AB68-SSA1,1285
21Section
1285. 71.05 (6) (b) 49. a. of the statutes is amended to read:
AB68-SSA1,659,222
71.05
(6) (b) 49. a. Subject to the definitions provided in subd. 49. b. to g. and
23the limitations specified in subd. 49. h. to j. for taxable years beginning after
24December 31, 2013,
and subject to the limitation in subd. 49. k. for taxable years
25beginning after December 31, 2017,
and subject to the limitation in subd. 49. m. for
1taxable years beginning after December 31, 2020, tuition expenses that are paid by
2a claimant for tuition for a pupil to attend an eligible institution.
AB68-SSA1,1286
3Section 1286
. 71.05 (6) (b) 49. m. of the statutes is created to read:
AB68-SSA1,659,84
71.05
(6) (b) 49. m. For taxable years beginning after December 31, 2020, 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.
AB68-SSA1,1287
9Section 1287
. 71.05 (6) (b) 54. of the statutes is created to read:
AB68-SSA1,659,1410
71.05
(6) (b) 54. For taxable years beginning after December 31, 2020, the
11amount of a national service educational award disbursed under
42 USC 12604 12during the taxable year for the benefit of an individual. No modification may be
13claimed under this subdivision for an amount that is subtracted under subd. 28. or
14deducted under
26 USC 221.
AB68-SSA1,1288
15Section 1288
. 71.05 (6) (b) 55. of the statutes is created to read:
AB68-SSA1,659,2316
71.05
(6) (b) 55. For each account an account holder, as defined in s. 71.10 (10)
17(a) 1., creates under s. 71.10 (10) (b) 1. and, subject to s. 71.10 (10) (d), the amount
18deposited, limited to $5,000, by the account holder into the account during the
19taxable year and any interest, dividends, and other gains that accrue in the account
20and are redeposited into it. If the account holder is married and files a joint return,
21the $5,000 limitation shall be increased to $10,000. The subtraction under this
22subdivision does not apply to the transfer of funds from another account as described
23in s. 71.10 (10) (c) 4.
AB68-SSA1,1289
24Section
1289. 71.05 (8) (a) of the statutes is amended to read:
AB68-SSA1,660,7
171.05
(8) (a)
The carry back of losses to reduce income of prior years may be
2permitted for 2 taxable years. There shall be added any amount deducted as a federal
3net operating loss
carry-back or carry-over and there shall be subtracted for the first
4taxable year for which the subtraction may be made any Wisconsin net operating loss
5carry-back or carry-forward allowable under par. (b) in an amount not in excess of
6the Wisconsin taxable income computed before the deduction of the Wisconsin net
7operating loss
carry-back or carry-forward.
AB68-SSA1,1290
8Section
1290. 71.05 (8) (b) 1. of the statutes is renumbered 71.05 (8) (b) and
9amended to read:
AB68-SSA1,660,2410
71.05
(8) (b) Except as provided in s. 71.80 (25), a Wisconsin net operating loss
11may be
carried back against Wisconsin taxable income of the previous 2 years and
12then carried forward against Wisconsin taxable incomes of the next 20 taxable years,
13if the taxpayer was subject to taxation under this chapter in the taxable year in which
14the loss was incurred, to the extent not offset against other income of the year of loss
15and to the extent not offset against Wisconsin modified taxable income
of the 2 years
16preceding the loss and of any year between the loss year and the taxable year for
17which the loss carry-forward is claimed. In this paragraph, “Wisconsin modified
18taxable income" means Wisconsin taxable income with the following exceptions: a
19net operating loss deduction or offset for the loss year or any taxable year
before or 20thereafter is not allowed, the deduction for long-term capital gains under subs. (6)
21(b) 9. and 9m., (25), and (25m) is not allowed, the amount deductible for losses from
22sales or exchanges of capital assets may not exceed the amount includable in income
23for gains from sales or exchanges of capital assets and “Wisconsin modified taxable
24income" may not be less than zero.
AB68-SSA1,1291
25Section
1291. 71.05 (8) (b) 2. of the statutes is repealed.
AB68-SSA1,1292
1Section
1292. 71.05 (8) (c) of the statutes is repealed.
AB68-SSA1,1293
2Section 1293
. 71.05 (22) (a) (title) of the statutes is amended to read:
AB68-SSA1,661,43
71.05
(22) (a) (title)
Election of deductions; husband and wife spousal
4deductions.
AB68-SSA1,1294
5Section
1294. 71.06 (1q) (intro.) of the statutes is amended to read:
AB68-SSA1,661,116
71.06
(1q) Fiduciaries, single individuals, and heads of households; after
72012 2013 to 2021. (intro.) The tax to be assessed, levied, and collected upon the taxable
8incomes of all fiduciaries, except fiduciaries of nuclear decommissioning trust or
9reserve funds, and single individuals and heads of households shall be computed at
10the following rates for taxable years beginning after December 31, 2012
, and before
11January 1, 2022:
AB68-SSA1,1295
12Section
1295. 71.06 (1r) of the statutes is created to read:
AB68-SSA1,661,1713
71.06
(1r) Fiduciaries, single individuals, and heads of households; after
142021. The tax to be assessed, levied, and collected upon the taxable incomes of all
15fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, and
16single individuals and heads of households shall be computed at the following rates
17for taxable years beginning after December 31, 2021:
AB68-SSA1,661,1818
(a) On all taxable income from $0 to $11,970, 3.54 percent.
AB68-SSA1,661,2019
(b) On all taxable income exceeding $11,970 but not exceeding $23,930, 4.65
20percent.
AB68-SSA1,661,2221
(c) On all taxable income exceeding $23,930 but not exceeding $150,000, 5.20
22percent.
AB68-SSA1,661,2423
(d) On all taxable income exceeding $150,000 but not exceeding $263,480, 6.27
24percent.
AB68-SSA1,661,2525
(e) On all taxable income exceeding $263,480, 7.65 percent.
AB68-SSA1,1296
1Section
1296. 71.06 (2) (i) (intro.) of the statutes is amended to read:
AB68-SSA1,662,32
71.06
(2) (i) (intro.) For joint returns, for taxable years beginning after
3December 31, 2012
, and before January 1, 2022:
AB68-SSA1,1297
4Section
1297. 71.06 (2) (j) (intro.) of the statutes is amended to read:
AB68-SSA1,662,65
71.06
(2) (j) (intro.) For married persons filing separately, for taxable years
6beginning after December 31, 2012
, and before January 1, 2022: