Amendment AA1-AB519

LRBa1004/1

JK:amn

2021 - 2022 LEGISLATURE

ASSEMBLY AMENDMENT 1, TO ASSEMBLY BILL 519

November 29, 2021 - Offered by Representative Krug.

AB519-AA1,1,1 At the locations indicated, amend the bill as follows:

AB519-AA1,1,2 1. Page 2, line 8: after that line insert:

AB519-AA1,1,4 “ Section 1m. 71.83 (1) (a) 6. of the statutes, as affected by 2021 Wisconsin Act 1, is amended to read:

AB519-AA1,1,10 71.83 (1) (a) 6. `Retirement plans.' Any natural person who is liable for a penalty for federal income tax purposes under section 72 (m) (5), (q), (t), and (v), 4973, 4974, 4975, or 4980A of the Internal Revenue Code is liable for 33 percent of the federal penalty unless the income received is exempt from taxation under s. 71.05 (1) (a), (am), or (an) or (6) (b) 54. The penalties provided under this subdivision shall be assessed, levied, and collected in the same manner as income or franchise taxes.”.

AB519-AA1,1,11 (End)