AB756,3,212
71.52
(6) "Income" means the sum of Wisconsin adjusted gross income and the
3following amounts, to the extent not included in Wisconsin adjusted gross income:
4maintenance payments (except foster care maintenance and supplementary
5payments excludable under section
131 of the internal revenue code), support money,
6cash public assistance (not including credit granted under this subchapter and
7amounts under s. 46.27), cash benefits paid by counties under s. 59.53 (21), the gross
8amount of any pension or annuity (including railroad retirement benefits, all
9payments received under the federal social security act
, and veterans disability
10pensions), nontaxable interest received from the federal government or any of its
11instrumentalities, nontaxable interest received on state or municipal bonds,
12worker's compensation, unemployment insurance, the gross amount of "loss of time"
13insurance, compensation and other cash benefits received from the United States for
14past or present service in the armed forces, scholarship and fellowship gifts or
15income, capital gains, gain on the sale of a personal residence excluded under section
16121 of the
internal revenue code Internal Revenue Code, dividends, income of a
17nonresident or part-year resident who is married to a full-year resident, housing
18allowances provided to members of the clergy, the amount by which a resident
19manager's rent is reduced, nontaxable income of an American Indian, nontaxable
20income from sources outside this state
, and nontaxable deferred compensation.
21Intangible drilling costs, depletion allowances and depreciation, including first-year
22depreciation allowances under section
179 of the
internal revenue code Internal
23Revenue Code, amortization, contributions to individual retirement accounts under
24section
219 of the
internal revenue code Internal Revenue Code, contributions to
25Keogh plans, net operating loss carry-forwards and capital loss carry-forwards
1deducted in determining Wisconsin adjusted gross income shall be added to
2"income". "Income" does not include gifts from natural persons, cash reimbursement
3payments made under title XX of the federal social security act, surplus food or other
4relief in kind supplied by a governmental agency, the gain on the sale of a personal
5residence deferred under section
1034 of the
internal revenue code Internal Revenue
6Code, or nonrecognized gain from involuntary conversions under section
1033 of the
7internal revenue code Internal Revenue Code. Amounts not included in adjusted
8gross income but added to "income" under this subsection in a previous year and
9repaid may be subtracted from income for the year during which they are repaid.
10Scholarship and fellowship gifts or income that are included in Wisconsin adjusted
11gross income and that were added to household income for purposes of determining
12the credit under this subchapter in a previous year may be subtracted from income
13for the current year in determining the credit under this subchapter.
Interest income
14received from the installment sale of business, farm, or rental real property which
15includes a claimant's former homestead, up to the amount of interest that is paid by
16the claimant on a mortgage to purchase another homestead, may be subtracted from
17income in determining the credit under this subchapter, except that notwithstanding
18s. 71.58 (7) (a) this provision does not apply to the definition of "income" under s.
1971.58 (7). A marital property agreement or unilateral statement under ch. 766 has
20no effect in computing "income" for a person whose homestead is not the same as the
21homestead of that person's spouse.
AB756,4,223
(1) This act first applies to claims filed for taxable years beginning on January
241 of the year in which this subsection takes effect, except that if this subsection takes
1effect after July 31 this act first applies to claims filed for taxable years beginning
2on January 1 of the year following the year in which this subsection takes effect.