AB65-ASA1, s. 4 Section 4. 231.01 (4m) (intro.) of the statutes is amended to read:

AB65-ASA1,2,11 231.01 (4m) (intro.) "Educational facility" means a any of the following:

AB65-ASA1,2,15 (am) A facility used for education by a private institution that is described in section 501 (c) (3) of the Internal Revenue Code, as defined in s. 71.22 (4), and that is exempt from federal taxation under section 501 (a) of the Internal Revenue Code, and that satisfies any of the following:

AB65-ASA1, s. 5 Section 5. 231.01 (4m) (a) and (b) of the statutes are renumbered 231.01 (4m) (am) 1. and 2.

AB65-ASA1, s. 6 Section 6. 231.01 (4m) (bm) of the statutes is created to read:

AB65-ASA1,2,21 231.01 (4m) (bm) An institution, place, building, or other structure used by the Wisconsin Association of Independent Colleges and Universities solely for providing one or more supporting services to one or more institutions specified in par. (am).

AB65-ASA1, s. 7 Section 7. 231.01 (5w) of the statutes is amended to read:

AB65-ASA1,3,4 231.01 (5w) "Participating educational institution" means the Wisconsin Association of Independent Colleges and Universities or a corporation, agency, or association which that is authorized by state law to provide or operate an educational facility and which, if the Wisconsin Association of Independent Colleges and Universities or the corporation, agency, or association undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of obligations or of a mortgage or of advances as provided in this chapter.

AB65-ASA1, s. 8 Section 8. Initial applicability.

AB65-ASA1,3,11 (1) The treatment of sections 71.05 (1) (c) 8., 71.26 (1m) (i), and 71.45 (1t) (i) 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 sections 71.05 (1) (c) 8., 71.26 (1m) (i), and 71.45 (1t) (i) of the statutes first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

AB65-ASA1,3,12 (End)