AB68-SSA1,1347 5Section 1347 . 71.09 (13) (a) 2. of the statutes is amended to read:
AB68-SSA1,687,136 71.09 (13) (a) 2. The tax shown on the return for the preceding year. If a
7husband and wife
spouses who filed separate returns for the preceding taxable year
8file a joint return, the tax shown on the return for the preceding year is the sum of
9the taxes shown on the separate returns of the husband and wife spouses. If a
10husband and wife
spouses who filed a joint return for the preceding taxable year file
11separate returns, the tax shown on the return for the preceding year is the husband's
12or wife's
each spouse's proportion of that tax based on what their respective tax
13liabilities for that year would have been had they filed separately.
AB68-SSA1,1348 14Section 1348 . 71.10 (4) (cs) of the statutes is created to read:
AB68-SSA1,687,1515 71.10 (4) (cs) Additional child and dependent care tax credit under s. 71.07 (9g).
AB68-SSA1,1349 16Section 1349 . 71.10 (4) (ct) of the statutes is created to read:
AB68-SSA1,687,1717 71.10 (4) (ct) Work opportunity tax credit under s. 71.07 (4t).
AB68-SSA1,1350 18Section 1350 . 71.10 (4) (ha) of the statutes is created to read:
AB68-SSA1,687,1919 71.10 (4) (ha) Flood insurance premiums credit under s. 71.07 (8m).
AB68-SSA1,1351 20Section 1351 . 71.10 (4) (hd) of the statutes is created to read:
AB68-SSA1,687,2121 71.10 (4) (hd) Family caregiver tax credit under s. 71.07 (8p).
AB68-SSA1,1352 22Section 1352 . 71.10 (4) (k) of the statutes is created to read:
AB68-SSA1,687,2323 71.10 (4) (k) Any amount computed under s. 71.83 (1) (ch).
AB68-SSA1,1353 24Section 1353 . 71.10 (10) of the statutes is created to read:
AB68-SSA1,688,2
171.10 (10) First-time homebuyer savings accounts. (a) Definitions. In this
2subsection:
AB68-SSA1,688,43 1. “Account holder” means an individual who creates, individually or jointly
4with his or her spouse, an account under par. (b) 1.
AB68-SSA1,688,65 2. “Allowable closing costs” means disbursements listed in a settlement
6statement for the purchase of a single-family residence by a beneficiary.
AB68-SSA1,688,87 3. “Beneficiary" means a first-time homebuyer who is designated by an account
8holder as the beneficiary of an account created under par. (b) 1.
AB68-SSA1,688,109 4. “Eligible costs” means the down payment and allowable closing costs for the
10purchase of a single-family residence in this state by a beneficiary.
AB68-SSA1,688,1511 5. “Financial institution" means a bank, trust company, savings institution,
12savings bank, savings and loan association, industrial loan association, consumer
13finance company, credit union, or a benefit association, insurance company, safe
14deposit company, money market mutual fund, or similar entity authorized to do
15business in this state.
AB68-SSA1,688,1916 6. “First-time homebuyer” means an individual who resides in this state and
17did not have, either individually or jointly, a present ownership interest in a
18single-family residence during the 36 months before the month in which the
19individual purchases a single-family residence in this state.
AB68-SSA1,688,2220 7. “Single-family residence” means a residence intended for occupation by a
21single family unit that is purchased by a beneficiary for use as his or her principal
22residence.
AB68-SSA1,689,623 (b) Creation of account. 1. An individual may create an account and become
24the account holder by opening an account at a financial institution for the purpose
25of paying or reimbursing the eligible costs of a first-time homebuyer. The account

1holder shall designate a beneficiary when the account is created and may designate
2himself or herself as the beneficiary. An account may have only one beneficiary at
3any one time. An individual may be the beneficiary of more than one account, and
4an individual may be the account holder of more than one account, but an account
5holder may not have more than one account that designates the same beneficiary.
6The account holder may change the beneficiary at any time.
AB68-SSA1,689,87 2. An individual may jointly own an account created under subd. 1 with his or
8her spouse.
AB68-SSA1,689,109 3. Only cash and marketable securities may be contributed to an account
10created under subd. 1.
AB68-SSA1,689,1311 4. Persons other than an account holder may contribute to an account created
12under subd. 1, but the subtraction under s. 71.05 (6) (b) 55. may be made only by the
13account holder.
AB68-SSA1,689,1714 (c) Account holder rights and responsibilities. 1. An account holder may
15withdraw funds from an account created under par. (b) 1. to pay eligible costs for the
16benefit of the beneficiary or to reimburse the beneficiary for eligible costs the
17beneficiary incurs and has paid.
AB68-SSA1,689,2018 2. An account holder may not use funds in an account created under par. (b) 1.
19to pay any expenses he or she incurs in administering the account, although a
20financial institution may deduct a service fee from the account.
AB68-SSA1,689,2421 3. Annually, an account holder shall submit to the department with his or her
22income tax return, on forms prepared by the department, information regarding the
23account created under par. (b) 1. The information submitted shall include all of the
24following:
AB68-SSA1,690,2
1a. A list of transactions in the account during the taxable year to which the
2return relates, including the beginning and ending balances of the account.