Amendment SA2-SB706

LRBa2054/1

MPG&JK:emw

2017 - 2018 LEGISLATURE

SENATE AMENDMENT 2, TO SENATE BILL 706

February 15, 2018 - Offered by Senator Testin.

SB706-SA2,1,1 At the locations indicated, amend the bill as follows:

SB706-SA2,1,2 1. Page 3, line 11: after “71.02" insert “or 71.08".

SB706-SA2,1,3 2. Page 4, line 21: after that line insert:

SB706-SA2,1,5 “ Section 1m. 71.08 (1) (intro.) of the statutes, as affected by 2017 Wisconsin Act 58, is amended to read:

SB706-SA2,2,2 71.08 (1) Imposition. (intro.) If the tax imposed on a natural person, married couple filing jointly, trust, or estate under s. 71.02, not considering the credits under ss. 71.07 (1), (2dx), (2dy), (3m), (3n), (3p), (3q), (3r), (3rm), (3rn), (3s), (3t), (3w), (3wm), (3y), (4k), (5b), (5d), (5e), (5f), (5h), (5i), (5j), (5n), (6), (6e), (8b), (8r), (9e), (9m), and (9r), 71.28 (1dx), (1dy), (2m), (3), (3n), (3t), (3w), (3wm), and (3y), 71.47 (1dx), (1dy), (2m), (3), (3n), (3t), (3w), and (3y), 71.57 to 71.61, and 71.613 and subch. VIII and payments to other states under s. 71.07 (7), is less than the tax under this section, there is imposed on that natural person, married couple filing jointly, trust or estate, instead of the tax under s. 71.02, an alternative minimum tax computed as follows:”.

SB706-SA2,2,3 3. Page 4, line 22: delete “(cs)" and substitute “(fb)".

SB706-SA2,2,4 4. Page 4, line 23: delete “(cs)" and substitute “(fb)".

SB706-SA2,2,7 5. Page 13, line 11: after “credit." insert “The allocation certificate shall state the amount the authority determines the person is eligible to claim for each year of the credit period.".

SB706-SA2,2,11 6. Page 13, line 24: after “plan." insert “If practicable, the authority shall begin issuing allocation certificates in conjunction with the authority's implementation of its 2018 qualified allocation plan as if the state tax credits were included in that plan.".

SB706-SA2,2,17 7. Page 14, line 1: delete the material beginning with “The aggregate" and ending with “$42,000,000" on line 3 and substitute “In any calendar year, the aggregate amount of all state tax credits for which the authority certifies persons in allocation certificates issued under sub. (3) in that year may not exceed $42,000,000, including all amounts each person is eligible to claim for each year of the credit period”.

SB706-SA2,3,2 8. Page 15, line 3: after “section." insert “The policies and procedures established under this subsection shall, to the extent practicable, incorporate the authority's policies and procedures for awarding federal low-income housing credits under section 42 of the Internal Revenue Code. The authority may not use a competitive process to issue allocation certificates, and shall issue allocation certificates on a rolling basis as applications are received, unless the authority uses such a competitive process to award federal low-income housing credits.".

SB706-SA2,3,3 (End)