Amendment SSA1-SB106

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2009 - 2010 LEGISLATURE

SENATE SUBSTITUTE AMENDMENT SSA1, TO SENATE BILL 106, TO 2009 SENATE BILL 106

May 11, 2009 - Offered by Committee on Veterans and Military Affairs, Biotechnology, and Financial Institutions.

SB106-SSA1,1,4 An Act to amend 71.05 (6) (b) 32. (intro.), 71.05 (6) (b) 32. a., 71.05 (6) (b) 33. (intro.) and 71.05 (6) (b) 33. a. of the statutes; relating to: the individual income tax deduction for certain amounts contributed to a child's college savings account or college tuition and expenses program.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB106-SSA1, s. 1 Section 1. 71.05 (6) (b) 32. (intro.) of the statutes is amended to read:

SB106-SSA1,2,2 71.05 (6) (b) 32. (intro.) An amount paid into a college savings account, as described in s. 14.64, if the beneficiary of the account is one of the following: the claimant; the claimant's child and the claimant's dependent who is claimed under section 151 (c) of the Internal Revenue Code; the claimant's grandchild; the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:

SB106-SSA1, s. 2 Section 2. 71.05 (6) (b) 32. a. of the statutes is amended to read:

SB106-SSA1,2,10 71.05 (6) (b) 32. a. An amount equal to not more than $3,000 per beneficiary by each contributor to an account for each year to which the claim relates, except that the total amount for which a deduction may be claimed under this subdivision and under subd. 33., per beneficiary by any claimant may not exceed $3,000 each year. In the case of a married couple filing a joint return, the total deduction under this subdivision and under subd. 33., per beneficiary by the married couple may not exceed $3,000 each year.

SB106-SSA1, s. 3 Section 3. 71.05 (6) (b) 33. (intro.) of the statutes is amended to read:

SB106-SSA1,2,17 71.05 (6) (b) 33. (intro.) An amount paid into a college tuition and expenses program, as described in s. 14.63, if the beneficiary of the account is one of the following: the claimant; the claimant's child and the claimant's dependent who is claimed under section 151 (c) of the Internal Revenue Code; the claimant's grandchild; the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:

SB106-SSA1, s. 4 Section 4. 71.05 (6) (b) 33. a. of the statutes is amended to read:

SB106-SSA1,2,25 71.05 (6) (b) 33. a. An amount equal to not more than $3,000 per beneficiary by each contributor to an account for each year to which the claim relates, except that the total amount for which a deduction may be claimed under this subdivision and under subd. 32., per beneficiary by any claimant may not exceed $3,000 each year. In the case of a married couple filing a joint return, the total deduction under this subdivision and under subd. 32., per beneficiary by the married couple may not exceed $3,000 each year.

SB106-SSA1, s. 5 Section 5. Initial applicability.

SB106-SSA1,3,5 (1) This act first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31 this act first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

SB106-SSA1,3,6 (End)