LRB-1025/P1
MES:jld
2017 - 2018 LEGISLATURE
DOA:......Quinn, BB0140 - Adjustments made under the AMT are not included for purposes of the itemized deductions credit
For 2017-2019 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
taxation
Income taxation
This bill clarifies that, when a taxpayer calculates the itemized deductions credit, the definition of Internal Revenue Code does not include adjustments made under the federal alternative minimum tax.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section 1. 71.07 (5) (e) of the statutes is created to read:
71.07 (5) (e) For purposes of this subsection, “Internal Revenue Code” does not include any adjustment made under provisions related to the federal alternative minimum tax.
Section 9338. Initial applicability; Revenue.
(1) Itemized deductions credit. The treatment of section 71.07 (5) (e) of the statutes first applies to taxable years beginning on January 1, 2017.
(End)