LRB-2651/1
MES:jld:km
2001 - 2002 LEGISLATURE
August 15, 2001 - Introduced by Representative Reynolds. Referred to Committee
on Ways and Means.
AB467,1,3
1An Act to amend 71.09 (11) (a) of the statutes;
relating to: the threshold level
2for individuals and certain other persons to make estimated income tax
3payments.
Analysis by the Legislative Reference Bureau
Generally under current law, every individual, estate, and trust (person)
deriving income that is subject to taxation, other than wages upon which taxes are
withheld by an individual's employer, is required to make estimated income tax
payments on a quarterly basis. This provision does not apply to any person who is
on active duty in the U.S. armed forces while stationed outside the continental
United States. If a person's estimated Wisconsin tax liability is at least $200 more
than the amount withheld from the person's wages and the person does not make
estimated tax payments, the person is required to pay interest, at the rate of 12% per
year, on the underpayment of estimated taxes.
This bill raises the threshold amount after which interest is assessed on the
underpayment of estimated taxes to $1,000, which is the current threshold amount
under similar provisions of the Internal Revenue Code.
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:
AB467, s. 1
1Section
1. 71.09 (11) (a) of the statutes is amended to read:
AB467,2,32
71.09
(11) (a) The tax shown on the return or, if no return is filed, the tax, minus
3amounts withheld under subch. X, is less than
$200
$1,000.
AB467,2,85
(1) This act first applies to taxable years beginning on January 1 of the year
6in which this subsection takes effect, except that if this subsection takes effect after
7July 31 this act first applies to taxable years beginning on January 1 of the year
8following the year in which this subsection takes effect.
