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SB70-AA1,553,117 71.28 (3y) (b) 6. For taxable years beginning after December 31, 2023, an
8amount, as determined by the Wisconsin Economic Development Corporation under
9s. 238.308 (4) (a) 6., equal to a percentage, not to exceed 25 percent, of the claimant's
10energy efficiency or renewable energy project expenditures on real or personal
11property located in this state.
SB70-AA1,1209 12Section 1209. 71.47 (3y) (b) 6. of the statutes is created to read:
SB70-AA1,553,1713 71.47 (3y) (b) 6. For taxable years beginning after December 31, 2023, an
14amount, as determined by the Wisconsin Economic Development Corporation under
15s. 238.308 (4) (a) 6., equal to a percentage, not to exceed 25 percent, of the claimant's
16energy efficiency or renewable energy project expenditures on real or personal
17property located in this state.
SB70-AA1,1210 18Section 1210. 238.308 (4) (a) 6. of the statutes is created to read:
SB70-AA1,553,2319 238.308 (4) (a) 6. An amount equal to up to 25 percent of the person's energy
20efficiency or renewable energy project expenditures on real or personal property
21located in this state. When making an award under this subdivision, the corporation
22shall ensure that the percentage of expenditures taken into account positively
23correlates to the scale of the project.
SB70-AA1,9349 24Section 9349. Initial applicability; Wisconsin Economic Development
25Corporation.
SB70-AA1,554,3
1(1) Energy efficiency and renewable energy project expenditures for
2business development tax credit.
The treatment of s. 238.308 (4) (a) 6. first applies
3to credits awarded under s. 238.308 on January 1, 2024.”.
SB70-AA1,554,4 4202. Page 374, line 11: after that line insert:
SB70-AA1,554,5 5 Section 1211. 71.07 (5n) (d) 2. of the statutes is amended to read:
SB70-AA1,554,146 71.07 (5n) (d) 2. For Except as provided in subd. 2m., for purposes of
7determining a claimant's eligible qualified production activities income under this
8subsection, the claimant shall multiply the claimant's qualified production activities
9income from property manufactured by the claimant by the manufacturing property
10factor and qualified production activities income from property produced, grown, or
11extracted by the claimant by the agriculture property factor. This subdivision does
12not apply if the claimant's entire qualified production activities income results from
13the sale of tangible personal property that was manufactured, produced, grown, or
14extracted wholly in this state by the claimant.
SB70-AA1,1212 15Section 1212. 71.07 (5n) (d) 2m. of the statutes is created to read:
SB70-AA1,554,2316 71.07 (5n) (d) 2m. For taxable years beginning after December 31, 2022, for
17purposes of determining a claimant's eligible qualified production activities income
18from manufacturing under this subsection, the claimant shall multiply the
19claimant's qualified production activities income, not exceeding $300,000, from
20property manufactured by the claimant by the manufacturing property factor. This
21subdivision does not apply if the claimant's entire qualified production activities
22income results from the sale of tangible personal property that was manufactured,
23produced, grown, or extracted wholly in this state by the claimant.
SB70-AA1,1213 24Section 1213. 71.28 (5n) (d) 2. of the statutes is amended to read:
SB70-AA1,555,9
171.28 (5n) (d) 2. Except as provided in subd. subds. 2m. and 3., for purposes of
2determining a claimant's eligible qualified production activities income under this
3subsection, the claimant shall multiply the claimant's qualified production activities
4income from property manufactured by the claimant by the manufacturing property
5factor and qualified production activities income from property produced, grown, or
6extracted by the claimant by the agriculture property factor. This subdivision does
7not apply if the claimant's entire qualified production activities income results from
8the sale of tangible personal property that was manufactured, produced, grown, or
9extracted wholly in this state by the claimant.
SB70-AA1,1214 10Section 1214. 71.28 (5n) (d) 2m. of the statutes is created to read:
SB70-AA1,555,1911 71.28 (5n) (d) 2m. Except as provided in subd. 3., for taxable years beginning
12after December 31, 2022, for purposes of determining a claimant's eligible qualified
13production activities income from manufacturing under this subsection, the
14claimant shall multiply the claimant's qualified production activities income, not
15exceeding $300,000, from property manufactured by the claimant by the
16manufacturing property factor. This subdivision does not apply if the claimant's
17entire qualified production activities income results from the sale of tangible
18personal property that was manufactured, produced, grown, or extracted wholly in
19this state by the claimant.
SB70-AA1,1215 20Section 1215. 71.28 (5n) (d) 3. a. of the statutes is amended to read:
SB70-AA1,555,2221 71.28 (5n) (d) 3. a. The eligible qualified production activities income
22determined under subd. 2. or 2m.”.
SB70-AA1,555,23 23203. Page 374, line 11: after that line insert:
SB70-AA1,555,24 24 Section 1216. 71.07 (4k) (e) 2. a. of the statutes is amended to read:
SB70-AA1,556,11
171.07 (4k) (e) 2. a. For taxable years beginning before January 1, 2021, the
2amount of the claim not used to offset the tax due, not to exceed 10 percent of the
3allowable amount of the claim under par. (b) 4., 5., or 6., shall be certified by the
4department of revenue to the department of administration for payment by check,
5share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
6(d). For subsequent taxable years beginning after December 31, 2020 and before
7January 1, 2024
, the amount of the claim not used to offset the tax due, up to 15
8percent of the allowable amount of the claim under par. (b) 4., 5., or 6., shall be
9certified by the department of revenue to the department of administration for
10payment by check, share draft, or other draft drawn from the appropriation account
11under s. 20.835 (2) (d).
SB70-AA1,1217 12Section 1217. 71.07 (4k) (e) 2. ad. of the statutes is created to read:
SB70-AA1,556,1813 71.07 (4k) (e) 2. ad. For taxable years beginning after December 31, 2023, the
14amount of the claim not used to offset the tax due, not to exceed 50 percent of the
15allowable amount of the claim under par. (b) 4., 5., or 6., shall be certified by the
16department of revenue to the department of administration for payment by check,
17share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
18(d).
SB70-AA1,1218 19Section 1218. 71.07 (4k) (e) 2. b. of the statutes is amended to read:
SB70-AA1,556,2520 71.07 (4k) (e) 2. b. The amount of the claim not used to offset the tax due and
21not certified for payment under subd. 2. a. or 2. ad. may be carried forward and
22credited against Wisconsin income taxes otherwise due for the following 15 taxable
23years to the extent not offset by these taxes otherwise due in all intervening years
24between the year in which the expense was incurred and the year in which the
25carry-forward credit is claimed.
SB70-AA1,1219
1Section 1219. 71.28 (4) (k) 1. b. of the statutes is amended to read:
SB70-AA1,557,72 71.28 (4) (k) 1. b. For taxable years beginning after December 31, 2020 and
3before January 1, 2024
, the amount of the claim not used to offset the tax due, up to
415 percent of the allowable amount of the claim under par. (ad) 4., 5., or 6., shall be
5certified by the department of revenue to the department of administration for
6payment by check, share draft, or other draft drawn from the appropriation account
7under s. 20.835 (2) (d).
SB70-AA1,1220 8Section 1220. 71.28 (4) (k) 1. c. of the statutes is created to read:
SB70-AA1,557,149 71.28 (4) (k) 1. c. For taxable years beginning after December 31, 2023, the
10amount of the claim not used to offset the tax due, not to exceed 50 percent of the
11allowable amount of the claim under par. (ad) 4., 5., or 6., shall be certified by the
12department of revenue to the department of administration for payment by check,
13share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
14(d).
SB70-AA1,1221 15Section 1221. 71.47 (4) (k) 1. b. of the statutes is amended to read:
SB70-AA1,557,2116 71.47 (4) (k) 1. b. For taxable years beginning after December 31, 2020 and
17before January 1, 2024
, the amount of the claim not used to offset the tax due, up to
1815 percent of the allowable amount of the claim under par. (ad) 4., 5., or 6., shall be
19certified by the department of revenue to the department of administration for
20payment by check, share draft, or other draft drawn from the appropriation account
21under s. 20.835 (2) (d).
SB70-AA1,1222 22Section 1222. 71.47 (4) (k) 1. c. of the statutes is created to read:
SB70-AA1,558,323 71.47 (4) (k) 1. c. For taxable years beginning after December 31, 2023, the
24amount of the claim not used to offset the tax due, not to exceed 50 percent of the
25allowable amount of the claim under par. (ad) 4., 5., or 6., shall be certified by the

1department of revenue to the department of administration for payment by check,
2share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
3(d).”.
SB70-AA1,558,4 4204. Page 374, line 11: after that line insert:
SB70-AA1,558,5 5 Section 1223. 71.05 (1) (am) of the statutes is amended to read:
SB70-AA1,558,86 71.05 (1) (am) Military retirement systems. All retirement payments received
7from the U.S. military employee retirement system, to the extent that such payments
8are not exempt under par. (a) or sub. (6) (b) 54. or 54m.
SB70-AA1,1224 9Section 1224. 71.05 (1) (an) of the statutes is amended to read:
SB70-AA1,558,1410 71.05 (1) (an) Uniformed services retirement benefits. All retirement payments
11received from the U.S. government that relate to service with the coast guard, the
12commissioned corps of the national oceanic and atmospheric administration, or the
13commissioned corps of the public health service, to the extent that such payments are
14not exempt under par. (a) or (am) or sub. (6) (b) 54. or 54m.
SB70-AA1,1225 15Section 1225. 71.05 (6) (b) 54. (intro.) of the statutes is amended to read:
SB70-AA1,558,2116 71.05 (6) (b) 54. (intro.) Except for a payment that is exempt under sub. (1) (a),
17(am), or (an), or that is exempt as a railroad retirement benefit, for taxable years
18beginning after December 31, 2020, and before January 1, 2023, up to $5,000 of
19payments or distributions received each year by an individual from a qualified
20retirement plan under the Internal Revenue Code or from an individual retirement
21account established under 26 USC 408, if all of the following conditions apply:
SB70-AA1,1226 22Section 1226. 71.05 (6) (b) 54m. of the statutes is created to read:
SB70-AA1,559,423 71.05 (6) (b) 54m. Except for a payment that is exempt under sub. (1) (a), (am),
24or (an), or that is exempt as a railroad retirement benefit, for taxable years beginning

1after December 31, 2022, up to $5,500 of payments or distributions received each
2year by an individual from a qualified retirement plan under the Internal Revenue
3Code or from an individual retirement account established under 26 USC 408, if all
4of the following conditions apply:
SB70-AA1,559,65 a. The individual is at least 65 years of age before the close of the taxable year
6to which the exemption claim relates.
SB70-AA1,559,97 b. If the individual is single or files as head of household, his or her federal
8adjusted gross income in the year to which the exemption claim relates is less than
9$30,000.
SB70-AA1,559,1110 c. If the individual is married and is a joint filer, the couple's federal adjusted
11gross income in the year to which the exemption claim relates is less than $60,000.
SB70-AA1,559,1412 d. If the individual is married and files a separate return, the sum of both
13spouses' federal adjusted gross income in the year to which the exemption claim
14relates is less than $60,000.
SB70-AA1,1227 15Section 1227. 71.83 (1) (a) 6. of the statutes is amended to read:
SB70-AA1,559,2116 71.83 (1) (a) 6. `Retirement plans.' Any natural person who is liable for a
17penalty for federal income tax purposes under section 72 (m) (5), (q), (t), and (v), 4973,
184974, 4975, or 4980A of the Internal Revenue Code is liable for 33 percent of the
19federal penalty unless the income received is exempt from taxation under s. 71.05
20(1) (a) or (6) (b) 54. or 54m. The penalties provided under this subdivision shall be
21assessed, levied, and collected in the same manner as income or franchise taxes.”.
SB70-AA1,559,22 22205. Page 374, line 11: after that line insert:
SB70-AA1,559,24 23 Section 1228. 71.07 (9g) (b) of the statutes is renumbered 71.07 (9g) (b) 1. and
24amended to read:
SB70-AA1,560,6
171.07 (9g) (b) 1. For taxable years beginning after December 31, 2021, and
2before January 1, 2023,
and subject to the limitations provided in this subsection, a
3claimant may claim as a credit against the tax imposed under s. 71.02, up to the
4amount of those taxes, an amount equal to 50 percent of the federal child and
5dependent care tax credit claimed by the claimant on his or her federal income tax
6return for the taxable year to which the claim under this subsection relates.
SB70-AA1,1229 7Section 1229. 71.07 (9g) (b) 2. of the statutes is created to read:
SB70-AA1,560,138 71.07 (9g) (b) 2. For taxable years beginning after December 31, 2022, and
9subject to the limitations provided in this subsection, a claimant may claim as a
10credit against the tax imposed under s. 71.02, up to the amount of those taxes, an
11amount equal to the federal child and dependent care tax credit claimed by the
12claimant on his or her federal income tax return for the taxable year to which the
13claim under this subsection relates.”.
SB70-AA1,560,14 14206. Page 374, line 11: after that line insert:
SB70-AA1,560,15 15 Section 1230. 71.98 (10) of the statutes is created to read:
SB70-AA1,560,1816 71.98 (10) Federal Tax Cuts and Jobs Act. For taxable years beginning after
17December 31, 2022, sections 11012, 13221, 13301, 13304 (a), (b), and (d), 13531, and
1813601 of P.L. 115-97.”.
SB70-AA1,560,19 19207. Page 374, line 11: after that line insert:
SB70-AA1,560,20 20 Section 1231. 71.05 (6) (b) 49. a. of the statutes is amended to read:
SB70-AA1,561,221 71.05 (6) (b) 49. a. Subject to the definitions provided in subd. 49. b. to g. and
22the limitations specified in subd. 49. h. to j. for taxable years beginning after
23December 31, 2013, and subject to the limitation in subd. 49. k. for taxable years
24beginning after December 31, 2017, and subject to the limitation in subd. 49. m. for

1taxable years beginning after December 31, 2022,
tuition expenses that are paid by
2a claimant for tuition for a pupil to attend an eligible institution.
SB70-AA1,1232 3Section 1232. 71.05 (6) (b) 49. m. of the statutes is created to read:
SB70-AA1,561,84 71.05 (6) (b) 49. m. For taxable years beginning after December 31, 2022, no
5modification may be made under this subdivision unless the adjusted gross income
6of the claimant is less than $100,000 if the claimant is filing as single or head of
7household, $150,000 if the claimant is married and filing jointly, or $75,000 if the
8claimant is married and filing separately.”.
SB70-AA1,561,9 9208. Page 374, line 11: after that line insert:
SB70-AA1,561,10 10 Section 1233. 71.05 (6) (a) 30. of the statutes is created to read:
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.
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