August 11, 2023 - Introduced by Senator Marklein, cosponsored by Representative Katsma. Referred to Committee on Universities and Revenue.
SB389,,22An Act to renumber and amend 71.98 (5); to amend 71.01 (6) (m) 1., 71.22 (4) (m) 1., 71.22 (4m) (m) 1., 71.34 (1g) (m) 1. and 71.42 (2) (m) 1.; and to create 71.01 (6) (n), 71.01 (6) (o), 71.22 (4) (n), 71.22 (4) (o), 71.22 (4m) (n), 71.22 (4m) (o), 71.34 (1g) (n), 71.34 (1g) (o), 71.42 (2) (n), 71.42 (2) (o) and 71.98 (5) (b) of the statutes; relating to: adopting changes to the federal Internal Revenue Code for state tax purposes. SB389,,33Analysis by the Legislative Reference Bureau This bill adopts, for state income and franchise tax purposes, certain changes made to the Internal Revenue Code by the following federal acts:
1. The American Rescue Plan Act of 2021.
2. The Infrastructure Investment and Jobs Act.
3. The Consolidated Appropriations Act of 2022.
4. The Inflation Reduction Act of 2022.
5. The Consolidated Appropriations Act of 2023.
The bill also updates the reference to the federal Internal Revenue Code regarding the exclusion for gain from certain small business stock so that the exclusion allowed under state law is always in compliance with the exclusion under federal law.
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.
SB389,,44The people of the state of Wisconsin, represented in senate and assembly, do enact as follows: SB389,15Section 1. 71.01 (6) (m) 1. of the statutes is amended to read: SB389,,6671.01 (6) (m) 1. For taxable years beginning after December 31, 2020, and before January 1, 2022, for individuals and fiduciaries, except fiduciaries of nuclear decommissioning trust or reserve funds, “Internal Revenue Code” means the federal Internal Revenue Code as amended to December 31, 2020, except as provided in subds. 2. and 3. and s. 71.98 and subject to subd. 4.