LRB-1167/P3
MES:amn
2017 - 2018 LEGISLATURE
DOA:......Quinn, BB0147 - Changes to calculation of itemized deductions credit for nonresidents
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 modifies the calculation of the itemized deductions credit for nonresidents of this state by increasing the amount of the standard deduction that may be used by a nonresident to determine the claimable level of itemized deductions.
Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.
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) (b) of the statutes is amended to read:
71.07 (5) (b) Subtract the standard deduction under s. 71.05 (22), notwithstanding the limitation by such fraction of that amount as Wisconsin adjusted gross income is of federal adjusted gross income described in s. 71.05 (22) (g) and (h), from the amount under par. (a).
Section 9338.
Initial applicability; Revenue.
(1) Itemized deductions credit, nonresidents. The treatment of section 71.07 (5) (b) of the statutes first applies to taxable years beginning on January 1, 2017.
(End)
