Wisconsin Legislature: AB844: Bill Text

LRB-3545/1

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2013 - 2014 LEGISLATURE

2013 Assembly BILL 844

March 6, 2014 - Introduced by Representatives Mason, Barnes, Berceau,
Hesselbein, Ohnstad, Pasch, Pope, Sargent, Shankland, C. Taylor, Wright,
Young, Zamarripa and Wachs, cosponsored by Senators Risser, Hansen,
Lehman, Miller and Wirch. Referred to Committee on Financial Institutions.

AB844,1,3 1An Act to create 71.255 (2) (d) 6. of the statutes; relating to: the combined
2reporting of income from businesses incorporated in foreign jurisdictions
3considered tax havens and granting rule-making authority.

Analysis by the Legislative Reference Bureau

Under this bill, for income and franchise tax purposes, the combined report of
a unitary business of which a foreign operating corporation is a member must include
the income or loss of any corporation that is a member of the unitary business
incorporated in a foreign jurisdiction that is considered a tax haven.

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:

AB844,1 4Section 1. 71.255 (2) (d) 6. of the statutes is created to read:

AB844,2,145 71.255 (2) (d) 6. For taxable years beginning after December 31, 2013, the
6income or loss of any corporation that is a member of the unitary business that is
7incorporated in any of the following jurisdictions, not including any income from

1sources outside the United States under sections 861 to 865 of the Internal Revenue
2Code: Andorra, Anguilla, Antigua and Barbuda, Aruba, the Bahamas, Bahrain,
3Barbados, Belize, Bermuda, the British Virgin Islands, the Cayman Islands, the
4Cook Islands, Costa Rica, Cyprus, Dominica, Gibraltar, Grenada,
5Guernsey-Sark-Alderney, Hong Kong, Ireland, the Isle of Man, Jersey, Jordan,
6Lebanon, Liberia, Liechtenstein, Luxembourg, Macau, Malta, the Marshall Islands,
7Mauritius, Monaco, Montserrat, Nauru, the Netherlands Antilles, Niue, Panama,
8Samoa, San Marino, Seychelles, Singapore, St. Kitts and Nevis, St. Lucia, St.
9Vincent and the Grenadines, Switzerland, Tonga, the Turks and Caicos Islands, the
10U.S. Virgin Islands, and Vanuatu. The department shall promulgate rules to
11determine the computation of income or loss under this subdivision for a corporation
12that is a member of a unitary business that is not required to file a federal
13consolidated return and to prevent double taxation or double deduction of any
14amount included in the computation of income under this subdivision.

AB844,2,1515 (End)