Amendment ASA1-AB277

AB277-ASA1,6,22 71.07 (5n) (a) 5. a. “Manufacturing property factor" means a fraction, the numerator of which is the average value of the claimant's real and personal property assessed under s. 70.995 and personal property that would have been assessed under s. 70.995, 2015 stats., as determined by the department, owned or rented and used in this state by the claimant during the taxable year to manufacture qualified production property, and the denominator of which is the average value of all the claimant's real and personal property owned or rented during the taxable year and used by the claimant to manufacture qualified production property.

AB277-ASA1,17 Section 17 . 71.07 (5n) (a) 9. (intro.) of the statutes is amended to read:

AB277-ASA1,6,25 71.07 (5n) (a) 9. (intro.) “Qualified production property" means either any of the following:

AB277-ASA1,18 Section 18. 71.07 (5n) (a) 9. a. of the statutes is amended to read:

AB277-ASA1,7,4 71.07 (5n) (a) 9. a. Tangible personal property manufactured in whole or in part by the claimant on real property that is assessed as manufacturing property under s. 70.995.

AB277-ASA1,19 Section 19 . 71.07 (5n) (a) 9. am. of the statutes is created to read:

AB277-ASA1,7,9 71.07 (5n) (a) 9. am. Tangible personal property manufactured in whole or in part by the claimant on personal property that would have been assessed as manufacturing property under s. 70.995, 2015 stats., as determined by the department.

AB277-ASA1,20 Section 20 . 71.28 (5n) (a) 5. a. of the statutes is amended to read:

AB277-ASA1,7,18 71.28 (5n) (a) 5. a. “Manufacturing property factor" means a fraction, the numerator of which is the average value of the claimant's real and personal property assessed under s. 70.995 and personal property that would have been assessed under s. 70.995, 2015 stats., as determined by the department, owned or rented and used in this state by the claimant during the taxable year to manufacture qualified production property, and the denominator of which is the average value of all the claimant's real and personal property owned or rented during the taxable year and used by the claimant to manufacture qualified production property.

AB277-ASA1,21 Section 21 . 71.28 (5n) (a) 9. (intro.) of the statutes is amended to read:

AB277-ASA1,7,21 71.28 (5n) (a) 9. (intro.) “Qualified production property" means either any of the following:

AB277-ASA1,22 Section 22 . 71.28 (5n) (a) 9. a. of the statutes is amended to read:

AB277-ASA1,7,25 71.28 (5n) (a) 9. a. Tangible personal property manufactured in whole or in part by the claimant on real property that is assessed as manufacturing property under s. 70.995.

AB277-ASA1,23 Section 23. 71.28 (5n) (a) 9. am. of the statutes is created to read:

AB277-ASA1,8,5 71.28 (5n) (a) 9. am. Tangible personal property manufactured in whole or in part by the claimant on personal property that would have been assessed as manufacturing property under s. 70.995, 2015 stats., as determined by the department.

AB277-ASA1,24 Section 24. 79.095 (4) of the statutes is renumbered 79.095 (4) (a) and amended to read:

AB277-ASA1,8,16 79.095 (4) (a) The department shall calculate the payments due each taxing jurisdiction under this section by multiplying the full value as of the January 1 of the preceding year of the property that is exempt under s. 70.11 (39) and (39m) and that is located in the jurisdiction by the full-value gross tax rate of the jurisdiction for the preceding year. The Subject to par. (b), the department shall certify the amount of the payment due each taxing jurisdiction to the department of administration, which shall make the payments on or before the 4th Monday in July. For purposes of ch. 121, school districts shall treat the payments made in July under this subsection as if they had been received in the previous school year.

AB277-ASA1,25 Section 25. 79.095 (4) (b) of the statutes is created to read:

AB277-ASA1,8,20 79.095 (4) (b) Beginning in 2018, and in each year thereafter, each taxing jurisdiction shall receive a payment under this subsection equal to the amount determined under par. (a) for that taxing jurisdiction in 2017.

AB277-ASA1,26 Section 26. 79.096 of the statutes is created to read:

AB277-ASA1,8,25 79.096 State aid; personal property. (1) Beginning in 2018, and in each year thereafter, the department of revenue shall pay to each taxing jurisdiction an amount equal to the amount of revenue loss incurred by the taxing jurisdiction in 2018 as a result of s. 70.042, as determined by the department.

AB277-ASA1,9,3 (2) Each taxing jurisdiction shall report to the department of revenue, in the time and manner determined by the department, any information the department considers necessary to administer this section.

AB277-ASA1,9,7 (3) From the amount received under sub. (1), each taxing jurisdiction shall attribute to each tax incremental district within the taxing jurisdiction the revenue loss incurred by the district in 2018 as a result of s. 70.042, except that this subsection does not apply after the district closes.

AB277-ASA1,9,9 (4) The department of revenue shall make the payment under sub. (1) on the 4th Monday in July.

AB277-ASA1,27 Section 27. 121.004 (6) of the statutes is amended to read:

AB277-ASA1,9,15 121.004 (6) Net cost. The “net cost" of a fund means the gross cost of that fund minus all nonduplicative revenues and other financing sources of that fund except property taxes, general aid, and aid received under s. ss. 79.095 (4) and 79.096. In this subsection, “nonduplicative revenues" includes federal financial assistance under 20 USC 236 to 245, to the extent permitted under federal law and regulations.

AB277-ASA1,28 Section 28. 121.15 (4) (a) of the statutes is amended to read:

AB277-ASA1,9,19 121.15 (4) (a) In this subsection, “state aid" has the meaning given in s. 121.90 (2) except that it excludes aid paid to school districts under s. ss. 79.095 (4) and 79.096.

AB277-ASA1,29 Section 29. 121.90 (2) (am) 2. of the statutes is amended to read:

AB277-ASA1,9,22 121.90 (2) (am) 2. Amounts under s. ss. 79.095 (4) and 79.096 for the current school year.

AB277-ASA1,9,23 (End)