LRB-5252/1
JK:kjf
2019 - 2020 LEGISLATURE
February 20, 2020 - Introduced by Senators Erpenbach, Shilling, Feyen,
Wirch,
Smith, Ringhand and Johnson, cosponsored by Representatives Hesselbein,
Stubbs, Emerson, Sargent, Zamarripa, Pope, Milroy, Spreitzer, Sinicki,
Anderson, Billings, Vruwink, Considine, Brostoff and Kolste. Referred to
Committee on Universities, Technical Colleges, Children and Families.
SB840,1,3
1An Act to create 71.98 (10) of the statutes;
relating to: distributions from a
2federal college savings plan to pay principal and interest on qualified education
3loans and for materials and equipment used in an apprenticeship program.
Analysis by the Legislative Reference Bureau
This bill adopts, for state income tax purposes, changes to the federal Internal
Revenue Code that allow a person to exclude from the person's gross income
distributions from a college savings plan to pay principal and interest on qualified
education loans or to pay for materials and equipment used to participate in an
apprenticeship program registered with and certified by the federal secretary of
labor.
Because this bill relates to an exemption from state or local taxes, it may be
referred to the Joint Survey Committee on Tax Exemptions for a report to be printed
as an appendix to the bill.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB840,1
4Section
1. 71.98 (10) of the statutes is created to read:
SB840,2,3
171.98
(10) Principal and interest on qualified education loans. For taxable
2years beginning after December 31, 2018, sections
221 (e) (1) and
529 (c) (8) and (9)
3of the Internal Revenue Code, as amended by section 302 (a) and (b) of P.L.
116-94.
