AB100: Bill Text Engrossed

AB100-engrossed, s. 2261am Section 2261am. 71.05 (6) (a) 19. of the statutes is repealed.

AB100-engrossed, s. 2261ao Section 2261ao. 71.05 (6) (a) 20. of the statutes is created to read:

AB100-engrossed,1084,7 71.05 (6) (a) 20. The amount of any excess distribution, as that term is used in section 1291 (b) of the Internal Revenue Code, from a passive foreign investment company.

AB100-engrossed, s. 2261b Section 2261b. 71.05 (6) (b) 24. of the statutes is repealed.

AB100-engrossed, s. 2261c Section 2261c. 71.05 (6) (b) 25. of the statutes is created to read:

AB100-engrossed,1084,17 71.05 (6) (b) 25. All gains that are not excluded from taxation under subd. 9., on business assets or on assets used in farming, including shares in a corporation or trust that meets the standards under s. 182.001 (1), or both, held more than one year, that are sold or otherwise disposed of to persons who are related to the seller or transferor by blood, marriage or adoption within the 3rd degree of kinship as that term is used in s. 852.03 (2), as computed under the Internal Revenue Code, not including amounts treated as ordinary income for federal income tax purposes because of the recapture of depreciation or any other reason.

AB100-engrossed, s. 2261d Section 2261d. 71.05 (6) (b) 26. of the statutes is created to read:

AB100-engrossed,1084,21 71.05 (6) (b) 26. For taxable years beginning on or after January 1, 1998, an amount paid by a person for a long-term care insurance policy for the person and his or her spouse, calculated as follows:

AB100-engrossed,1085,5 a. One hundred percent of the amount paid by the person for a long-term care insurance policy. In this subdivision, "long-term care insurance policy" means a disability insurance policy or certificate advertised, marketed, offered or designed primarily to provide coverage for care that is provided in the insured person's home or in institutional and community-based settings and that is convalescent or custodial care or care for a chronic condition or terminal illness; the term does not include a medicare supplement policy or medicare replacement policy or a continuing care contract, as defined in s. 647.01 (2). "Long-term care insurance policy" applies to a policy that covers the person and his or her spouse.

AB100-engrossed,1085,8 b. From the amount calculated under subd. 26. a., subtract the amounts deducted from gross income for a long-term care insurance policy in the calculation of federal adjusted gross income.

AB100-engrossed,1085,13 c. For a person who is a nonresident or a part-year resident of this state, modify the amount calculated under subd. 26. b. by multiplying the amount by a fraction the numerator of which is the person's wages, unearned income and net earnings from a trade or business that are taxable by this state and the denominator of which is the person's total wages, unearned income and net earnings from a trade or business.

AB100-engrossed,1085,16 d. Reduce the amount calculated under subd. 26. b. or c. to the person's aggregate wages, unearned income and net earnings from a trade or business that are taxable by this state.

AB100-engrossed, s. 2261e Section 2261e. 71.06 (1) (intro.) of the statutes is amended to read:

AB100-engrossed,1086,2 71.06 (1) (title) Fiduciaries, single individuals and heads of households; 1986 to 1997. (intro.) The tax to be assessed, levied and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals for taxable years beginning on or after August 1, 1986, and before January 1, 1994, and upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households for taxable years beginning on or after January 1, 1994 December 31, 1993, and before January 1, 1998, shall be computed at the following rates:

AB100-engrossed, s. 2261ee Section 2261ee. 71.06 (1m) of the statutes is created to read:

AB100-engrossed,1086,7 71.06 (1m) Fiduciaries, single individuals and heads of households; after 1997. The tax to be assessed, levied and collected upon the taxable incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and single individuals and heads of households shall be computed at the following rates:

AB100-engrossed,1086,9 (a) For taxable years beginning after December 31, 1997, and before January 1, 1999:

AB100-engrossed,1086,10 1. On all taxable income from $0 to $7,500, 4.85%.

AB100-engrossed,1086,11 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.48%.

AB100-engrossed,1086,12 3. On all taxable income exceeding $15,000, 6.87%.

AB100-engrossed,1086,14 (b) For taxable years beginning after December 31, 1998, and before January 1, 2000:

AB100-engrossed,1086,15 1. On all taxable income from $0 to $7,500, 4.80%.

AB100-engrossed,1086,16 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.42%.

AB100-engrossed,1086,17 3. On all taxable income exceeding $15,000, 6.79%.

AB100-engrossed,1086,19 (c) For taxable years beginning after December 31, 1999, and before January 1, 2001:

AB100-engrossed,1086,20 1. On all taxable income from $0 to $7,500, 4.75%.

AB100-engrossed,1086,21 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.35%.

AB100-engrossed,1086,22 3. On all taxable income exceeding $15,000, 6.72%.

AB100-engrossed,1086,24 (d) For taxable years beginning after December 31, 2000, and before January 1, 2002:

AB100-engrossed,1086,25 1. On all taxable income from $0 to $7,500, 4.70%.

AB100-engrossed,1087,1 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.29%.

AB100-engrossed,1087,2 3. On all taxable income exceeding $15,000, 6.65%.

AB100-engrossed,1087,3 (e) For taxable years beginning after December 31, 2001:

AB100-engrossed,1087,4 1. On all taxable income from $0 to $7,500, 4.66%.

AB100-engrossed,1087,5 2. On all taxable income exceeding $7,500 but not exceeding $15,000, 6.22%.

AB100-engrossed,1087,6 3. On all taxable income exceeding $15,000, 6.58%.

AB100-engrossed, s. 2261eg Section 2261eg. 71.06 (2) (intro.) of the statutes is amended to read:

AB100-engrossed,1087,11 71.06 (2) Married persons. (intro.) The tax to be assessed, levied and collected upon the taxable incomes of all married persons for calendar year 1987 and corresponding fiscal years and for calendar and fiscal years thereafter shall be computed at the following rates:

AB100-engrossed, s. 2261ei Section 2261ei. 71.06 (2) (a) (intro.) of the statutes is amended to read:

AB100-engrossed,1087,14 71.06 (2) (a) (intro.) For joint returns, for taxable years beginning after July 31, 1986, and before January 1, 1998:

AB100-engrossed, s. 2261ek Section 2261ek. 71.06 (2) (b) (intro.) of the statutes is amended to read:

AB100-engrossed,1087,17 71.06 (2) (b) (intro.) For married persons filing separately, for taxable years beginning after July 31, 1986, and before January 1, 1998:

AB100-engrossed, s. 2261eL Section 2261eL. 71.06 (2) (c) of the statutes is created to read:

AB100-engrossed,1087,19 71.06 (2) (c) For joint returns:

AB100-engrossed,1087,21 1. For taxable years beginning after December 31, 1997, and before January 1, 1999:

AB100-engrossed,1087,22 a. On all taxable income from $0 to $10,000, 4.85%.

AB100-engrossed,1087,23 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.48%.

AB100-engrossed,1087,24 c. On all taxable income exceeding $20,000, 6.87%.

AB100-engrossed,1088,2 2. For taxable years beginning after December 31, 1998, and before January 1, 2000:

AB100-engrossed,1088,3 a. On all taxable income from $0 to $10,000, 4.80%.

AB100-engrossed,1088,4 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.42%.

AB100-engrossed,1088,5 c. On all taxable income exceeding $20,000, 6.79%.

AB100-engrossed,1088,7 3. For taxable years beginning after December 31, 1999, and before January 1, 2001:

AB100-engrossed,1088,8 a. On all taxable income from $0 to $10,000, 4.75%.

AB100-engrossed,1088,9 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.35%.

AB100-engrossed,1088,10 c. On all taxable income exceeding $20,000, 6.72%.

AB100-engrossed,1088,12 4. For taxable years beginning after December 31, 2000, and before January 1, 2002:

AB100-engrossed,1088,13 a. On all taxable income from $0 to $10,000, 4.70%.

AB100-engrossed,1088,14 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.29%.

AB100-engrossed,1088,15 c. On all taxable income exceeding $20,000, 6.65%.

AB100-engrossed,1088,16 5. For taxable years beginning after December 31, 2001:

AB100-engrossed,1088,17 a. On all taxable income from $0 to $10,000, 4.66%.

AB100-engrossed,1088,18 b. On all taxable income exceeding $10,000 but not exceeding $20,000, 6.22%.

AB100-engrossed,1088,19 c. On all taxable income exceeding $20,000, 6.58%.

AB100-engrossed, s. 2261em Section 2261em. 71.06 (2) (d) of the statutes is created to read:

AB100-engrossed,1088,21 71.06 (2) (d) For married persons filing separately:

AB100-engrossed,1088,23 1. For taxable years beginning after December 31, 1997, and before January 1, 1999:

AB100-engrossed,1088,24 a. On all taxable income from $0 to $5,000, 4.85%.

AB100-engrossed,1088,25 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.48%.

AB100-engrossed,1089,1 c. On all taxable income exceeding $10,000, 6.87%.

AB100-engrossed,1089,3 2. For taxable years beginning after December 31, 1998, and before January 1, 2000:

AB100-engrossed,1089,4 a. On all taxable income from $0 to $5,000, 4.80%.

AB100-engrossed,1089,5 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.42%.

AB100-engrossed,1089,6 c. On all taxable income exceeding $10,000, 6.79%.

AB100-engrossed,1089,8 3. For taxable years beginning after December 31, 1999, and before January 1, 2001:

AB100-engrossed,1089,9 a. On all taxable income from $0 to $5,000, 4.75%.

AB100-engrossed,1089,10 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.35%.

AB100-engrossed,1089,11 c. On all taxable income exceeding $10,000, 6.72%.

AB100-engrossed,1089,13 4. For taxable years beginning after December 31, 2000, and before January 1, 2002:

AB100-engrossed,1089,14 a. On all taxable income from $0 to $5,000, 4.70%.

AB100-engrossed,1089,15 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.29%.

AB100-engrossed,1089,16 c. On all taxable income exceeding $10,000, 6.65%.

AB100-engrossed,1089,17 5. For taxable years beginning after December 31, 2001:

AB100-engrossed,1089,18 a. On all taxable income from $0 to $5,000, 4.66%.

AB100-engrossed,1089,19 b. On all taxable income exceeding $5,000 but not exceeding $10,000, 6.22%.

AB100-engrossed,1089,20 c. On all taxable income exceeding $10,000, 6.58%.

AB100-engrossed, s. 2261eo Section 2261eo. 71.06 (2m) of the statutes is amended to read:

AB100-engrossed,1089,25 71.06 (2m) Rate changes. If a rate under sub. (1), (1m) or (2) changes during a taxable year, the taxpayer shall compute the tax for that taxable year by the methods applicable to the federal income tax under section 15 of the internal revenue code.

AB100-engrossed, s. 2261f Section 2261f. 71.06 (2s) of the statutes is created to read: