Amendment SA1-SB616

LRBa1151/1

JK/KP/ARG:cjs

2023 - 2024 LEGISLATURE

SENATE AMENDMENT 1, TO SENATE BILL 616

February 7, 2024 - Offered by Senator Marklein.

SB616-SA1,1,1 At the locations indicated, amend the bill as follows:

SB616-SA1,1,2 1. Page 1, line 8: delete “and".

SB616-SA1,1,5 2. Page 1, line 9: after “company" insert “; the income tax exemption for income from certain commercial loans; authorizing cigarette, tobacco, and vapor product enforcement positions; correcting a cross-reference; and making an appropriation".

SB616-SA1,1,6 3. Page 3, line 1: before that line insert:

SB616-SA1,1,8 “ Section 1b. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert the following amounts for the purposes indicated: - See PDF for table

SB616-SA1,1c Section 1c. 20.566 (1) (v) of the statutes is created to read:

SB616-SA1,2,4 20.566 (1) (v) Cigarette, tobacco, and vapor product enforcement. From the permanent endowment fund, the amounts in the schedule for special agent positions related to cigarette, tobacco, and vapor product enforcement.

SB616-SA1,1d Section 1d. 25.69 of the statutes is amended to read:

SB616-SA1,2,17 25.69 Permanent endowment fund. There is established a separate nonlapsible trust fund designated as the permanent endowment fund, consisting of all of the proceeds from the sale of the state's right to receive payments under the Attorneys General Master Tobacco Settlement Agreement of November 23, 1998, and all investment earnings on the proceeds. Any revenues or proceeds that are derived from the repurchase by the state of the tobacco settlement revenues under s. 16.527 (3) (c) 1. are also deposited into the permanent endowment fund. Beginning in the 2021-22 fiscal year, there is transferred from the permanent endowment fund to the Medical Assistance trust fund all of the moneys deposited into the permanent endowment fund in each fiscal year, except that beginning in the 2023-24 fiscal year, the amount of the transfer is reduced by the amount appropriated under s. 20.566 (1) (v) for that fiscal year.

SB616-SA1,1e Section 1e. 71.05 (1) (i) of the statutes, as created by 2023 Wisconsin Act 19, is amended to read:

SB616-SA1,3,5 71.05 (1) (i) Commercial loans. Income from of a tax-option corporation that is a financial institution, as defined in s. 69.30 (1) (b), including interest, fees, and penalties, derived from a commercial loan of five million dollars or less provided to a person residing or located in this state and used primarily for a business or agricultural purpose in this state.”.

SB616-SA1,3,6 4. Page 4, line 13: after that line insert:

SB616-SA1,3,8 “ Section 3m. 71.26 (1) (i) of the statutes, as created by 2023 Wisconsin Act 19, is amended to read:

SB616-SA1,3,12 71.26 (1) (i) Commercial loans. Income of a financial institution, as defined in s. 69.30 (1) (b), including interest, fees, and penalties, derived from a commercial loan of five million dollars or less provided to a person residing or located in this state and used primarily for a business or agricultural purpose in this state.”.

SB616-SA1,3,13 5. Page 5, line 4: after that line insert:

SB616-SA1,3,14 “ Section 5m. 71.365 (4m) (d) 1. bd. of the statutes is created to read:

SB616-SA1,3,16 71.365 (4m) (d) 1. bd. For taxable years beginning after December 31, 2022, the income exclusion under s. 71.05 (1) (i) shall be allowed.”.

SB616-SA1,3,17 6. Page 6, line 16: after that line insert:

SB616-SA1,3,19 “ Section 12d. 995.15 (6) of the statutes, as created by 2023 Wisconsin Act 73, is amended to read:

SB616-SA1,3,24 995.15 (6) Beginning March September 1, 2025, the department shall maintain and make publicly available on its website a directory that lists all electronic vaping device manufacturers and electronic vaping devices for which certification forms have been submitted and shall update the directory at least monthly to ensure accuracy.

SB616-SA1,12e Section 12e. 995.15 (9) (a) and (b) of the statutes, as created by 2023 Wisconsin Act 73, are amended to read:

SB616-SA1,4,10 (9) (a) Beginning March September 1, 2025, or on the date that the department first makes the directory maintained under sub. (6) available for public inspection on its website, whichever is later, the department shall impose on each retailer who sells or offers for sale an electronic vaping device in this state that is not included in the directory a forfeiture of $1,000 per day for each electronic vaping device offered for sale in violation of this section until each such device is no longer offered for sale in this state or until each such device is properly listed on the directory pursuant to this section.

SB616-SA1,4,18 (b) Beginning March September 1, 2025, or on the date that the department first makes the directory maintained under sub. (6) available for public inspection on its website, whichever is later, the department shall impose on each manufacturer of an electronic vaping device that is sold in this state, but not included in the directory a forfeiture of $1,000 per day for each electronic vaping device offered for sale in violation of this section until each such device is no longer offered for sale in this state or until each such device is properly listed on the directory pursuant to this section.

SB616-SA1,12m Section 12m. 2023 Wisconsin Act 73, section 65 (3m) is amended by replacing “Section 64c” with “Section 64c (5m)”.

SB616-SA1,12n Section 12n. Nonstatutory provisions.

SB616-SA1,5,2 (1) Cigarette, tobacco, and vapor product special agents. The authorized FTE positions for the department of revenue are increased by 4.0 SEG positions on April 1, 2024, to be funded from the appropriation under s. 20.566 (1) (v), for the purpose of cigarette, tobacco, and vapor product enforcement.”.

SB616-SA1,5,3 (End)