Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB1041 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 SENATE BILL 1041
5	5	February 19, 2024 - Introduced by Senators SPREITZER and PFAFF, cosponsored by
6	6	Representatives J. ANDERSON, EMERSON, BARE, CLANCY, JACOBSON, JOERS,
7	7	MOORE OMOKUNDE, MURPHY, NEUBAUER, OHNSTAD, RATCLIFF, SHANKLAND,
8	8	SHELTON, SNODGRASS and STUBBS. Referred to Committee on Universities and
9	9	Revenue.
10	10	*AUTHORS SUBJECT TO CHANGE*
11	11	AN ACT to create 71.07 (11) and 71.10 (4) (dm) of the statutes; relating to: a tax
12	12	credit for local newspaper subscriptions.
13	13	Analysis by the Legislative Reference Bureau
14	14	This bill creates a nonrefundable income tax credit for amounts paid to
15	15	subscribe to a qualifying local newspaper. A qualifying local newspaper is a
16	16	newspaper that is qualified to print legal notices under current law. The credit is
17	17	equal to 50 percent of the amount paid to subscribe to a qualifying local newspaper,
18	18	and is limited to a maximum credit of $250 per taxable year.
19	19	For further information see the state fiscal estimate, which will be printed as
20	20	an appendix to this bill.
21	21	The people of the state of Wisconsin, represented in senate and assembly, do
22	22	enact as follows:
23	23	SECTION 1. 71.07 (11) of the statutes is created to read:
24	24	71.07 (11) LOCAL NEWSPAPER SUBSCRIPTION CREDIT. (a) Definitions. In this
25	25	subsection:
26	26	1. “Claimant” means a person who files a claim under this subsection.
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34	34	SECTION 1 SENATE BILL 1041
35	35	2. “Qualifying local newspaper” means a newspaper that is qualified to print
36	36	a legal notice under ch. 985.
37	37	(b) Filing claims. For taxable years beginning after December 31, 2023, and
38	38	subject to the limitations provided in this subsection, a claimant may claim as a
39	39	credit against the tax imposed under s. 71.02, up to the amount of those taxes, an
40	40	amount equal to 50 percent of the amount paid by the claimant during the taxable
41	41	year for a subscription to a qualifying local newspaper.
42	42	(c) Limitations. 1. The maximum amount of the credit that a claimant may
43	43	claim under this subsection in a taxable year is $250, except that the maximum
44	44	amount that a claimant who is married and files a separate return may claim under
45	45	this subsection in a taxable year is $125.
46	46	2. No credit may be allowed under this subsection unless it is claimed within
47	47	the period specified in s. 71.75 (2).
48	48	(d) Administration. Subsection (9e) (d), to the extent that it applies to the credit
49	49	under that subsection, applies to the credit under this subsection.
50	50	SECTION 2. 71.10 (4) (dm) of the statutes is created to read:
51	51	71.10 (4) (dm) Local newspaper subscription credit under s. 71.07 (11).
52	52	(END)
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