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WI SB440
Income and franchise tax benefit for investment in Wisconsin opportunity zones and providing a penalty. (FE)
summary
Introduced
09/23/2019
09/23/2019
In Committee
02/14/2020
02/14/2020
Crossed Over
Passed
Dead
04/01/2020
04/01/2020
Introduced Session
2019-2020 Regular Session
Bill Summary
An Act to amend 71.01 (13) and 71.05 (8) (b) 1.; and to create 71.05 (25m), 71.26 (3) (vm), 71.34 (1k) (p), 71.45 (2) (a) 21. and 71.83 (1) (e) of the statutes; Relating to: income and franchise tax benefit for investment in Wisconsin opportunity zones and providing a penalty. (FE)
AI Summary
This bill provides income and franchise tax benefits for investment in Wisconsin opportunity zones. It allows individuals to subtract from their federal adjusted gross income the amount of capital gains excluded from federal gross income due to investment in a Wisconsin qualified opportunity fund for at least 5 or 7 years. It also modifies federal law to double the basis increase for such investments held for at least 5 or 7 years. Additionally, the bill imposes a penalty on Wisconsin qualified opportunity funds that are liable for a federal penalty under the Internal Revenue Code. The key terms are "Wisconsin qualified opportunity fund" and "Wisconsin qualified opportunity zone," which refer to specific investment vehicles and geographic areas designated under federal law.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (40)
Janet Bewley (D)*,
Alberta Darling (R)*,
Dan Feyen (R)*,
Dave Hansen (D)*,
Mark Miller (D)*,
Jerry Petrowski (R)*,
Janis Ringhand (D)*,
Lena Taylor (D)*,
Patrick Testin (R)*,
Scott Allen (R),
Jill Billings (D),
David Bowen (D),
James Edming (R),
Jason Fields (D),
Debra Kolste (D),
Scott Krug (R),
Robert Kulp (R),
Nick Milroy (D),
Jeff Mursau (R),
Adam Neylon (R),
Todd Novak (R),
John Nygren (R),
Tod Ohnstad (D),
Loren Oldenburg (R),
Sondy Pope (D),
Romaine Quinn (R),
Mike Rohrkaste (R),
Ken Skowronski (R),
John Spiros (R),
Mark Spreitzer (D),
Lisa Subeck (D),
Rob Summerfield (R),
Gary Tauchen (R),
Chris Taylor (D),
Jeremy Thiesfeldt (R),
Travis Tranel (R),
Ron Tusler (R),
Nancy VanderMeer (R),
Robyn Vining (D),
Don Vruwink (D),
Last Action
Failed to pass pursuant to Senate Joint Resolution 1 (on 04/01/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://docs.legis.wisconsin.gov/2019/proposals/reg/sen/bill/sb440 |
| BillText | http://docs.legis.wisconsin.gov/document/proposaltext/2019/REG/SB440.pdf |
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