* Section 991.11, Wisconsin Statutes: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor's partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.”

Date of enactment: March 21, 2024
2023 Senate Bill 616 Date of publication*: March 22, 2024

An Act to repeal 125.22 (2) (a) 1. and 565.32 (3) (a) 2. c.; to renumber and amend 71.05 (6) (b) 25.; to amend 25.69, 71.05 (1) (i), 71.05 (25m) (c), 71.26 (1) (i), 71.26 (3) (vm) 2., 71.34 (1k) (p) 2., 71.45 (2) (a) 21. b., 71.64 (6) (b), 71.775 (3) (a) 2., 125.12 (5) (a), 125.22 (2) (a) 2. and 5. and (3) (b), 229.42 (7) (b) 1m., 565.30 (3) (a) 1., 995.15 (6) and 995.15 (9) (a) and (b); to create 20.566 (1) (v), 20.566 (2) (s), 71.05 (6) (b) 25. a. and b., 71.365 (4m) (d) 1. bd., 77.54 (71) and 565.30 (3) (a) 3. of the statutes; and to affect 2023 Wisconsin Act 73, section 65 (3m); relating to: a sales tax exemption for road-building equipment; increasing the income tax withholding threshold for nonresidents; modifying the certification requirement for a qualified opportunity fund; prohibiting certain lottery games; extending the capital gains exclusion to family members who inherit certain farms organized as a partnership or limited liability company; length of service for certain local exposition district board members; common carriers involved in direct wine shipping; authorizing shared revenue and municipality sales and use tax positions; the income tax exemption for income from certain commercial loans; authorizing cigarette, tobacco, and vapor product enforcement positions; correcting a cross-reference; and making an appropriation.

25.69 Permanent endowment fund. There is established a separate nonlapsible trust fund designated as the permanent endowment fund, consisting of all of the proceeds from the sale of the state’s right to receive payments under the Attorneys General Master Tobacco Settlement Agreement of November 23, 1998, and all investment earnings on the proceeds. Any revenues or proceeds that are derived from the repurchase by the state of the tobacco settlement revenues under s. 16.527 (3) (c) 1. are also deposited into the permanent endowment fund. Beginning in the 2021-22 fiscal year, there is transferred from the permanent endowment fund to the Medical Assistance trust fund all of the moneys deposited into the permanent endowment fund in each fiscal year, except that beginning in the 2023-24 fiscal year, the amount of the transfer is reduced by the amount appropriated under s. 20.566 (1) (v) for that fiscal year.

71.05 (1) (i) Commercial loans. Income from of a tax-option corporation that is a financial institution, as defined in s. 69.30 (1) (b), including interest, fees, and penalties, derived from a commercial loan of five million dollars or less provided to a person residing or located in this state and used primarily for a business or agricultural purpose in this state.

71.05 (6) (b) 25. (intro.) All gains that are not excluded from taxation under subd. 9., on business assets or on assets used in farming, including shares in a corporation or trust that meets the standards under s. 182.001 (1), or both, held more than one year, that are sold or otherwise disposed of to persons who are related to the seller or transferor by blood, marriage or adoption within the 3rd degree of kinship as determined under s. 990.001 (16), as computed under the Internal Revenue Code, not including amounts treated as ordinary income for federal income tax purposes because of the recapture of depreciation or any other reason. For purposes of this subdivision, “assets used in farming” includes any of the following:

71.05 (25m) (c) No later than January 31 of the year following the close of the fund’s taxable year In the form and manner prescribed by the department, a fund shall annually certify to each investor and the department that it qualifies as a Wisconsin qualified opportunity fund for the fund’s taxable year. A fund shall make the annual certifications under this paragraph no later than the due date, including extensions, of the fund’s corresponding income or franchise tax return under this chapter.

71.26 (1) (i) Commercial loans. Income of a financial institution, as defined in s. 69.30 (1) (b), including interest, fees, and penalties, derived from a commercial loan of five million dollars or less provided to a person residing or located in this state and used primarily for a business or agricultural purpose in this state.

71.26 (3) (vm) 2. No later than January 31 of the year following the close of the fund’s taxable year In the form and manner prescribed by the department, a fund shall annually certify to each investor and the department that it qualifies as a Wisconsin qualified opportunity fund for the fund’s taxable year. A fund shall make the annual certifications under this subdivision no later than the due date, including extensions, of the fund’s corresponding income or franchise tax return under this chapter.

71.34 (1k) (p) 2. No later than January 31 of the year following the close of the fund’s taxable year In the form and manner prescribed by the department, a fund shall annually certify to each investor and the department of revenue that it qualifies as a Wisconsin qualified opportunity fund for the fund’s taxable year. A fund shall make the annual certifications under this subdivision no later than the due date, including extensions, of the fund’s corresponding income or franchise tax return under this chapter.