Wisconsin 2023-2024 Regular Session

Wisconsin Assembly Bill AB1140 Compare Versions

Only one version of the bill is available at this time.

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3	3	2023 - 2024 LEGISLATURE
4	4	2023 ASSEMBLY BILL 1140
5	5	March 6, 2024 - Introduced by Representatives J. ANDERSON, EMERSON, BARE,
6	6	CLANCY, JACOBSON, JOERS, MOORE OMOKUNDE, MURPHY, NEUBAUER, OHNSTAD,
7	7	RATCLIFF, SHANKLAND, SHELTON, SNODGRASS and STUBBS, cosponsored by
8	8	Senators SPREITZER and PFAFF. Referred to Committee on Ways and Means.
9	9	*AUTHORS SUBJECT TO CHANGE*
10	10	AN ACT to create 71.07 (11) and 71.10 (4) (dm) of the statutes; relating to: a tax
11	11	credit for local newspaper subscriptions.
12	12	Analysis by the Legislative Reference Bureau
13	13	This bill creates a nonrefundable income tax credit for amounts paid to
14	14	subscribe to a qualifying local newspaper. A qualifying local newspaper is a
15	15	newspaper that is qualified to print legal notices under current law. The credit is
16	16	equal to 50 percent of the amount paid to subscribe to a qualifying local newspaper,
17	17	and is limited to a maximum credit of $250 per taxable year.
18	18	For further information see the state fiscal estimate, which will be printed as
19	19	an appendix to this bill.
20	20	The people of the state of Wisconsin, represented in senate and assembly, do
21	21	enact as follows:
22	22	SECTION 1. 71.07 (11) of the statutes is created to read:
23	23	71.07 (11) LOCAL NEWSPAPER SUBSCRIPTION CREDIT. (a) Definitions. In this
24	24	subsection:
25	25	1. “Claimant” means a person who files a claim under this subsection.
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31	31	6 - 2 -2023 - 2024 Legislature LRB-4790/1
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33	33	SECTION 1 ASSEMBLY BILL 1140
34	34	2. “Qualifying local newspaper” means a newspaper that is qualified to print
35	35	a legal notice under ch. 985.
36	36	(b) Filing claims. For taxable years beginning after December 31, 2023, and
37	37	subject to the limitations provided in this subsection, a claimant may claim as a
38	38	credit against the tax imposed under s. 71.02, up to the amount of those taxes, an
39	39	amount equal to 50 percent of the amount paid by the claimant during the taxable
40	40	year for a subscription to a qualifying local newspaper.
41	41	(c) Limitations. 1. The maximum amount of the credit that a claimant may
42	42	claim under this subsection in a taxable year is $250, except that the maximum
43	43	amount that a claimant who is married and files a separate return may claim under
44	44	this subsection in a taxable year is $125.
45	45	2. No credit may be allowed under this subsection unless it is claimed within
46	46	the period specified in s. 71.75 (2).
47	47	(d) Administration. Subsection (9e) (d), to the extent that it applies to the credit
48	48	under that subsection, applies to the credit under this subsection.
49	49	SECTION 2. 71.10 (4) (dm) of the statutes is created to read:
50	50	71.10 (4) (dm) Local newspaper subscription credit under s. 71.07 (11).
51	51	(END)
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