LRB-1394/3
JK:bjk:md
2009 - 2010 LEGISLATURE
April 22, 2010 - Introduced by Senator Grothman, cosponsored by Representatives
Kestell and Strachota. Referred to Committee on Health, Health Insurance,
Privacy, Property Tax Relief, and Revenue.
SB705,1,3
1An Act to create 71.26 (1) (an), 71.26 (1) (ap) and 71.26 (1) (ar) of the statutes;
2relating to: an income and franchise tax exemption for income derived from
3manufacturing, farming, and research.
Analysis by the Legislative Reference Bureau
This bill exempts income derived from manufacturing, farming, and research
from the income and franchise tax.
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.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB705, s. 1
4Section
1. 71.26 (1) (an) of the statutes is created to read:
SB705,1,65
71.26
(1) (an)
Manufacturers. Income derived from an activity classified as
6manufacturing under s. 70.995.
SB705, s. 2
7Section
2. 71.26 (1) (ap) of the statutes is created to read:
SB705,2,3
171.26
(1) (ap)
Farmers. Income derived from farming, as defined in section
464 2(e) (1) of the Internal Revenue Code, if it is the income of a person who is actively
3engaged in farming, as defined in
7 CFR 1400.201.
SB705, s. 3
4Section
3. 71.26 (1) (ar) of the statutes is created to read:
SB705,2,65
71.26
(1) (ar)
Corporations engaged in qualified research. Income derived from
6qualified research, as defined in section
41 (d) of the Internal Revenue Code.
SB705,2,88
(1) This act first applies to taxable years beginning on January 1, 2012.
