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-AA1,559,24
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-AA1,560,15
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-AA1,560,20
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-AA1,561,10
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.