AB808,2,42 71.01 (13) "Wisconsin adjusted gross income" means federal adjusted gross
3income, with the modifications prescribed in s. 71.05 (6) to (12), (19) and, (20), and
4(24).

AB808,2,96 71.01 (14) "Wisconsin net operating loss" of persons other than corporations
7means "federal net operating loss" adjusted as prescribed in s. 71.05 (6) (a) and (b),
8(7) to (12) and, (19) to , (21), and (24), except s. 71.05 (6) (b) 9., except that no
9deductions allowable on schedule A for federal income tax purposes are allowable.

AB808,2,1211 71.05 (24) Income tax deferral; long-term capital assets. (a) In this
12subsection:

AB808,2,1413 1. "Claimant" means an individual who claims a subtraction from federal
14adjusted gross income under this subsection.

AB808,2,1515 2. "Financial institution" has the meaning given in s. 69.30 (1) (b).

AB808,2,1716 3. "Long-term capital gain" means the gain realized from the sale of any asset
17held more than one year, other than gain realized from any of the following:

AB808,3,2

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1a. The sale of an asset that was obtained in a tax-free exchange of capital
2assets.

AB808,3,33 b. The sale of property purchased as the result of an involuntary conversion.

AB808,3,54 4. "Primary residence" means the principal residential dwelling that is owned
5and occupied by a claimant.

AB808,3,86 (b) Subject to par. (e), a claimant may subtract from federal adjusted gross
7income any amount of a long-term capital gain if the claimant does all of the
8following:

AB808,3,109 1. Immediately deposits the gain into a segregated account in a financial
10institution.

AB808,3,1311 2. Within 90 days after the sale of the asset that generated the gain, purchases
12a primary residence in this state of equal or greater value using all of the proceeds
13in the account described under subd. 1.

AB808,3,1814 3. After purchasing a primary residence as described under subd. 2.,
15immediately notifies the department, on a form prepared by the department, that the
16claimant will not declare on the claimant's income tax return the gain described
17under subd. 1. because the claimant has reinvested the capital gain as described
18under subd. 2.

AB808,3,2119 (c) The basis of the purchased primary residence described in par. (b) 2. shall
20be calculated by subtracting the gain described in par. (b) 1. from the cost of the
21purchased primary residence described in par. (b) 2.

AB808,3,2422 (d) If a claimant defers the payment of income taxes on a capital gain under this
23subsection, the claimant may not use the gain described under par. (b) 1. to net
24capital gains and losses, as described under sub. (10) (c).

AB808,4,3

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1(e) 1. For taxable years beginning after December 31, 2007, and before January
21, 2009, the amount calculated under par. (b) that may be subtracted from federal
3adjusted gross income shall be multiplied by 4 percent.

AB808,4,64 2. For taxable years beginning after December 31, 2008, and before January
51, 2010, the amount calculated under par. (b) that may be subtracted from federal
6adjusted gross income shall be multiplied by 8 percent.

AB808,4,97 3. For taxable years beginning after December 31, 2009, and before January
81, 2011, the amount calculated under par. (b) that may be subtracted from federal
9adjusted gross income shall be multiplied by 12 percent.

AB808,4,1210 4. For taxable years beginning after December 31, 2010, and before January
111, 2012, the amount calculated under par. (b) that may be subtracted from federal
12adjusted gross income shall be multiplied by 16 percent.

AB808,4,1513 5. For taxable years beginning after December 31, 2011, and before January
141, 2013, the amount calculated under par. (b) that may be subtracted from federal
15adjusted gross income shall be multiplied by 20 percent.

AB808,4,1816 6. For taxable years beginning after December 31, 2012, and before January
171, 2014, the amount calculated under par. (b) that may be subtracted from federal
18adjusted gross income shall be multiplied by 24 percent.

AB808,4,2119 7. For taxable years beginning after December 31, 2013, and before January
201, 2015, the amount calculated under par. (b) that may be subtracted from federal
21adjusted gross income shall be multiplied by 28 percent.

AB808,4,2422 8. For taxable years beginning after December 31, 2014, and before January
231, 2016, the amount calculated under par. (b) that may be subtracted from federal
24adjusted gross income shall be multiplied by 32 percent.

AB808,5,3

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19. For taxable years beginning after December 31, 2015, and before January
21, 2017, the amount calculated under par. (b) that may be subtracted from federal
3adjusted gross income shall be multiplied by 36 percent.

AB808,5,64 10. For taxable years beginning after December 31, 2016, the amount
5calculated under par. (b) that may be subtracted from federal adjusted gross income
6shall be multiplied by 40 percent.