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SB70-AA1,561,1211 71.05 (6) (a) 30. For an account holder, as defined in s. 71.10 (10) (a) 1., or an
12account holder's estate:
SB70-AA1,561,1313 a. Any amount distributed under s. 71.10 (10) (d) 2. or 3.
SB70-AA1,561,1814 b. Any amount withdrawn from the account created under s. 71.10 (10) (b) 1.
15for any reason other than payment or reimbursement of eligible costs, as defined in
16s. 71.10 (10) (a) 4., except that this subd. 30. b. does not apply to the transfer of funds
17to another account as described in s. 71.10 (10) (c) 4. or to the disbursement of funds
18pursuant to a filing for bankruptcy protection under 11 USC 101 et seq.
SB70-AA1,1234 19Section 1234. 71.05 (6) (b) 57. of the statutes is created to read:
SB70-AA1,562,320 71.05 (6) (b) 57. For each account an account holder, as defined in s. 71.10 (10)
21(a) 1., creates under s. 71.10 (10) (b) 1., and subject to s. 71.10 (10) (d), the amount
22deposited, limited to $5,000, by the account holder into the account during the
23taxable year and any interest, dividends, and other gains that accrue in the account
24and are redeposited into it. If the account holder is married and files a joint return,

1the $5,000 limitation shall be increased to $10,000. The subtraction under this
2subdivision does not apply to the transfer of funds from another account as described
3in s. 71.10 (10) (c) 4.
SB70-AA1,1235 4Section 1235. 71.10 (4) (k) of the statutes is created to read:
SB70-AA1,562,55 71.10 (4) (k) Any amount computed under s. 71.83 (1) (ch).
SB70-AA1,1236 6Section 1236. 71.10 (10) of the statutes is created to read:
SB70-AA1,562,87 71.10 (10) First-time home buyer savings accounts. (a) Definitions. In this
8subsection:
SB70-AA1,562,109 1. “Account holder” means an individual who creates, individually or jointly
10with his or her spouse, an account under par. (b) 1.
SB70-AA1,562,1211 2. “Allowable closing costs” means disbursements listed in a settlement
12statement for the purchase of a single-family residence by a beneficiary.
SB70-AA1,562,1413 3. “Beneficiary" means a first-time home buyer who is designated by an
14account holder as the beneficiary of an account created under par. (b) 1.
SB70-AA1,562,1615 4. “Eligible costs” means the down payment and allowable closing costs for the
16purchase of a single-family residence in this state by a beneficiary.
SB70-AA1,562,2117 5. “Financial institution" means a bank, trust company, savings institution,
18savings bank, savings and loan association, industrial loan association, consumer
19finance company, credit union, benefit association, insurance company, safe deposit
20company, money market mutual fund, or similar entity authorized to do business in
21this state.
SB70-AA1,562,2522 6. “First-time home buyer” means an individual who resides in this state and
23did not have, either individually or jointly, a present ownership interest in a
24single-family residence during the 36 months before the month in which the
25individual purchases a single-family residence in this state.
SB70-AA1,563,3
17. “Single-family residence” means a residence intended for occupation by a
2single family unit that is purchased by a beneficiary for use as his or her principal
3residence.
SB70-AA1,563,124 (b) Creation of account. 1. An individual may create an account and become
5the account holder by opening an account at a financial institution for the purpose
6of paying or reimbursing the eligible costs of a first-time home buyer. The account
7holder shall designate a beneficiary when the account is created and may designate
8himself or herself as the beneficiary. An account may have only one beneficiary at
9any one time. An individual may be the beneficiary of more than one account, and
10an individual may be the account holder of more than one account, but an account
11holder may not have more than one account that designates the same beneficiary.
12The account holder may change the beneficiary at any time.
SB70-AA1,563,1413 2. An individual may jointly own an account created under subd. 1 with his or
14her spouse.
SB70-AA1,563,1615 3. Only cash and marketable securities may be contributed to an account
16created under subd. 1.
SB70-AA1,563,1917 4. Persons other than an account holder may contribute to an account created
18under subd. 1, but the subtraction under s. 71.05 (6) (b) 57. may be made only by the
19account holder.
SB70-AA1,563,2320 (c) Account holder rights and responsibilities. 1. An account holder may
21withdraw funds from an account created under par. (b) 1. to pay eligible costs for the
22benefit of the beneficiary or to reimburse the beneficiary for eligible costs the
23beneficiary incurs and has paid.
SB70-AA1,564,3
12. An account holder may not use funds in an account created under par. (b) 1.
2to pay any expenses he or she incurs in administering the account, although a
3financial institution may deduct a service fee from the account.
SB70-AA1,564,74 3. Annually, an account holder shall submit to the department with his or her
5income tax return, on forms prepared by the department, information regarding the
6account created under par. (b) 1. The information submitted shall include all of the
7following:
SB70-AA1,564,98 a. A list of transactions in the account during the taxable year to which the
9return relates, including the beginning and ending balances of the account.
SB70-AA1,564,1010 b. The 1099 form issued by the financial institution that relates to the account.
SB70-AA1,564,1211 c. A list of eligible costs, and other costs, for which funds from the account were
12withdrawn during the taxable year to which the return relates.
SB70-AA1,564,1713 4. An account holder may withdraw funds from an account created under par.
14(b) 1. with no penalty due under s. 71.83 (1) (ch) and no responsibility to make an
15addition under s. 71.05 (6) (a) 30. if he or she immediately transfers the funds to a
16different financial institution and deposits the funds into an account created under
17par. (b) 1. at that financial institution.
SB70-AA1,564,2018 (d) Limitations on accounts, dissolution. 1. An account holder may not claim
19a subtraction under s. 71.05 (6) (b) 57. for more than a total of $50,000 of deposits into
20any account created under par. (b) 1. for each beneficiary.
SB70-AA1,564,2321 2. An account holder shall dissolve an account created under par. (b) 1. no later
22than 120 months after it is created. The financial institution shall distribute any
23funds in the account at dissolution to the account holder.
SB70-AA1,565,3
13. If an account holder dies while funds remain in an account created under par.
2(b) 1., the account shall be dissolved and the financial institution shall distribute the
3funds to the account holder's estate.
SB70-AA1,565,44 (e) Department responsibilities. The department shall:
SB70-AA1,565,75 1. Prepare and distribute any forms that an account holder is required to
6submit under par. (c) 3. and any other forms necessary to administer this subsection
7and the adjustments to income under s. 71.05 (6) (a) 30. and (b) 57.
SB70-AA1,565,98 2. Prepare and distribute to financial institutions and potential home buyers
9informational materials about the accounts described in this subsection.
SB70-AA1,1237 10Section 1237. 71.83 (1) (ch) of the statutes is created to read:
SB70-AA1,565,1711 71.83 (1) (ch) First-time home buyer savings account withdrawals. If an
12account holder, as defined under s. 71.10 (10) (a) 1., or an account holder's estate is
13required to add any amount to federal adjusted gross income under s. 71.05 (6) (a)
1430., the account holder or the account holder's estate shall also pay an amount equal
15to 10 percent of the amount that is added to income under s. 71.05 (6) (a) 30. The
16department of revenue shall assess, levy, and collect the penalty under this
17paragraph as it assesses, levies, and collects taxes under this chapter.
SB70-AA1,9337 18Section 9337. Initial applicability; Revenue.
SB70-AA1,565,2119 (6s) First-time home buyer savings account. The treatment of ss. 71.05 (6) (a)
2030. and (b) 57., 71.10 (4) (k) and (10), and 71.83 (1) (ch) first applies to taxable years
21beginning on January 1, 2023.”.
SB70-AA1,565,22 22209. Page 374, line 11: after that line insert:
SB70-AA1,565,23 23 Section 1. 71.98 (1) (c) of the statutes is created to read:
SB70-AA1,566,2
171.98 (1) (c) Consolidated Appropriations Act of 2023. For taxable years
2beginning after December 31, 2022, division T of P.L. 117-328.”.
SB70-AA1,566,3 3210. Page 374, line 11: after that line insert:
SB70-AA1,566,4 4 Section 1238. 71.07 (8b) (a) 5. of the statutes is amended to read:
SB70-AA1,566,95 71.07 (8b) (a) 5. “Credit period” means the period of 6 10 taxable years
6beginning with the taxable year in which a qualified development is placed in
7service. For purposes of this subdivision, if a qualified development consists of more
8than one building, the qualified development is placed in service in the taxable year
9in which the last building of the qualified development is placed in service.
SB70-AA1,1239 10Section 1239. 71.07 (8b) (a) 7. of the statutes is amended to read:
SB70-AA1,566,2011 71.07 (8b) (a) 7. “Qualified development” means a qualified low-income
12housing project under section 42 (g) of the Internal Revenue Code that is financed
13with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4)
14(A)
of the Internal Revenue Code, allocated the credit under section 42 of the Internal
15Revenue Code,
and located in this state; except that the authority may waive, in the
16qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code,
17the requirements of tax-exempt bond financing and federal credit allocation to the
18extent the authority anticipates that sufficient volume cap under section 146 of the
19Internal Revenue Code will not be available to finance low-income housing projects
20in any year
.
SB70-AA1,1240 21Section 1240. 71.28 (8b) (a) 5. of the statutes is amended to read:
SB70-AA1,567,222 71.28 (8b) (a) 5. “Credit period” means the period of 6 10 taxable years
23beginning with the taxable year in which a qualified development is placed in
24service. For purposes of this subdivision, if a qualified development consists of more

1than one building, the qualified development is placed in service in the taxable year
2in which the last building of the qualified development is placed in service.
SB70-AA1,1241 3Section 1241. 71.28 (8b) (a) 7. of the statutes is amended to read:
SB70-AA1,567,134 71.28 (8b) (a) 7. “Qualified development” means a qualified low-income
5housing project under section 42 (g) of the Internal Revenue Code that is financed
6with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4)
7(A)
of the Internal Revenue Code, allocated the credit under section 42 of the Internal
8Revenue Code,
and located in this state; except that the authority may waive, in the
9qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code,
10the requirements of tax-exempt bond financing and federal credit allocation to the
11extent the authority anticipates that sufficient volume cap under section 146 of the
12Internal Revenue Code will not be available to finance low-income housing projects
13in any year
.
SB70-AA1,1242 14Section 1242. 71.47 (8b) (a) 5. of the statutes is amended to read:
SB70-AA1,567,1915 71.47 (8b) (a) 5. “Credit period” means the period of 6 10 taxable years
16beginning with the taxable year in which a qualified development is placed in
17service. For purposes of this subdivision, if a qualified development consists of more
18than one building, the qualified development is placed in service in the taxable year
19in which the last building of the qualified development is placed in service.
SB70-AA1,1243 20Section 1243. 71.47 (8b) (a) 7. of the statutes is amended to read:
SB70-AA1,568,521 71.47 (8b) (a) 7. “Qualified development” means a qualified low-income
22housing project under section 42 (g) of the Internal Revenue Code that is financed
23with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4)
24(A)
of the Internal Revenue Code, allocated the credit under section 42 of the Internal
25Revenue Code,
and located in this state; except that the authority may waive, in the

1qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code,
2the requirements of tax-exempt bond financing and federal credit allocation to the
3extent the authority anticipates that sufficient volume cap under section 146 of the
4Internal Revenue Code will not be available to finance low-income housing projects
5in any year
.
SB70-AA1,1244 6Section 1244. 76.639 (1) (e) of the statutes is amended to read:
SB70-AA1,568,117 76.639 (1) (e) “Credit period” means the period of 6 10 taxable years beginning
8with the taxable year in which a qualified development is placed in service. For
9purposes of this paragraph, if a qualified development consists of more than one
10building, the qualified development is placed in service in the taxable year in which
11the last building of the qualified development is placed in service.
SB70-AA1,1245 12Section 1245. 76.639 (1) (g) of the statutes is amended to read:
SB70-AA1,568,2213 76.639 (1) (g) “Qualified development” means a qualified low-income housing
14project under section 42 (g) of the Internal Revenue Code that is financed with
15tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of
16the Internal Revenue Code, allocated the credit under section 42 of the Internal
17Revenue Code,
and located in this state; except that the authority may waive, in the
18qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code,
19the requirements of tax-exempt bond financing and federal credit allocation to the
20extent the authority anticipates that sufficient volume cap under section 146 of the
21Internal Revenue Code will not be available to finance low-income housing projects
22in any year
.
SB70-AA1,1246 23Section 1246. 234.45 (1) (c) of the statutes is amended to read:
SB70-AA1,569,324 234.45 (1) (c) “Credit period” means the period of 6 10 taxable years beginning
25with the taxable year in which a qualified development is placed in service. For

1purposes of this paragraph, if a qualified development consists of more than one
2building, the qualified development is placed in service in the taxable year in which
3the last building of the qualified development is placed in service.
SB70-AA1,1247 4Section 1247. 234.45 (1) (e) of the statutes is amended to read:
SB70-AA1,569,145 234.45 (1) (e) “Qualified development” means a qualified low-income housing
6project under section 42 (g) of the Internal Revenue Code that is financed with
7tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of
8the Internal Revenue Code, allocated the credit under section 42 of the Internal
9Revenue Code,
and located in this state; except that the authority may waive, in the
10qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code,
11the requirements of tax-exempt bond financing and federal credit allocation to the
12extent the authority anticipates that sufficient volume cap under section 146 of the
13Internal Revenue Code will not be available to finance low-income housing projects
14in any year
.
SB70-AA1,1248 15Section 1248. 234.45 (4) of the statutes is amended to read:
SB70-AA1,569,2216 234.45 (4) Allocation limits. In any calendar year, the aggregate amount of
17all state tax credits for which the authority certifies persons in allocation certificates
18issued under sub. (3) in that year may not exceed $42,000,000 $100,000,000,
19including all amounts each person is eligible to claim for each year of the credit
20period, plus the total amount of all unallocated state tax credits from previous
21calendar years and plus the total amount of all previously allocated state tax credits
22that have been revoked or cancelled or otherwise recovered by the authority.”.
SB70-AA1,569,23 23211. Page 374, line 11: after that line insert:
SB70-AA1,569,24 24 Section 1249. 77.51 (3h) of the statutes is created to read:
SB70-AA1,570,2
177.51 (3h) “Diaper” means an absorbent garment worn by humans who are
2incapable of, or have difficulty controlling their bladder or bowel movements.
SB70-AA1,1250 3Section 1250. 77.51 (3pq) of the statutes is created to read:
SB70-AA1,570,74 77.51 (3pq) “Feminine hygiene products” means tampons, panty liners,
5menstrual cups, sanitary napkins, and other similar tangible personal property
6designed for feminine hygiene in connection with the human menstrual cycle.
7“Feminine hygiene products” do not include grooming and hygiene products.
SB70-AA1,1251 8Section 1251. 77.51 (4f) of the statutes is created to read:
SB70-AA1,570,119 77.51 (4f) “Grooming and hygiene products” means soaps and cleaning
10solutions, shampoo, toothpaste, mouthwash, antiperspirants, and suntan lotions
11and screens.
SB70-AA1,1252 12Section 1252. 77.52 (13) of the statutes is amended to read:
SB70-AA1,570,2413 77.52 (13) For the purpose of the proper administration of this section and to
14prevent evasion of the sales tax it shall be presumed that all receipts are subject to
15the tax until the contrary is established. The burden of proving that a sale of tangible
16personal property, or items, property, or goods under sub. (1) (b), (c), or (d), or services
17is not a taxable sale at retail is upon the person who makes the sale unless that
18person takes from the purchaser an electronic or a paper certificate, in a manner
19prescribed by the department, to the effect that the property, item, good, or service
20is purchased for resale or is otherwise exempt, except that no certificate is required
21for the sale of tangible personal property, or items, property, or goods under sub. (1)
22(b), (c), or (d), or services that are exempt under s. 77.54 (5) (a) 3., (7), (7m), (8), (10),
23(11), (14), (15), (17), (20n), (21), (22b), (31), (32), (35), (36), (37), (42), (44), (45), (46),
24(51), (52), (66), and (67), (71), (72), and (73).
SB70-AA1,1253 25Section 1253. 77.53 (10) of the statutes is amended to read:
SB70-AA1,571,14
177.53 (10) For the purpose of the proper administration of this section and to
2prevent evasion of the use tax and the duty to collect the use tax, it is presumed that
3tangible personal property, or items, property, or goods under s. 77.52 (1) (b), (c), or
4(d), or taxable services sold by any person for delivery in this state is sold for storage,
5use, or other consumption in this state until the contrary is established. The burden
6of proving the contrary is upon the person who makes the sale unless that person
7takes from the purchaser an electronic or paper certificate, in a manner prescribed
8by the department, to the effect that the property, or items, property, or goods under
9s. 77.52 (1) (b), (c), or (d), or taxable service is purchased for resale, or otherwise
10exempt from the tax, except that no certificate is required for the sale of tangible
11personal property, or items, property, or goods under s. 77.52 (1) (b), (c), or (d), or
12services that are exempt under s. 77.54 (7), (7m), (8), (10), (11), (14), (15), (17), (20n),
13(21), (22b), (31), (32), (35), (36), (37), (42), (44), (45), (46), (51), (52), and (67), (71), (72)
14and (73)
.
SB70-AA1,1254 15Section 1254. 77.54 (71) of the statutes is created to read:
SB70-AA1,571,1716 77.54 (71) The sales price from the sale of and the storage, use, or other
17consumption of diapers and feminine hygiene products.
SB70-AA1,1255 18Section 1255. 77.54 (72) of the statutes is created to read:
SB70-AA1,571,2119 77.54 (72) The sales price from the sale of and the storage, use, or other
20consumption of breast pumps, breast pump kits, and breast pump storage and
21collection supplies.
SB70-AA1,1256 22Section 1256. 77.54 (73) of the statutes is created to read:
SB70-AA1,571,2523 77.54 (73) (a) The sales price from the sale of and the storage, use, or other
24consumption of gun safes that are specifically designed for the storage of guns, but
25not other items used for gun storage, such as locking gun cabinets and racks.
SB70-AA1,572,2
1(b) The sales price from the sale of and the storage, use, or other consumption
2of trigger locks and gun barrel locks.”.
SB70-AA1,572,3 3212. Page 374, line 11: after that line insert:
SB70-AA1,572,4 4 Section 1. 71.98 (10) of the statutes is created to read:
SB70-AA1,572,65 71.98 (10) 529 accounts. For taxable years beginning after December 31, 2022,
6section 529 of the Internal Revenue Code, relating to qualified tuition programs.”.
SB70-AA1,572,7 7213. Page 374, line 11: after that line insert:
SB70-AA1,572,8 8 Section 1257. 77.54 (56) (a) of the statutes is repealed.
SB70-AA1,1258 9Section 1258. 77.54 (56) (ad) of the statutes is created to read:
SB70-AA1,572,2010 77.54 (56) (ad) 1. The sales price from the sale of and the storage, use, or other
11consumption of a solar power system or wind energy system that produces usable
12electrical or heat energy directly from the sun or wind, if the system is capable of
13continuously producing at least 200 watts of alternating current or 600 British
14thermal units. A solar power system or wind energy system described under this
15subdivision includes tangible personal property sold with the system that is used
16primarily to store or facilitate the storage of the electrical or heat energy produced
17by the system, but does not include an uninterruptible power source that is designed
18primarily for computers. The exemption under this subdivision does not apply to
19tangible personal property designed for any use other than for a solar power system
20or wind energy system described in this subdivision.
SB70-AA1,573,721 2. The sales price from the sale of and the storage, use, or other consumption
22of a waste energy system that produces usable electrical or heat energy directly from
23gas generated from anaerobic digestion of animal manure and other agricultural
24waste if the system is capable of continuously producing at least 200 watts of

1alternating current or 600 British thermal units. A system described under this
2subdivision includes tangible personal property sold with the system that is used
3primarily to store or facilitate the storage of the electrical or heat energy produced
4by the system, but does not include an uninterruptible power source that is designed
5primarily for computers. The exemption under this subdivision does not apply to
6tangible personal property designed for any use other than for a waste energy system
7described in this subdivision.
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