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Multistate Tax Alert: Wisconsin Enacts 2013-2015 Budget Bill

Changes to corporate and individual income tax, sales/use tax and administrative provisions


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Overview

On June 30, 2013, Wisconsin Governor Scott Walker signed Assembly Bill 40 (“A.B. 40”).1 The bill amends Wisconsin tax law in the following manner:

  • Updates references to the Internal Revenue Code (“I.R.C.”) and conforms to federal depreciation and amortization;
  • Repeals several income tax credits;
  • Provides that partnerships, limited liability companies and S corporations are eligible to compute and pass through research credits;
  • Modifies various individual income tax provisions, most notably a reduction of the individual
    income tax rates;
  • Eliminates the Economic Development Surcharge for individuals, estates, trusts and partnerships;
  • Provides new exemptions for taxpayers engaged in certain commercial printing activities and for printing services that result in advertising and promotional direct mail;
  • Modifies the sales/use tax exemption for research and development activities;
  • Modifies the sales/use tax treatment of taxable products provided under a lump sum contract;
  • Modifies various administrative provisions, including decreasing the interest rate for refunds, and establishing penalties for negligent and fraudulent income and franchise refund claims.

Find out more about the Wisconsin tax law changes by downloading our summary.

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1 2013 Wisconsin Act 20, enacted June 30, 2013; published on July 1, 2013 and effective July 2, 2013.

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