SS 103-18

- Amend s. Tax 2.88 to reflect that no interest is paid on certain WEDC refunds as provided in Wis. Act 59.

- Amend ss. Tax 2.89 and 2.96 to update due date of installment payments for corporations and extensions of time to file corporation returns as provided in 2017 Wis. Act 2.

- Repeal s. Tax 2.92(3)(e)(Note) to reflect obtaining Forms WT-4 and WT-4A online.

- Amend s. Tax 2.95 (5) (Example) to update years.

- Revise s. Tax 2.955 to add limitation on credit as provided in 2017 Wis. Act 59.

- Repeal s. Tax 2.98 (2) (b) (Note 1), (Note 2), and (Note 3) related to disasters occurring prior to 1987.

- Create s. Tax 14.01 (2) (am) to reference the definition of disqualified loss in s. 71.52(1e), Stats.

- Repeal s. Tax 14.03 (4) (b) 23. This subdivision was renumbered to 14.03 (4) (c) in CR 00-16. The original subdivision was not deleted.

- Create s. Tax 14.03 (4) (c) 10. to add disqualified losses as provided in 2017 Wis. Act 59.

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. New policy is being proposed to reflect the law changes 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.

Under ss. 71.05 (7) (g) 2., and 71.25 (9) (g) 2., Stats., the department may promulgate rules relating to situs of income; allocation and apportionment.

Section 227.11 (2) (a), Stats., provides “[e]ach agency may promulgate rules interpreting the provisions of any statute enforced or administered by the agency, if the agency considers it necessary to effectuate the purpose of the statute...”

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, individuals, fiduciaries, 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 [phone]