AB40: Bill Text

AB40,736,2 66.0211 (5) Certification of incorporation. If a majority of the votes in an incorporation referendum are cast in favor of a village or city, the clerk of the circuit court shall certify the fact to the secretary of state and supply the secretary of state with a copy of a description of the legal boundaries of the village or city and the associated population and a copy of a plat of the village or city. Within 10 days of receipt of the description and plat, the secretary of state shall forward 2 copies to the department of transportation and one copy each to the department of administration, and the department of revenue and the department of commerce. The secretary of state shall issue a certificate of incorporation and record the certificate.

AB40, s. 1720 Section 1720. 66.0301 (1) (a) of the statutes is amended to read:

AB40,736,18 66.0301 (1) (a) Except as provided in pars. (b) and (c), in this section "municipality" means the state or any department or agency thereof, the University of Wisconsin-Madison, or any city, village, town, county, school district, public library system, public inland lake protection and rehabilitation district, sanitary district, farm drainage district, metropolitan sewerage district, sewer utility district, solid waste management system created under s. 59.70 (2), local exposition district created under subch. II of ch. 229, local professional baseball park district created under subch. III of ch. 229, local professional football stadium district created under subch. IV of ch. 229, local cultural arts district created under subch. V of ch. 229, transit authority created under s. 66.1039, long-term care district under s. 46.2895, water utility district, mosquito control district, municipal electric company, county or city transit commission, commission created by contract under this section, taxation district, regional planning commission, housing authority created under s. 66.1201, redevelopment authority created under s. 66.1333, community development authority created under s. 66.1335, or city-county health department.

AB40, s. 1721 Section 1721. 66.0309 (3) (a) 3. of the statutes is repealed.

AB40, s. 1722 Section 1722. 66.0602 (1) (d) of the statutes is amended to read:

AB40,736,24 66.0602 (1) (d) "Valuation factor" means a percentage equal to the greater of either 3 zero percent or the percentage change in the political subdivision's January 1 equalized value due to new construction less improvements removed between the previous year and the current year.

AB40, s. 1723 Section 1723. 66.0602 (2) of the statutes is amended to read:

AB40,737,8 66.0602 (2) Levy limit. Except as provided in subs. (3), (4), and (5), no political subdivision may increase its levy in any year by a percentage that exceeds the political subdivision's valuation factor. The base amount in any year, to which the limit under this section applies, shall be the maximum allowable actual levy for the immediately preceding year. In determining its levy in any year, a city, village, or town shall subtract any tax increment that is calculated under s. 59.57 (3) (a), 60.85 (1) (L), or 66.1105 (2) (i). The base amount in any year, to which the limit under this section applies, may not include any amount to which sub. (3) (e) 8. applies.

AB40, s. 1724 Section 1724. 66.0602 (2m) of the statutes is created to read:

AB40,737,16 66.0602 (2m) Negative adjustment. If a political subdivision's levy for the payment of any general obligation debt service, including debt service on debt issued or reissued to fund or refund outstanding obligations of the political subdivision and interest on outstanding obligations of the political subdivision, on debt originally issued before July 1, 2005, is less in the current year than it was in the previous year, the political subdivision shall reduce its levy limit in the current year by an amount equal to the amount that its levy was reduced as described in this subsection.

AB40, s. 1725 Section 1725. 66.0602 (7) of the statutes is amended to read:

AB40,737,19 66.0602 (7) Sunset. This section does not apply to a political subdivision's levy that is imposed after December 2010 2012.

AB40, s. 1726 Section 1726. 66.0703 (6) of the statutes is amended to read:

AB40,738,15 66.0703 (6) A copy of the report when completed shall be filed with the municipal clerk for public inspection. If property of the state or the University of Wisconsin-Madison may be subject to assessment under s. 66.0705, the municipal clerk shall file a copy of the report with the state agency which manages the property or if the property is university property, with the University of Wisconsin-Madison. If the assessment to the property of the state or the University of Wisconsin-Madison for a project, as defined under s. 66.0705 (2), is $50,000 or more, the state agency or the University of Wisconsin-Madison shall submit a request for approval of the assessment, with its recommendation, to the building commission. The building commission shall review the assessment and shall determine within 90 days of the date on which the commission receives the report if the assessment is just and legal and if the proposed improvement is compatible with state or university plans for the facility which is the subject of the proposed improvement. If the building commission so determines, it shall approve the assessment. No project in which the property of the state or the University of Wisconsin-Madison is assessed at $50,000 or more may be commenced and no contract on the project may be let without approval of the assessment by the building commission under this subsection. The building commission shall submit a copy of its determination under this subsection to the state agency that manages the property which is the subject of the determination or if the property is university property, to the University of Wisconsin-Madison.

AB40, s. 1727 Section 1727. 66.0705 of the statutes is amended to read:

AB40,739,2 66.0705 Property of public and private entities subject to special assessments. (1) (a) The property of this state and the University of Wisconsin-Madison, except that held for highway right-of-way purposes or acquired and held for purposes under s. 85.09, and the property of every county, city, village, town, school district, sewerage district or commission, sanitary or water district or commission, or any public board or commission within this state, and of every corporation, company or individual operating any railroad, telegraph, telecommunications, electric light or power system, or doing any of the business mentioned in ch. 76, and of every other corporation or company is in all respects subject to all special assessments for local improvements.

AB40,739,13 (b) Certificates and improvement bonds for special assessments may be issued and the lien of the special assessments enforced against property described in par. (a), except property of the state and the University of Wisconsin-Madison, in the same manner and to the same extent as the property of individuals. Special assessments on property described in par. (a) may not extend to the right, easement or franchise to operate or maintain railroads, telegraph, telecommunications or electric light or power systems in streets, alleys, parks or highways. The amount represented by any certificate or improvement bond issued under this paragraph is a debt due personally from the corporation, company or individual, payable in the case of a certificate when the taxes for the year of its issue are payable, and in the case of a bond according to the terms of the bond.

AB40,739,24 (2) In this subsection, "assessment" means a special assessment on property of this state and the University of Wisconsin-Madison and "project" means any continuous improvement within overall project limits regardless of whether small exterior segments are left unimproved. If the assessment of a project is less than $50,000, or if the assessment of a project is $50,000 or more and the building commission approves the assessment under s. 66.0703 (6), the state agency which manages the property or the University of Wisconsin-Madison, if the university manages the property, shall pay the assessment from the revenue source which supports the general operating costs of the agency or program against which the assessment is made or, in the case of the University of Wisconsin-Madison, from any available revenue source.

AB40, s. 1728 Section 1728. 66.0925 (14) of the statutes is amended to read:

AB40,740,4 66.0925 (14) Construction. Nothing in this section shall be construed as relieving, modifying, or interfering with the responsibilities for operating jails which are vested in sheriffs under s. 59.27 (1) and chiefs of police or chiefs of combined protective services departments under s. 62.09 (13) (b).

AB40, s. 1729 Section 1729. 66.1039 (4) (s) 1. of the statutes is amended to read:

AB40,740,13 66.1039 (4) (s) 1. Impose Subject to subd. 5., impose, by the adoption of a resolution by the board of directors, the taxes under subch. V of ch. 77 in the authority's jurisdictional area. If an authority adopts a resolution to impose the taxes, it shall deliver a certified copy of the resolution to the department of revenue at least 120 days before its effective date. The authority may, by adoption of a resolution by the board of directors, repeal the imposition of taxes under subch. V of ch. 77 and shall deliver a certified copy of the repeal resolution to the department of revenue at least 120 days before its effective date.

AB40, s. 1730 Section 1730. 66.1039 (4) (s) 5. of the statutes is created to read:

AB40,741,3 66.1039 (4) (s) 5. The authority may not impose the taxes specified in subd. 1., and the department of revenue may not collect such taxes, unless after the adoption of the board of directors' resolution to impose these taxes a referendum is held in the authority's jurisdictional area on the question of whether the authority may impose these taxes and the referendum is decided in the affirmative. The authority's board of directors, in conjunction with the appropriate officials of the counties or municipalities in which the referendum will be held, shall be responsible for calling the referendum. If, on the effective date of this subdivision .... [LRB inserts date], the authority has already imposed the taxes specified in subd. 1., these taxes shall be suspended on the first day of the 13th month beginning after the effective date of this subdivision .... [LRB inserts date], and shall remain suspended until the referendum requirement in this subdivision is thereafter satisfied. If a referendum is held under this subdivision, the authority shall promptly provide the department of revenue with the results of the referendum.

AB40, s. 1731 Section 1731. 66.1103 (4m) (a) 1. of the statutes is amended to read:

AB40,741,9 66.1103 (4m) (a) 1. The person, at least 30 days prior to entering into the revenue agreement, has given a notice of intent to enter into the agreement, on a form prescribed under s. 560.034 238.11 (1), to the department of commerce Wisconsin Economic Development Corporation and to any collective bargaining agent in this state with whom the person has a collective bargaining agreement.

AB40, s. 1732 Section 1732. 66.1103 (4m) (a) 2. of the statutes is amended to read:

AB40,741,17 66.1103 (4m) (a) 2. The municipality or county has received an estimate issued under s. 560.034 238.11 (5) (a), and the department of commerce Wisconsin Economic Development Corporation has estimated whether the project which the municipality or county would finance under the revenue agreement is expected to eliminate, create, or maintain jobs on the project site and elsewhere in this state and the net number of jobs expected to be eliminated, created, or maintained as a result of the project.

AB40, s. 1733 Section 1733. 66.1103 (4m) (b) of the statutes is amended to read:

AB40,741,25 66.1103 (4m) (b) Any revenue agreement which an eligible participant enters into with a municipality or county to finance a project shall require the eligible participant to submit to the department of commerce Wisconsin Economic Development Corporation within 12 months after the project is completed or 2 years after a revenue bond is issued to finance the project, whichever is sooner, on a form prescribed under s. 560.034 238.11 (1), the net number of jobs eliminated, created, or maintained on the project site and elsewhere in this state as a result of the project.

AB40, s. 1734 Section 1734. 66.1103 (4s) (a) 1. of the statutes is amended to read:

AB40,742,3 66.1103 (4s) (a) 1. "Department" "Corporation" means the department of commerce Wisconsin Economic Development Corporation.

AB40, s. 1735 Section 1735. 66.1103 (4s) (b) 3. of the statutes is amended to read:

AB40,742,9 66.1103 (4s) (b) 3. The employer shall certify compliance with this subsection to the department corporation, to the governing body of each municipality or county within which a lost job exists and to any collective bargaining agent in this state with which the employer has a collective bargaining agreement at the project site or at a site where a lost job exists.

AB40, s. 1736 Section 1736. 66.1103 (4s) (b) 4. of the statutes is amended to read:

AB40,742,16 66.1103 (4s) (b) 4. The employer shall submit a report to the department corporation every 3 months during the first year after the construction of the project is completed. The reports shall provide information about new jobs, lost jobs, and offers of employment made to persons who were formerly employed at lost jobs. The 4th report shall be the final report. The form and content of the reports shall be prescribed by the department corporation under par. (d).

AB40, s. 1737 Section 1737. 66.1103 (4s) (d) of the statutes is amended to read:

AB40,742,19 66.1103 (4s) (d) The department corporation shall administer this subsection and shall prescribe forms for certification and reports under par. (b).

AB40, s. 1738 Section 1738. 66.1103 (10) (c) of the statutes is amended to read:

AB40,743,4 66.1103 (10) (c) A copy of the initial resolution together with a statement indicating when the public notice required under par. (b) was published shall be filed with the secretary of commerce Wisconsin Economic Development Corporation within 20 days following publication of notice. Prior to the closing of the bond issue, the secretary corporation may require additional information from the eligible participant or the municipality or county. After the closing of the bond issue, the secretary corporation shall be notified of the closing date, any substantive changes made to documents previously filed with the secretary corporation, and the principal amount of the financing.

AB40, s. 1739 Section 1739. 66.1103 (10) (g) of the statutes is amended to read:

AB40,743,9 66.1103 (10) (g) Bonds may not be issued unless prior to adoption of an initial resolution a document which provides a good faith estimate of attorney fees which will be paid from bond proceeds is filed with the clerk of the municipality or county and the department of commerce Wisconsin Economic Development Corporation.

AB40, s. 1740 Section 1740. 66.1104 of the statutes is repealed.

AB40, s. 1741 Section 1741. 66.1105 (13) of the statutes is repealed.

AB40, s. 1742 Section 1742. 66.1305 (2) (a) 1. of the statutes is amended to read:

AB40,743,14 66.1305 (2) (a) 1. "Arts incubator" has the meaning given in s. 44.60 41.60 (1) (a).

AB40, s. 1743 Section 1743. 66.1305 (2) (b) 3. of the statutes is amended to read:

AB40,743,17 66.1305 (2) (b) 3. Apply for a grant or loan under s. 44.60 41.60 in connection with an arts incubator.

AB40, s. 1744 Section 1744. 66.1333 (2m) (am) of the statutes is amended to read:

AB40,743,20 66.1333 (2m) (am) "Arts incubator" has the meaning given in s. 44.60 41.60 (1) (a).

AB40, s. 1745 Section 1745. 66.1333 (2m) (d) 7. of the statutes is amended to read:

AB40,743,24 66.1333 (2m) (d) 7. Studying the feasibility of and initial design for an arts incubator, developing and operating an arts incubator, and applying for a grant or loan under s. 44.60 41.60 in connection with an arts incubator.

AB40, s. 1746 Section 1746. 67.05 (6a) (bg) 2. of the statutes is amended to read:

AB40,744,5 67.05 (6a) (bg) 2. The department of commerce safety and professional services shall determine for each grade level in which pupils attended school in a building described in subd. 1., the average cost per square foot for, and the average number of square feet per pupil included in, 2 recently constructed school buildings that were designed to serve pupils of that grade level, as selected by that department.

AB40, s. 1747 Section 1747. 67.12 (12) (e) 2r. b. of the statutes is amended to read:

AB40,744,11 67.12 (12) (e) 2r. b. The department of commerce safety and professional services shall determine, for each grade level in which pupils attended school in a building described in subd. 2r. a., the average cost per square foot for, and the average number of square feet per pupil included in, 2 recently constructed school buildings that were designed to serve pupils of that grade level, as selected by that department.

AB40, s. 1748 Section 1748. 70.11 (3) (d) of the statutes is created to read:

AB40,744,16 70.11 (3) (d) Notwithstanding the provisions of s. 70.11 (intro.) that relate to leased property or that impose other limitations, all property owned or leased by the University of Wisconsin-Madison, provided that use of the property is primarily related to the purposes of the University of Wisconsin-Madison.

AB40, s. 1749 Section 1749. 70.114 (5) of the statutes is created to read:

AB40,744,19 70.114 (5) Sunset. No aids shall be paid under this section for lands acquired after the effective date of this subsection .... [LRB inserts date].

AB40, s. 1750 Section 1750. 70.119 (3) (e) of the statutes is amended to read:

AB40,744,25 70.119 (3) (e) "State facilities" means all property owned and operated by the state for the purpose of carrying out usual state functions, including the campus of the University of Wisconsin-Madison and the branch campuses of the university University of Wisconsin system but not including land held for highway right-of-way purposes.

AB40, s. 1751 Section 1751. 70.119 (4) of the statutes is amended to read:

AB40,745,7 70.119 (4) The department shall be responsible for negotiating with municipalities on payments for municipal services and may delegate certain responsibilities of negotiation to other state agencies or to the University of Wisconsin-Madison or the University of Wisconsin Hospitals and Clinics Authority. Prior to negotiating with municipalities the department shall submit guidelines for negotiation to the committee for approval.

AB40, s. 1752 Section 1752. 70.58 (1) of the statutes is amended to read:

AB40,745,18 70.58 (1) Except as provided in sub. (2), there is levied an annual tax of two-tenths of one mill for each dollar of the assessed valuation of the property of the state as determined by the department of revenue under s. 70.57, for the purpose of acquiring, preserving and developing the forests of the state and for the purpose of forest crop law and county forest law administration and aid payments, for grants to forestry cooperatives under s. 36.56 37.56, and for the acquisition, purchase and development of forests described under s. 25.29 (7) (a) and (b), the proceeds of the tax to be paid into the conservation fund. The tax shall not be levied in any year in which general funds are appropriated for the purposes specified in this section, equal to or in excess of the amount which the tax would produce.

AB40, s. 1753 Section 1753. 71.01 (6) (um) of the statutes is amended to read:

AB40,748,2 71.01 (6) (um) For taxable years that begin after December 31, 2008, for natural persons and fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, "Internal Revenue Code" means the federal Internal Revenue Code as amended to December 31, 2008, excluding sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, sections 1, 3, 4, and 5 of P.L. 106-519, sections 162 and 165 of P.L. 106-554, P.L. 106-573, section 431 of P.L. 107-16, sections 101 and 301 (a) of P.L. 107-147, sections 106, 201, and 202 of P.L. 108-27, section 1201 of P.L. 108-173, sections 306, 308, 316, 401, and 403 (a) of P.L. 108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L. 108-357, P.L. 109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, section 11146 of P.L. 109-59, section 301 of P.L. 109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, sections 101, 207, 209, 503, and 513 of P.L. 109-222, section 844 of P.L. 109-280, P.L. 109-432, P.L. 110-28, P.L. 110-140, P.L. 110-141, P.L. 110-142, P.L. 110-166, P.L. 110-172, P.L. 110-185, P.L. 110-234, sections 110, 113, and 301 of P.L. 110-245, P.L. 110-246, except section 15316 of P.L. 110-246, P.L. 110-289, P.L. 110-317, P.L. 110-343, except section 301 of division B and section 313 of division C of P.L. 110-343, and P.L. 110-351 , and as amended by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and as indirectly affected by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-280, P.L. 101-508, P.L. 102-90, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-117, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, P.L. 107-15, P.L. 107-16, excluding section 431 of P.L. 107-16, P.L. 107-22, P.L. 107-116, P.L. 107-134, P.L. 107-147, excluding sections 101 and 301 (a) of P.L. 107-147, P.L. 107-181, P.L. 107-210, P.L. 107-276, P.L. 107-358, P.L. 108-27, excluding sections 106, 201, and 202 of P.L. 108-27, P.L. 108-121, P.L. 108-173, excluding section 1201 of P.L. 108-173, P.L. 108-203, P.L. 108-218, P.L. 108-311, excluding sections 306, 308, 316, 401, and 403 (a) of P.L. 108-311, P.L. 108-357, excluding sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L. 108-357, P.L. 108-375, P.L. 108-476, P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-59, excluding section 11146 of P.L. 109-59, P.L. 109-73, excluding section 301 of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151, P.L. 109-222, excluding sections 101, 207, 209, 503, and 513 of P.L. 109-222, P.L. 109-227, P.L. 109-280, excluding section 844 of P.L. 109-280, P.L. 110-245, excluding sections 110, 113, and 301 of P.L. 110-245, and section 15316 of P.L. 110-246, section 301 of division B and section 313 of division C of P.L. 110-343, P.L. 110-458, sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240. The Internal Revenue Code applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the federal Internal Revenue Code enacted after December 31, 2008, do not apply to this paragraph with respect to taxable years beginning after December 31, 2008, except that changes to the Internal Revenue Code made by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and changes that indirectly affect the provisions applicable to this subchapter made by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, apply for Wisconsin purposes at the same time as for federal purposes.

AB40, s. 1754 Section 1754. 71.01 (13) of the statutes is amended to read:

AB40,748,6 71.01 (13) "Wisconsin adjusted gross income" means federal adjusted gross income, with the modifications prescribed in s. 71.05 (6) to (12), (19), (20), and (24), (25), and (26).

AB40, s. 1755 Section 1755. 71.05 (1) (c) 11. of the statutes is created to read:

AB40,748,12 71.05 (1) (c) 11. The Wisconsin Health and Educational Facilities Authority under s. 231.03 (6), if the bonds or notes are issued to a person who is eligible to receive bonds or notes from another issuer for the same purpose for which the person is issued bonds or notes under s. 231.03 (6) and the interest income received from the other bonds or notes is exempt from taxation under this subchapter.

AB40, s. 1756 Section 1756. 71.05 (6) (b) 23. of the statutes is amended to read:

AB40,748,17 71.05 (6) (b) 23. Any increase in value of a tuition unit that is purchased under a tuition contract under s. 14.63 16.64, except that the subtraction under this subdivision may not be claimed by any individual who received a refund under s. 14.63 16.64 (7) (a) 2., 3. or 4.

AB40, s. 1757 Section 1757. 71.05 (6) (b) 28. h. of the statutes is amended to read:

AB40,748,24 71.05 (6) (b) 28. h. No modification may be claimed under this subdivision for an amount paid for tuition expenses and mandatory student fees, as described under this subdivision, if the source of the payment is an amount withdrawn from a college savings account, as described in s. 14.64 16.641 or from a college tuition and expenses program, as described in s. 14.63 16.64, and if the owner of the account has claimed a deduction under subd. 32. or 33. that relates to such an amount.

AB40, s. 1758 Section 1758. 71.05 (6) (b) 31. of the statutes is amended to read:

AB40,749,4 71.05 (6) (b) 31. Any increase in value of a college savings account, as described in s. 14.64 16.641, except that the subtraction under this subdivision may not be claimed by any individual who has made a nonqualified withdrawal, as described in s. 14.64 16.641 (2) (e).

AB40, s. 1759 Section 1759. 71.05 (6) (b) 32. (intro.) of the statutes is amended to read:

AB40,749,9 71.05 (6) (b) 32. (intro.) An amount paid into a college savings account, as described in s. 14.64 16.641, if the beneficiary of the account is one of the following: the claimant; the claimant's child; the claimant's grandchild; the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:

AB40, s. 1760 Section 1760. 71.05 (6) (b) 33. (intro.) of the statutes is amended to read:

AB40,749,15 71.05 (6) (b) 33. (intro.) An amount paid into a college tuition and expenses program, as described in s. 14.63 16.64, if the beneficiary of the account is one of the following: the claimant; the claimant's child; the claimant's grandchild; the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:

AB40, s. 1761 Section 1761. 71.05 (8) (b) of the statutes is amended to read:

AB40,750,4 71.05 (8) (b) A Wisconsin net operating loss may be carried forward against Wisconsin taxable incomes of the next 15 taxable years, if the taxpayer was subject to taxation under this chapter in the taxable year in which the loss was sustained, to the extent not offset against other income of the year of loss and to the extent not offset against Wisconsin modified taxable income of any year between the loss year and the taxable year for which the loss carry-forward is claimed. In this paragraph, "Wisconsin modified taxable income" means Wisconsin taxable income with the following exceptions: a net operating loss deduction or offset for the loss year or any taxable year thereafter is not allowed, the deduction for long-term capital gains under sub. subs. (6) (b) 9. and 9m. and (25) is not allowed, the amount deductible for losses from sales or exchanges of capital assets may not exceed the amount includable in income for gains from sales or exchanges of capital assets and "Wisconsin modified taxable income" may not be less than zero.

AB40, s. 1762 Section 1762. 71.05 (24) (a) 4. of the statutes is amended to read:

AB40,750,7 71.05 (24) (a) 4. "Qualified new business venture" means a business certified by the department of commerce under s. 238.20 or s. 560.2085, 2009 stats.