2. Description of existing policies relevant to the rule, new policies proposed to be included in the rule, and an analysis of policy alternatives:
Existing policies are as set forth in the rules. Additional language is needed to reflect the statutory provisions described above. If the rules are not changed, they will be incorrect in that they will not reflect current law or current department policy.
3. Detailed explanation of statutory authority for the rule (including the statutory citation and language):
Under s. 71.80 (1) (c), Stats., the department may make such regulations as it shall deem necessary in order to carry out chapter 71 of the Wisconsin Statutes, relating to income and franchise taxes. This provision applies to the revision of ss. Tax 2.02, 2.12, 2.955, and 3.05. Sections 139.38 (1) and 139.82 (1), Stats., provide the records of cigarette manufacturers and tobacco products manufacturers, respectively, shall be kept in a manner prescribed by the department. These provisions apply to the revision of s. Tax 9.69 (5) (intro.). 4. Estimate of amount of time that state employees will spend developing the rule and of other resources necessary to develop the rule:
The department estimates it will take approximately 100 hours to develop the rule.
5. List with description of all entities that may be affected by the proposed rule:
Tax professionals, businesses, and others who rely on clear, current, and concise rules
6. Summary and preliminary comparison with any existing or proposed federal regulation that is intended to address the activities to be regulated by the proposed rule:
There is no existing or proposed federal regulation that is intended to address the activities to be regulated by the rule.
7. Anticipated economic impact of implementing the rule (note if the rule is likely to have a significant economic impact on small businesses):
No economic impact is anticipated.
Contact Person: Jennifer Chadwick (608) 266-8253
