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:
AB56,608,119
71.05
(6) (b) 19. d.
Reduce
For taxable years beginning before January 1, 2020,
10reduce the amount calculated under subd. 19. b. or c. to the person's aggregate net
11earnings from a trade or business that are taxable by this state.
AB56,862
12Section
862. 71.05 (6) (b) 19. dm. of the statutes is created to read:
AB56,608,1613
71.05
(6) (b) 19. dm. For taxable years beginning after December 31, 2019,
14reduce the amount calculated under subd. 19. b. or cm. to the person's aggregate
15wages, salary, tips, unearned income, and net earnings from a trade or business that
16are taxable by this state.
AB56,863
17Section
863. 71.05 (6) (b) 20. of the statutes is repealed.
AB56,864
18Section
864. 71.05 (6) (b) 36. of the statutes is repealed.
AB56,865
19Section
865. 71.05 (6) (b) 37. of the statutes is repealed.
AB56,866
20Section
866. 71.05 (6) (b) 39. of the statutes is repealed.
AB56,867
21Section
867. 71.05 (6) (b) 40. of the statutes is repealed.
AB56,868
22Section
868. 71.05 (6) (b) 41. of the statutes is repealed.
AB56,869
23Section 869
. 71.05 (6) (b) 43. d. of the statutes is amended to read:
AB56,609,3
171.05
(6) (b) 43. d. For taxable years beginning after December 31, 2013,
and
2before January 1, 2020, up to $3,000 if the claimant has one qualified individual and
3up to $6,000 if the claimant has more than one qualified individual.
AB56,870
4Section
870. 71.05 (6) (b) 49. a. of the statutes is amended to read:
AB56,609,105
71.05
(6) (b) 49. a. Subject to the definitions provided in subd. 49. b. to g. and
6the limitations specified in subd. 49. h. to j. for taxable years beginning after
7December 31, 2013,
and before January 1, 2019, and subject to the limitation in subd.
849. k. for taxable years beginning after December 31, 2017,
and before January 1,
92019, tuition expenses that are paid by a claimant for tuition for a pupil to attend an
10eligible institution.
AB56,871
11Section
871. 71.05 (6) (b) 49. k. of the statutes is amended to read:
AB56,609,1612
71.05
(6) (b) 49. k. For taxable years beginning after December 31, 2017,
and
13before January 1, 2019, no modification may be claimed under this subdivision for
14an amount paid for tuition expenses, as described under this subdivision, if the
15source of the payment is an amount withdrawn from a college savings account, as
16described in s. 224.50.
AB56,872
17Section
872. 71.05 (6) (b) 49. L. of the statutes is created to read:
AB56,609,1918
71.05
(6) (b) 49. L. No new claim may be filed under this subdivision for a
19taxable year that begins after December 31, 2018.
AB56,873
20Section 873
. 71.05 (6) (b) 54. of the statutes is created to read:
AB56,610,221
71.05
(6) (b) 54. For each account an account holder creates under s. 71.10 (10),
22and subject to s. 71.10 (10) (d), an account holder may subtract an amount of up to
23$5,000, or an amount of up to $10,000 if the account holder files a joint income tax
24return, for each such account that the account holder deposits into such an account
25in the taxable year to which the subtraction relates, and any interest, dividends, or
1other gain that accrues in the account if the interest, dividends, or other gain is
2redeposited into the account.
AB56,874
3Section
874. 71.05 (8) (a) of the statutes is amended to read:
AB56,610,104
71.05
(8) (a)
The carry back of losses to reduce income of prior years may be
5permitted for 2 taxable years. There shall be added any amount deducted as a federal
6net operating loss
carry-back or carry-over and there shall be subtracted for the first
7taxable year for which the subtraction may be made any Wisconsin net operating loss
8carry-back or carry-forward allowable under par. (b) in an amount not in excess of
9the Wisconsin taxable income computed before the deduction of the Wisconsin net
10operating loss
carry-back or carry-forward.
AB56,875
11Section
875. 71.05 (8) (b) 1. of the statutes is renumbered 71.05 (8) (b) and
12amended to read:
AB56,611,213
71.05
(8) (b) Except as provided in s. 71.80 (25), a Wisconsin net operating loss
14may be
carried back against Wisconsin taxable income of the previous 2 years and
15then carried forward against Wisconsin taxable incomes of the next 20 taxable years,
16if the taxpayer was subject to taxation under this chapter in the taxable year in which
17the loss was incurred, to the extent not offset against other income of the year of loss
18and to the extent not offset against Wisconsin modified taxable income
of the 2 years
19preceding the loss and of any year between the loss year and the taxable year for
20which the loss carry-forward is claimed. In this paragraph, “Wisconsin modified
21taxable income" means Wisconsin taxable income with the following exceptions: a
22net operating loss deduction or offset for the loss year or any taxable year
before or 23thereafter is not allowed, the deduction for long-term capital gains under subs. (6)
24(b) 9. and 9m. and (25) is not allowed, the amount deductible for losses from sales or
25exchanges of capital assets may not exceed the amount includable in income for gains
1from sales or exchanges of capital assets and “Wisconsin modified taxable income"
2may not be less than zero.
AB56,876
3Section
876. 71.05 (8) (b) 2. of the statutes is repealed.
AB56,877
4Section
877. 71.05 (8) (c) of the statutes is repealed.
AB56,878
5Section
878. 71.07 (2dx) (a) 5. of the statutes is amended to read:
AB56,611,206
71.07
(2dx) (a) 5. “Member of a targeted group" means a person who resides
7in an area designated by the federal government as an economic revitalization area,
8a person who is employed in an unsubsidized job but meets the eligibility
9requirements under s. 49.145 (2) and (3) for a Wisconsin Works employment position,
10or a person who is
employed in a trial job, as defined in s. 49.141 (1) (n), 2011 stats.,
11or in a
trial employment match program job
subsidized employment placement, as
12defined in s. 49.141 (1)
(n) (Lm), a person who is eligible for child care assistance
13under s. 49.155, a person who is a vocational rehabilitation referral, an economically
14disadvantaged youth, an economically disadvantaged veteran, a supplemental
15security income recipient, a general assistance recipient, an economically
16disadvantaged ex-convict, a qualified summer youth employee, as defined in
26 USC
1751 (d) (7), a dislocated worker, as defined in
29 USC 2801 (9), or a food stamp
18recipient, if the person has been certified in the manner under s. 71.07 (2dj) (am) 3.,
192013 stats., by a designated local agency, as defined in s. 71.07 (2dj) (am) 2., 2013
20stats.