LRB-5980/1
MES:cdc
2019 - 2020 LEGISLATURE
March 26, 2020 - Introduced by Senator Kooyenga, cosponsored by Representative
Ramthun. Referred to Committee on Agriculture, Revenue and Financial
Institutions.
SB930,1,2
1An Act relating to: extending the deadline for contributions to a college savings
2account.
Analysis by the Legislative Reference Bureau
Under current law, certain individuals may subtract from their federal
adjusted gross income certain amounts contributed to a college savings account, also
known as an EdVest account. To be eligible for the subtraction, the contribution must
be made no later than the 15th day of the fourth month beginning after the close of
the taxpayer's taxable year to which the subtraction relates. Under this bill, during
the period covered by the public health emergency declared by executive order 72 on
March 12, 2020, such contributions are timely and a subtraction may be claimed if
it is made by the 15th day of the seventh month beginning after the close of the
taxpayer's taxable year.
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:
SB930,1
3Section 1
.
Nonstatutory provisions.
SB930,2,54
(1)
College savings account contributions. Notwithstanding the time limits
5for a contribution to a college savings account specified in s. 71.05 (6) (b) 32., during
1the period covered by the public health emergency declared by executive order 72 on
2March 12, 2020, including any extension under s. 323.10, a contribution shall be
3considered timely and a subtraction may be claimed under s. 71.05 (6) (b) 32. if it is
4made on or before the 15th day of the 7th month beginning after the close of a
5taxpayer's taxable year to which the subtraction relates.
