Amendment ASA1-AB40

AB40-ASA1,1345i Section 1345i. 71.07 (5n) (c) 3. of the statutes is created to read:

AB40-ASA1,739,7 71.07 (5n) (c) 3. For shareholders of a tax-option corporation, the credit may be offset only against the tax imposed on the shareholder's prorated share of the tax-option corporation's income.

AB40-ASA1,1345j Section 1345j. 71.07 (5n) (c) 4. of the statutes is created to read:

AB40-ASA1,739,10 71.07 (5n) (c) 4. For partners of a partnership, the credit may be offset only against the tax imposed on the partner's distributive share of partnership income.

AB40-ASA1,1345k Section 1345k. 71.07 (5n) (c) 5. of the statutes is created to read:

AB40-ASA1,739,14 71.07 (5n) (c) 5. For members of a limited liability company, the credit may be offset only against the tax imposed on the member's distributive share of the limited liability company's income.

AB40-ASA1,1347b Section 1347b. 71.07 (5r) (d) of the statutes is renumbered 71.07 (5r) (d) 1.

AB40-ASA1,1347c Section 1347c. 71.07 (5r) (d) 2. of the statutes is created to read:

AB40-ASA1,739,20 71.07 (5r) (d) 2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2013. Credits under this subsection for taxable years that begin before January 1, 2014, may be carried forward to taxable years that begin after December 31, 2013.

AB40-ASA1,1347d Section 1347d. 71.07 (5rm) (b) (intro.) of the statutes is amended to read:

AB40-ASA1,740,2 71.07 (5rm) (b) Filing claims. (intro.) Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2009, and before January 1, 2020 2014, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of the tax, the amount determined as follows, except that the maximum amount that a claimant may claim in a taxable year under this subsection is $300,000:

AB40-ASA1,1347e Section 1347e. 71.07 (5rm) (d) of the statutes is renumbered 71.07 (5rm) (d) 1.

AB40-ASA1,1347f Section 1347f. 71.07 (5rm) (d) 2. of the statutes is created to read:

AB40-ASA1,740,9 71.07 (5rm) (d) 2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2013. Credits under this subsection for taxable years that begin before January 1, 2014, may be carried forward to taxable years that begin after December 31, 2013.

AB40-ASA1,1348 Section 1348. 71.07 (6e) (a) 2. d. of the statutes is created to read:

AB40-ASA1,740,18 71.07 (6e) (a) 2. d. An individual who had served on active duty under honorable conditions in the U.S. armed forces or in forces incorporated as part of the U.S. armed forces; who was a resident of this state at the time of entry into that active service or who had been a resident of this state for any consecutive 5-year period after entry into that active duty service; who was a resident of this state at the time of his or her death; and following the individual's death, his or her spouse began to receive, and continues to receive, dependency and indemnity compensation, as defined in 38 USC 101 (14).

AB40-ASA1,1348b Section 1348b. 71.07 (6e) (b) of the statutes is amended to read:

AB40-ASA1,741,2 71.07 (6e) (b) Filing claims. Subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02 the an amount of the claimant's property taxes equal to all or part of the claimant's property taxes, as calculated under par. (bm). If the allowable amount of the claim exceeds the income taxes otherwise due on the claimant's income, the amount of the claim not used as an offset against those taxes shall be certified by the department of revenue to the department of administration for payment to the claimant by check, share draft, or other draft from the appropriation under s. 20.835 (2) (em).

AB40-ASA1,1348be Section 1348be. 71.07 (6e) (bm) of the statutes is created to read:

AB40-ASA1,741,6 71.07 (6e) (bm) Calculation. 1. If the claimant is single and his or her adjusted gross income is less than $50,000 in the year to which the claim relates, the amount of the claimant's property taxes.

AB40-ASA1,741,9 2. If the claimant is single and his or her adjusted gross income is at least $50,000 but less than $100,000 in the year to which the claim relates, an amount that is calculated as follows:

AB40-ASA1,741,12 a. Calculate the value of a fraction, the denominator of which is $50,000 and the numerator of which is the difference between the claimant's adjusted gross income and $50,000.

AB40-ASA1,741,13 b. Subtract from 1.0 the amount that is calculated under subd. 2. a.

AB40-ASA1,741,15 c. Multiply the amount of the claimant's property taxes by the amount that is calculated under subd. 2. b.

AB40-ASA1,741,18 3. If the claimant is filing as a head of household and his or her adjusted gross income is less than $60,000 in the year to which the claim relates, the amount of the claimant's property taxes.

AB40-ASA1,741,21 4. If the claimant is filing as a head of household and his or her adjusted gross income is at least $60,000 but less than $120,000 in the year to which the claim relates, an amount that is calculated as follows:

AB40-ASA1,741,24 a. Calculate the value of a fraction, the denominator of which is $60,000 and the numerator of which is the difference between the claimant's adjusted gross income and $60,000.

AB40-ASA1,741,25 b. Subtract from 1.0 the amount that is calculated under subd. 4. a.

AB40-ASA1,742,2 c. Multiply the amount of the claimant's property taxes by the amount that is calculated under subd. 4. b.

AB40-ASA1,742,6 5. If the claimant is married and filing jointly and the sum of the claimant's adjusted gross income and his or her spouse's adjusted gross income is less than $75,000 in the year to which the claim relates, the amount of the claimant's property taxes.

AB40-ASA1,742,10 6. If the claimant is married and filing jointly and the sum of the claimant's adjusted gross income and his or her spouse's adjusted gross income is at least $75,000 but less than $150,000 in the year to which the claim relates, an amount that is calculated as follows:

AB40-ASA1,742,13 a. Calculate the value of a fraction, the denominator of which is $75,000 and the numerator of which is the difference between the claimant's adjusted gross income and $75,000.

AB40-ASA1,742,14 b. Subtract from 1.0 the amount that is calculated under subd. 6. a.

AB40-ASA1,742,16 c. Multiply the amount of the claimant's property taxes by the amount that is calculated under subd. 6. b.

AB40-ASA1,742,19 7. If the claimant is married and filing separately and his or her adjusted gross income is less than $37,500 in the year to which the claim relates, the amount of the claimant's property taxes.

AB40-ASA1,742,22 8. If the claimant is married and filing separately and his or her adjusted gross income is at least $37,500 but less than $75,000 in the year to which the claim relates, an amount that is calculated as follows:

AB40-ASA1,742,25 a. Calculate the value of a fraction, the denominator of which is $37,500 and the numerator of which is the difference between the claimant's adjusted gross income and $37,500.

AB40-ASA1,743,1 b. Subtract from 1.0 the amount that is calculated under subd. 8. a.

AB40-ASA1,743,3 c. Multiply the amount of the claimant's property taxes by the amount that is calculated under subd. 8. b.

AB40-ASA1,1348bh Section 1348bh. 71.07 (6e) (c) 4. of the statutes is created to read:

AB40-ASA1,743,7 71.07 (6e) (c) 4. In making the calculation under par. (bm), the amount of the claimant's property taxes that may be used is the lesser of the actual amount of the claimant's property taxes or $2,500.

AB40-ASA1,1348bj Section 1348bj. 71.07 (6e) (c) 5. of the statutes is created to read:

AB40-ASA1,743,10 71.07 (6e) (c) 5. A claimant may not claim the credit under this subsection if any of the following apply:

AB40-ASA1,743,12 a. The claimant is single and his or her adjusted gross income in the year to which his or her claim would relate is at least $100,000.

AB40-ASA1,743,14 b. The claimant is filing as a head of household and his or her adjusted gross income in the year to which his or her claim would relate is at least $120,000.

AB40-ASA1,743,17 c. The claimant is married and filing jointly and the sum of the claimant's adjusted gross income and his or her spouse's adjusted gross income is at least $150,000.

AB40-ASA1,743,19 d. The claimant is married and filing separately and his or her adjusted gross income is at least $75,000.

AB40-ASA1,1348bn Section 1348bn. 71.07 (6n) (d) of the statutes is renumbered 71.07 (6n) (d) 1.

AB40-ASA1,1348c Section 1348c. 71.07 (6n) (d) 2. of the statutes is created to read:

AB40-ASA1,743,25 71.07 (6n) (d) 2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2012. Credits under this subsection for taxable years that begin before January 1, 2013, may be carried forward to taxable years that begin after December 31, 2012.

AB40-ASA1,1348d Section 1348d. 71.07 (8r) (d) of the statutes is renumbered 71.07 (8r) (d) 1.

AB40-ASA1,1348e Section 1348e. 71.07 (8r) (d) 2. of the statutes is created to read:

AB40-ASA1,744,4 71.07 (8r) (d) 2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2013.

AB40-ASA1,1348eb Section 1348eb. 71.07 (9m) (a) of the statutes is renumbered 71.07 (9m) (a) (intro.) and amended to read:

AB40-ASA1,744,13 71.07 (9m) (a) (intro.) Any person may credit against taxes otherwise due under this chapter, up to the amount of those taxes, an amount equal to 5% one of the following percentages of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the internal revenue code Internal Revenue Code, for certified historic structures on property located in this state if the physical work of construction or destruction in preparation for construction begins after December 31, 1988, and the rehabilitated property is placed in service after June 30, 1989.:

AB40-ASA1,1348ec Section 1348ec. 71.07 (9m) (a) 1. of the statutes is created to read:

AB40-ASA1,744,15 71.07 (9m) (a) 1. For taxable years beginning before January 1, 2013, 5 percent.

AB40-ASA1,1348ef Section 1348ef. 71.07 (9m) (a) 2. of the statutes is created to read:

AB40-ASA1,744,18 71.07 (9m) (a) 2. For taxable years beginning after December 31, 2012, 10 percent.

AB40-ASA1,1348f Section 1348f. 71.07 (10) of the statutes is repealed.

AB40-ASA1,1348h Section 1348h. 71.10 (4) (er) of the statutes is created to read:

AB40-ASA1,744,21 71.10 (4) (er) Research credit under s. 71.07 (4k).

AB40-ASA1,1348j Section 1348j. 71.10 (4) (eu) of the statutes is created to read:

AB40-ASA1,744,23 71.10 (4) (eu) Research facilities credit under s. 71.07 (4n).

AB40-ASA1,1349 Section 1349. 71.10 (5k) (i) of the statutes is amended to read:

AB40-ASA1,745,8 71.10 (5k) (i) Appropriations. From the moneys received from designations for the Badger Chapter, an amount equal to the sum of administrative expenses, including data processing costs, certified under par. (h) 1. shall be deposited in the general fund and credited to the appropriation account under s. 20.566 (1) (hp), and the net amount remaining that is certified under par. (h) 3. shall be credited to the appropriation under s. 20.435 (1) 20.855 (4) (gd) and the department shall annually pay that certified net amount to the Badger Chapter for its Wisconsin Disaster Relief Fund.

AB40-ASA1,1349e Section 1349e. 71.10 (5s) (e) of the statutes is created to read:

AB40-ASA1,745,16 71.10 (5s) (e) For any taxable year that begins after December 31, 2014, individuals may not make a designation for any checkoff which, in the previous tax year, did not generate at least $75,000 of designations as certified by the secretary of revenue under subs. (5) (h) 3., (5e) (h) 2., (5f) (h) 2., (5fm) (h) 2., (5g) (h) 2., (5i) (h) 2., (5j) (h) 2., (5k) (h) 2., (5km) (h) 2., and (5m) (h) 2. Once a checkoff is affected by this paragraph, no further checkoffs may be designated to that checkoff in any taxable year.

AB40-ASA1,1350 Section 1350. 71.125 (1) of the statutes is amended to read:

AB40-ASA1,745,21 71.125 (1) Except as provided in sub. (2), the tax imposed by this chapter on individuals and the rates under s. 71.06 (1), (1m), (1n), (1p), (1q   ), and (2) shall apply to the Wisconsin taxable income of estates or trusts, except nuclear decommissioning trust or reserve funds, and that tax shall be paid by the fiduciary.

AB40-ASA1,1351 Section 1351. 71.125 (2) of the statutes is amended to read:

AB40-ASA1,746,2 71.125 (2) Each electing small business trust, as defined in section 1361 (e) (1) of the Internal Revenue Code, is subject to tax at the highest rate under s. 71.06 (1), (1m), (1n) or, (1p), or (1q), whichever taxable year is applicable, on its income as computed under section 641 of the Internal Revenue Code, as modified by s. 71.05 (6) to (12), (19) and (20).

AB40-ASA1,1352 Section 1352. 71.17 (6) of the statutes is amended to read:

AB40-ASA1,746,7 71.17 (6) Funeral trusts. If a qualified funeral trust makes the election under section 685 of the Internal Revenue Code for federal income tax purposes, that election applies for purposes of this chapter and each trust shall compute its own tax and shall apply the rates under s. 71.06 (1), (1m), (1n) or , (1p), or (1q).

AB40-ASA1,1352d Section 1352d. 71.21 (3) of the statutes is amended to read:

AB40-ASA1,746,10 71.21 (3) The credits under s. 71.28 (4), (4m), and (5) may not be claimed by a partnership or by partners, including partners of a publicly traded partnership.

AB40-ASA1,1352e Section 1352e. 71.21 (4) (a) of the statutes is amended to read:

AB40-ASA1,746,16 71.21 (4) (a) The amount of the credits computed by a partnership under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dm), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3s), (3t), (3w), (4k), (4n), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5r), (5rm), (6n), and (8r) and passed through to partners shall be added to the partnership's income.

AB40-ASA1,1353 Section 1353. 71.22 (4) (i) of the statutes is created to read:

AB40-ASA1,750,5 71.22 (4) (i) Except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g), and 71.42 (2), "Internal Revenue Code," for taxable years that begin after December 31, 2012, means the federal Internal Revenue Code as amended to December 31, 2010, excluding sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, sections 1, 3, 4, and 5 of P.L. 106-519, sections 162 and 165 of P.L. 106-554, section 431 of P.L. 107-16, sections 101 and 301 (a) of P.L. 107-147, sections 106, 201, and 202 of P.L. 108-27, section 1201 of P.L. 108-173, sections 306, 308, 316, 401, and 403 (a) of P.L. 108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L. 108-357, P.L. 109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, section 11146 of P.L. 109-59, section 301 of P.L. 109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, sections 101, 207, 503, and 513 of P.L. 109-222, P.L. 109-432, except sections 117, 406, 409, 410, 412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L. 109-432, P.L. 110-28, except sections 8215, 8231, 8232, 8234, and 8236 of P.L. 110-28, P.L. 110-140, sections 2, 3, and 5 of P.L. 110-142, P.L. 110-166, sections 3 (b) and 11 (b), (e), and (g) of P.L. 110-172, P.L. 110-185, P.L. 110-234, section 301 of P.L. 110-245, P.L. 110-246, except sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L. 110-246, sections 3071, 3081, and 3082 of P.L. 110-289, section 9 (e) of P.L. 110-317, P.L. 110-343, except sections 116, 208, 211, and 301 of division B and sections 313 and 504 of division C of P.L. 110-343, P.L. 111-5, except sections 1261, 1262, 1401, 1402, 1521, 1522, 1531, and 1541 of division B of P.L. 111-5, section 201 of P.L. 111-147, P.L. 111-148, except sections 1322, 1515, 9003, 9004, 9005, 9012, 9013, 9014, 9016, 9021, 9022, 10108, 10902, 10908, and 10909 of P.L. 111-148, P.L. 111-152, except sections 1403 and 1407 of P.L. 111-152, P.L. 111-203, except section 1601 of P.L. 111-203, P.L. 111-226, except sections 215 and 217 of P.L. 111-226, P.L. 111-240, except sections 2014, 2043, 2111, 2112, and 2113 of P.L. 111-240, and P.L. 111-312, and as amended by section 1858 of P.L. 112-10, section 1108 of P.L. 112-95, sections 40211, 40241, 40242, and 100121 of P.L. 112-141, and sections 101 and 902 of P.L. 112-240, indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2), and 823 (c) (2) of P.L. 99-514, P.L. 100-203, P.L. 100-647, excluding section 1008 (g) (5) of P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, P.L. 106-573, P.L. 107-15, P.L. 107-16, excluding section 431 of P.L. 107-16, P.L. 107-22, P.L. 107-116, P.L. 107-134, P.L. 107-147, excluding sections 101 and 301 (a) of P.L. 107-147, P.L. 107-181, P.L. 107-210, P.L. 107-276, P.L. 107-358, P.L. 108-27, excluding sections 106, 201, and 202 of P.L. 108-27, P.L. 108-121, P.L. 108-173, excluding section 1201 of P.L. 108-173, P.L. 108-203, P.L. 108-218, P.L. 108-311, excluding sections 306, 308, 316, 401, and 403 (a) of P.L. 108-311, P.L. 108-357, excluding sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L. 108-357, P.L. 108-375, P.L. 108-476, P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-59, excluding section 11146 of P.L. 109-59, P.L. 109-73, excluding section 301 of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151, P.L. 109-222, excluding sections 101, 207, 503, and 513 of P.L. 109-222, P.L. 109-227, P.L. 109-280, sections 117, 406, 409, 410, 412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L. 109-432, sections 8215, 8231, 8232, 8234, and 8236 of P.L. 110-28, P.L. 110-141, P.L. 110-142, excluding sections 2, 3, and 5 of P.L. 110-142, P.L. 110-172, excluding sections 3 (b) and 11 (b), (e), and (g) of P.L. 110-172, P.L. 110-245, excluding section 301 of P.L. 110-245, sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L. 110-246, P.L. 110-289, excluding sections 3071, 3081, and 3082 of P.L. 110-289, P.L. 110-317, excluding section 9 (e) of P.L. 110-317, sections 116, 208, 211, and 301 of division B and sections 313 and 504 of division C of P.L. 110-343, P.L. 110-351, P.L. 110-458, sections 1261, 1262, 1401, 1402, 1521, 1522, 1531, and 1541 of division B of P.L. 111-5, P.L. 111-92, P.L. 111-147, excluding section 201 of P.L. 111-147, sections 1322, 1515, 9003, 9004, 9005, 9012, 9013, 9014, 9016, 9021, 9022, 10108, 10902, 10908, and 10909 of P.L. 111-148, sections 1403 and 1407 of P.L. 111-152, P.L. 111-192, section 1601 of P.L. 111-203, sections 215 and 217 of P.L. 111-226, sections 2014, 2043, 2111, 2112, and 2113 of P.L. 111-240, P.L. 111-325, section 1858 of P.L. 112-10, section 1108 of P.L. 112-95, sections 40211, 40241, 40242, and 100121 of P.L. 112-141, and sections 101 and 902 of P.L. 112-240. The Internal Revenue Code applies for Wisconsin purposes at the same time as for federal purposes, except that changes made by P.L. 106-573, sections 9004, 9005, 9012, 9013, 9014, 9016, and 10902 of P.L. 111-148, sections 1403 and 1407 of P.L. 111-152, section 1858 of P.L. 112-10, section 1108 of P.L. 112-95, and sections 40211, 40241, 40242, and 100121 of P.L. 112-141 do not apply for taxable years beginning before January 1, 2013. Amendments to the federal Internal Revenue Code enacted after December 31, 2010, do not apply to this paragraph with respect to taxable years beginning after December 31, 2010, except that changes to the Internal Revenue Code made by section 1858 of P.L. 112-10, section 1108 of P.L. 112-95, and sections 40211, 40241, 40242, and 100121 of P.L. 112-141, and changes that indirectly affect the provisions applicable to this subchapter made by section 1858 of P.L. 112-10, section 1108 of P.L. 112-95, and sections 40211, 40241, 40242, and 100121 of P.L. 112-141, do not apply for taxable years beginning before January 1, 2013, and changes to the Internal Revenue Code made by sections 101 and 902 of P.L. 112-240, and changes that indirectly affect the provisions applicable to this subchapter made by sections 101 and 902 of P.L. 112-240, apply for Wisconsin purposes at the same time as for federal purposes.

AB40-ASA1,1354 Section 1354. 71.22 (4) (o) of the statutes is repealed.

AB40-ASA1,1355 Section 1355. 71.22 (4) (p) of the statutes is renumbered 71.22 (4) (a).

AB40-ASA1,1356 Section 1356. 71.22 (4) (q) of the statutes is renumbered 71.22 (4) (b).

AB40-ASA1,1357 Section 1357. 71.22 (4) (r) of the statutes is renumbered 71.22 (4) (c).

AB40-ASA1,1358 Section 1358. 71.22 (4) (s) of the statutes is renumbered 71.22 (4) (d).

AB40-ASA1,1359 Section 1359. 71.22 (4) (t) of the statutes is renumbered 71.22 (4) (e).

AB40-ASA1,1360 Section 1360. 71.22 (4) (u) of the statutes is renumbered 71.22 (4) (f).

AB40-ASA1,1361 Section 1361. 71.22 (4) (um) of the statutes is renumbered 71.22 (4) (g).

AB40-ASA1,1362 Section 1362. 71.22 (4) (un) of the statutes is renumbered 71.22 (4) (h) and amended to read: