AB56,846
1Section
846. 71.04 (7) (dj) 1. c. of the statutes is renumbered 71.04 (7) (dj) 3m.
AB56,847
2Section
847. 71.04 (7) (dj) 2. of the statutes is repealed.
AB56,848
3Section
848. 71.04 (7) (g) of the statutes is repealed.
AB56,849
4Section
849. 71.05 (1) (c) 14. of the statutes is created to read:
AB56,605,85
71.05
(1) (c) 14. The Wisconsin Health and Educational Facilities Authority
6under s. 231.03 (6), if the bonds or notes are issued in an amount totaling $35,000,000
7or less, and to the extent that the interest income received is not otherwise exempt
8under this subsection.
AB56,850
9Section
850. 71.05 (6) (a) 15. of the statutes is amended to read:
AB56,605,1610
71.05
(6) (a) 15. Except as provided under s. 71.07 (3p) (c) 5., the amount of the
11credits computed under s. 71.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r),
12(3rm), (3rn), (3s), (3t), (3w), (3wm), (3y), (4k), (4n), (5e), (5f), (5h), (5i), (5j), (5k), (5r),
13(5rm), (6n),
(8b), (8r), and (10) and not passed through by a partnership, limited
14liability company, or tax-option corporation that has added that amount to the
15partnership's, company's, or tax-option corporation's income under s. 71.21 (4) or
1671.34 (1k) (g).
AB56,851
17Section 851
. 71.05 (6) (a) 29. of the statutes is created to read:
AB56,605,1918
71.05
(6) (a) 29. For an account holder or an account holder's estate, with regard
19to an account described under s. 71.10 (10):
AB56,605,2120
a. Any amount that is distributed to an account holder under s. 71.10 (10) (d)
213. or to an account holder's estate under s. 71.10 (10) (d) 4.
AB56,606,222
b. Any amount that is withdrawn from the account for any reason other than
23payment or reimbursement of eligible costs as defined under s. 71.10 (10) (a) 3.,
24except that this subd. 29. b. does not apply to the transfer of funds to another account
1as described under s. 71.10 (10) (c) 4. or funds that are disbursed pursuant to a filing
2for bankruptcy protection under
11 USC 101 et seq.
AB56,852
3Section
852. 71.05 (6) (a) 30. of the statutes is created to read:
AB56,606,84
71.05
(6) (a) 30. The amount deducted under the Internal Revenue Code as
5moving expenses, as defined in s. 71.01 (8j), paid or incurred during the taxable year
6to move the taxpayer's Wisconsin business operation, in whole or in part, to a location
7outside the state or to move the taxpayer's business operation outside the United
8States.
AB56,853
9Section
853. 71.05 (6) (b) 9. of the statutes is renumbered 71.05 (6) (b) 9.
10(intro.) and amended to read:
AB56,607,211
71.05
(6) (b) 9. (intro.) On assets held more than one year and on all assets
12acquired from a decedent, 30 percent of the capital gain as computed under the
13internal revenue code Internal Revenue Code, not including capital gains for which
14the federal tax treatment is determined under section 406 of P.L.
99-514; not
15including amounts treated as ordinary income for federal income tax purposes
16because of the recapture of depreciation or any other reason; and not including
17amounts treated as capital gain for federal income tax purposes from the sale or
18exchange of a lottery prize. For purposes of this subdivision, the capital gains and
19capital losses for all assets shall be netted before application of the percentage.
For
20taxable years beginning after December 31, 2018, this subdivision does not apply to
21any of the following individuals whose federal adjusted gross income in the year to
22which the subtraction relates exceeds the following threshold amounts, except that
23for a taxpayer whose federal adjusted gross income, less 30 percent of eligible
24long-term capital gains from nonfarm assets, is below the specified threshold
25amount, the taxpayer may claim the subtraction under this subdivision reduced by
1the amount of the taxpayer's federal adjusted gross income that exceeds the
2threshold amount:
AB56,854
3Section
854. 71.05 (6) (b) 9. a. of the statutes is created to read:
AB56,607,54
71.05
(6) (b) 9. a. For an estate, a trust, a single individual, or an individual who
5files as a head of household, $100,000.
AB56,855
6Section
855. 71.05 (6) (b) 9. b. of the statutes is created to read:
AB56,607,77
71.05
(6) (b) 9. b. For a married couple who files a joint return, $150,000.
AB56,856
8Section
856. 71.05 (6) (b) 9. c. of the statutes is created to read:
AB56,607,99
71.05
(6) (b) 9. c. For a married individual who files a separate return, $75,000.
AB56,857
10Section
857. 71.05 (6) (b) 17. of the statutes is repealed.
AB56,858
11Section
858. 71.05 (6) (b) 18. of the statutes is repealed.
AB56,859
12Section
859. 71.05 (6) (b) 19. c. of the statutes is amended to read:
AB56,607,1813
71.05
(6) (b) 19. c. For
taxable years beginning before January 1, 2020, for a
14person who is a nonresident or a part-year resident of this state, modify the amount
15calculated under subd. 19. b. by multiplying the amount by a fraction the numerator
16of which is the person's net earnings from a trade or business that are taxable by this
17state and the denominator of which is the person's total net earnings from a trade
18or business.
AB56,860
19Section
860. 71.05 (6) (b) 19. cm. of the statutes is created to read:
AB56,608,720
71.05
(6) (b) 19. cm. For taxable years beginning after December 31, 2019, for
21a person who is a nonresident or a part-year resident of this state, modify the amount
22calculated under subd. 19. b. by multiplying the amount by a fraction the numerator
23of which is the person's wages, salary, tips, unearned income, and net earnings from
24a trade or business that are taxable by this state and the denominator of which is the
25person's total wages, salary, tips, unearned income, and net earnings from a trade
1or business. In this subdivision, for married persons filing separately “wages, salary,
2tips, unearned income, and net earnings from a trade or business" means the
3separate wages, salary, tips, unearned income, and net earnings from a trade or
4business of each spouse, and for married persons filing jointly “wages, salary, tips,
5unearned income, and net earnings from a trade or business" means the total wages,
6salary, tips, unearned income, and net earnings from a trade or business of both
7spouses.
AB56,861
8Section
861. 71.05 (6) (b) 19. d. of the statutes is amended to read: