Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB752 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 752
5	5	December 8, 2023 - Introduced by Senators CABRAL-GUEVARA, HESSELBEIN, L.
6	6	JOHNSON, LARSON, NASS and SPREITZER, cosponsored by Representatives
7	7	BINSFELD, JOERS, ALLEN, BEHNKE, BRANDTJEN, CALLAHAN, CONLEY, DITTRICH,
8	8	GOEBEN, GOYKE, KITCHENS, MACCO, MAXEY, MELOTIK, MURSAU, OHNSTAD,
9	9	ORTIZ-VELEZ, PENTERMAN, RATCLIFF and RETTINGER. Referred to Committee on
10	10	Financial Institutions and Sporting Heritage.
11	11	AN ACT to amend 71.05 (6) (a) 26. a., 71.05 (6) (a) 26. b., 71.05 (6) (a) 26. c., 71.05
12	12	(6) (b) 32. a., 71.05 (6) (b) 32. ae., 71.05 (6) (b) 32. am., 71.07 (10) (a) 1., 71.07
13	13	(10) (a) 3., 71.07 (10) (b), 71.07 (10) (c) 2., 71.28 (10) (c) 2., 71.47 (10) (c) 2. and
14	14	224.50 (2) (a); and to create 71.05 (6) (b) 32. ap., 71.07 (10) (c) 3., 71.28 (10) (c)
15	15	3., 71.47 (10) (c) 3. and 71.98 (11) of the statutes; relating to: modifying the tax
16	16	treatment of college savings accounts and the employee college savings account
17	17	contribution credit.
18	18	Analysis by the Legislative Reference Bureau
19	19	This bill modifies the individual income tax treatment for contributions to and
20	20	withdrawals from college savings accounts and the employee college savings account
21	21	contribution credit.
22	22	Under current law, the College Savings Program Board, which is attached to
23	23	the Department of Financial Institutions, administers the state's college savings
24	24	programs. These programs, known as “Edvest” and “Tomorrow's Scholar,” are
25	25	qualified tuition programs authorized under federal law. Under the programs,
26	26	anyone may contribute to an account, commonly called a “529 account,” for the
27	27	benefit of a prospective student. For state income tax purposes, individuals may
28	28	deduct their contributions to accounts established under the Wisconsin qualified
29	29	tuition programs. Withdrawals from an account are tax-free if used for qualified
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38	38	SENATE BILL 752
39	39	educational expenses but subject to negative federal and state tax consequences if
40	40	used for nonqualified expenses.
41	41	The bill makes the following changes to the state individual income tax
42	42	treatment for contributions to and withdrawals from 529 accounts:
43	43	1. Increases the maximum amount that may be deducted. Under current law,
44	44	the maximum amount that a contributor may deduct is annually indexed for
45	45	inflation and, in 2022 is $3,560, which is reduced to $1,780 for a married individual
46	46	filing a separate return or, in the case of divorced parents, each former spouse. The
47	47	maximum amount in 2023 is $3,860, reduced to $1,930. The bill increases these
48	48	amounts to $5,000 and $2,500, which are indexed annually for inflation, and repeals
49	49	the limitation for divorced parents.
50	50	2. Requires the use of a first in, first out method of accounting for purposes of
51	51	provisions in current law requiring that account withdrawals be added to income for
52	52	state tax purposes and restricting carry-overs of contributions in excess of the
53	53	maximum deduction threshold if the carry-over amount was withdrawn from the
54	54	account within 365 days of being contributed.
55	55	3. Conforms the definition of “qualified higher education expense” to federal
56	56	law. In recent years, the federal definition of “qualified higher education expense”
57	57	has been expanded to include tuition expenses for elementary and secondary schools,
58	58	expenses for apprenticeship programs, and qualified education loan repayments.
59	59	The bill conforms state law to the federal definition.
60	60	Additionally, the bill modifies the tax credit that may be claimed by an employer
61	61	for contributions to an employee's 529 account. Under current law, the maximum
62	62	credit per employee is 25 percent of the amount the employer contributes to the 529
63	63	account, up to a maximum contribution that is 25 percent of the maximum amount
64	64	that an individual contributor may deduct under state law. The maximum credit is
65	65	$222.50 for 2022 and $241.25 for 2023. Under the bill, the maximum credit per
66	66	employee is 50 percent of the amount the employer contributes to the 529 account,
67	67	not exceeding a maximum credit of $800, adjusted annually for inflation. The bill
68	68	also specifies that sole proprietors may claim the credit and that the credit may only
69	69	be claimed for a contribution to an employee's 529 account if the employee's
70	70	compensation is reported, or required to be reported, on a W-2 form issued by the
71	71	employer.
72	72	Because this bill relates to an exemption from state or local taxes, it may be
73	73	referred to the Joint Survey Committee on Tax Exemptions for a report to be printed
74	74	as an appendix to the bill.
75	75	For further information see the state fiscal estimate, which will be printed as
76	76	an appendix to this bill.
77	77	The people of the state of Wisconsin, represented in senate and assembly, do
78	78	enact as follows:
79	79	SECTION 1. 71.05 (6) (a) 26. a. of the statutes is amended to read:1 - 3 -2023 - 2024 Legislature
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82	82	SECTION 1
83	83	SENATE BILL 752
84	84	71.05 (6) (a) 26. a. To the extent that the receipt of such the amounts by the
85	85	owner or beneficiary of the account results in a penalty as provided in 26 USC 529
86	86	(c) (6), any amount that was not used for qualified higher education expenses, as that
87	87	term is defined in 26 USC 529 (c) (7), (8), and (9) and (e) (3), and was contributed to
88	88	the account after December 31, 2013, except that this subd. 26. a. applies only to
89	89	amounts for which a subtraction was made under par. (b) 32. or 32m. For purposes
90	90	of this subd. 26. a., a first in, first out method of accounting shall apply to the account.
91	91	SECTION 2. 71.05 (6) (a) 26. b. of the statutes is amended to read:
92	92	71.05 (6) (a) 26. b. Any amount rolled over by an owner into another state's
93	93	qualified tuition program, as described in 26 USC 529 (c) (3) (C) (i), to the extent that
94	94	the amount was previously claimed as a deduction under par. (b) 32. or 32m. For
95	95	purposes of this subd. 26. b., a first in, first out method of accounting shall apply to
96	96	the account.
97	97	SECTION 3. 71.05 (6) (a) 26. c. of the statutes is amended to read:
98	98	71.05 (6) (a) 26. c. To the extent that an amount is not otherwise added back
99	99	under this subdivision, any amount withdrawn from a college savings the account,
100	100	as described in s. 224.50, for any purpose if the withdrawn amount was contributed
101	101	to the account within 365 days of the day on which the amount was withdrawn from
102	102	such an the account and if the withdrawn amount was previously subtracted under
103	103	par. (b) 32. For purposes of this subd. 26. c., a first in, first out method of accounting
104	104	shall apply to the account.
105	105	SECTION 4. 71.05 (6) (b) 32. a. of the statutes is amended to read:
106	106	71.05 (6) (b) 32. a. Except as otherwise provided in this subdivision, an amount
107	107	equal to not more than $3,000 $5,000 per beneficiary, by each contributor, or $1,500
108	108	$2,500 by each contributor who is married and files separately, to an account for each
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135	135	SECTION 4 SENATE BILL 752
136	136	year to which the claim relates, except that the total amount for which a deduction
137	137	may be claimed under this subdivision and under subd. 33., per beneficiary by any
138	138	claimant may not exceed $3,000 $5,000 each year, or $1,500 $2,500 each year by any
139	139	claimant who is married and files separately. In the case of a married couple, the
140	140	total deduction under this subdivision and under subd. 33., per beneficiary by the
141	141	married couple may not exceed $3,000 $5,000 each year. In the case of divorced
142	142	parents, the total deduction under this subdivision and under subd. 33., per
143	143	beneficiary by the formerly married couple, may not exceed $3,000, and the
144	144	maximum amount that may be deducted by each former spouse is $1,500, unless the
145	145	divorce judgment specifies a different division of the $3,000 maximum that may be
146	146	claimed by each former spouse. For taxable years beginning after December 31, 2013
147	147	2024, the dollar amounts in this subd. 32. a., and the dollar amounts in subd. 33. a.,
148	148	shall be increased each year by a percentage equal to the percentage change between
149	149	the U.S. consumer price index for all urban consumers, U.S. city average, for the
150	150	month of August of the previous year and the U.S. consumer price index for all urban
151	151	consumers, U.S. city average, for the month of August 2012 2023, as determined by
152	152	the federal department of labor, except that the adjustment may occur only if the
153	153	resulting amount is greater than the corresponding amount that was calculated for
154	154	the previous year. Each amount that is revised under this subd. 32. a. and under
155	155	subd. 33. a. shall be rounded to the nearest multiple of $10 if the revised amount is
156	156	not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount
157	157	shall be increased to the next higher multiple of $10. The department of revenue
158	158	shall annually adjust the changes in dollar amounts required under this subd. 32.
159	159	a. and incorporate the changes into the income tax forms and instructions. Any
160	160	amount that is paid into an account under this subdivision that exceeds the
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188	188	SECTION 4
189	189	SENATE BILL 752
190	190	maximum amount that may be subtracted under this subdivision may be carried
191	191	forward to the next taxable year, and thereafter, subject to the limitations in this
192	192	subdivision.
193	193	SECTION 5. 71.05 (6) (b) 32. ae. of the statutes is amended to read:
194	194	71.05 (6) (b) 32. ae. No carryover carry-over that would otherwise be
195	195	authorized under this subdivision may be allowed if the carryover carry-over
196	196	amount was withdrawn from an account for any purpose and the withdrawal
197	197	occurred within 365 days of the day on which the amount was contributed to the
198	198	account. For purposes of this subd. 32. ae., a first in, first out method of accounting
199	199	shall apply to the account.
200	200	SECTION 6. 71.05 (6) (b) 32. am. of the statutes is amended to read:
201	201	71.05 (6) (b) 32. am. Any carryover carry-over amount that is otherwise eligible
202	202	for a subtraction under this subdivision shall be reduced by an amount equal to the
203	203	amount of a withdrawal from an account that was not used for qualified higher
204	204	education expenses, as that term is defined in 26 USC 529 (c) (7), (8), and (9) and (e)
205	205	(3), to the extent that the withdrawn amount exceeds the amount that is added to
206	206	income under par. (a) 26.
207	207	SECTION 7. 71.05 (6) (b) 32. ap. of the statutes is created to read:
208	208	71.05 (6) (b) 32. ap. No subtraction may be allowed under this subdivision for
209	209	any amount contributed to an account for which a credit is claimed under s. 71.07
210	210	(10), 71.28 (10), or 71.47 (10).
211	211	SECTION 8. 71.07 (10) (a) 1. of the statutes is amended to read:
212	212	71.07 (10) (a) 1. “Claimant" means an individual who files a claim under this
213	213	subsection and who is a sole proprietor and an employer and contributes to an
214	214	employee's college savings account under par. (b). or who is a partner of a
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241	241	SECTION 8 SENATE BILL 752
242	242	partnership, member of a limited liability company, or shareholder of a tax-option
243	243	corporation that is an employer and that contributes to an employee's college savings
244	244	account under par. (b).
245	245	SECTION 9. 71.07 (10) (a) 3. of the statutes is amended to read:
246	246	71.07 (10) (a) 3. “Employer” means an employer that is a partnership, as
247	247	defined in s. 71.195, or a tax-option corporation, as defined in s. 71.34 (2) a person
248	248	for whom an individual performs or performed any service as an employee of that
249	249	person and who is required to furnish a W-2 form to the employee for federal income
250	250	tax purposes.
251	251	SECTION 10. 71.07 (10) (b) of the statutes is amended to read:
252	252	71.07 (10) (b) Filing claims. Subject to the limitations provided in this
253	253	subsection, a claimant may claim as a credit against the tax imposed under s. 71.02,
254	254	up to the amount of those taxes, for each employee of an employer, the claimant's
255	255	proportionate share, as computed under par. (c) 1., of an amount equal to the amount
256	256	the employer paid into a college savings account owned by the employee in the
257	257	taxable year in which the contribution is made.
258	258	SECTION 11. 71.07 (10) (c) 2. of the statutes is amended to read:
259	259	71.07 (10) (c) 2. The maximum amount of the credit per employee that a
260	260	claimant may claim under this subsection is the claimant's proportionate share of an
261	261	amount equal to 25 50 percent of the amount the employee's employer contributed
262	262	to the employee's college savings account up to a maximum contribution equal to 25
263	263	percent of the maximum amount that an individual contributor may deduct under
264	264	s. 71.05 (6) (b) 32. a. per beneficiary, not to exceed a maximum credit of $800. For
265	265	taxable years beginning after December 31, 2024, the dollar amount in this
266	266	subdivision shall be increased each year by a percentage equal to the percentage
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294	294	SECTION 11
295	295	SENATE BILL 752
296	296	change between the U.S. consumer price index for all urban consumers, U.S. city
297	297	average, for the month of August of the previous year and the U.S. consumer price
298	298	index for all urban consumers, U.S. city average, for the month of August 2023, as
299	299	determined by the federal department of labor, except that the adjustment may occur
300	300	only if the resulting amount is greater than the corresponding amount that was
301	301	calculated for the previous year. The amount that is revised under this subdivision
302	302	shall be rounded to the nearest multiple of $10 if the revised amount is not a multiple
303	303	of $10 or, if the revised amount is a multiple of $5, such an amount shall be increased
304	304	to the next higher multiple of $10. The department of revenue shall annually adjust
305	305	the change in the dollar amount required under this subdivision and incorporate the
306	306	change into the income tax forms and instructions.
307	307	SECTION 12. 71.07 (10) (c) 3. of the statutes is created to read:
308	308	71.07 (10) (c) 3. A credit may be claimed under par. (b) only if, for federal income
309	309	tax purposes, the compensation of the employee described in par. (b) is reported, or
310	310	required to be reported, on a W-2 form issued by the claimant.
311	311	SECTION 13. 71.28 (10) (c) 2. of the statutes is amended to read:
312	312	71.28 (10) (c) 2. The maximum amount of the credit per employee that a
313	313	claimant may claim under this subsection is an amount equal to 25 50 percent of the
314	314	amount the claimant contributed to the employee's college savings account up to a
315	315	maximum contribution equal to 25 percent of the maximum amount that an
316	316	individual contributor may deduct under s. 71.05 (6) (b) 32. a. per beneficiary, not to
317	317	exceed a maximum credit of $800. For taxable years beginning after December 31,
318	318	2024, the dollar amount in this subdivision shall be increased each year by a
319	319	percentage equal to the percentage change between the U.S. consumer price index
320	320	for all urban consumers, U.S. city average, for the month of August of the previous
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347	347	SECTION 13 SENATE BILL 752
348	348	year and the U.S. consumer price index for all urban consumers, U.S. city average,
349	349	for the month of August 2023, as determined by the federal department of labor,
350	350	except that the adjustment may occur only if the resulting amount is greater than
351	351	the corresponding amount that was calculated for the previous year. The amount
352	352	that is revised under this subdivision shall be rounded to the nearest multiple of $10
353	353	if the revised amount is not a multiple of $10 or, if the revised amount is a multiple
354	354	of $5, such an amount shall be increased to the next higher multiple of $10. The
355	355	department of revenue shall annually adjust the change in the dollar amount
356	356	required under this subdivision and incorporate the change into the income tax
357	357	forms and instructions.
358	358	SECTION 14. 71.28 (10) (c) 3. of the statutes is created to read:
359	359	71.28 (10) (c) 3. A credit may be claimed under par. (b) only if, for federal income
360	360	tax purposes, the compensation of the employee described in par. (b) is reported, or
361	361	required to be reported, on a W-2 form issued by the claimant.
362	362	SECTION 15. 71.47 (10) (c) 2. of the statutes is amended to read:
363	363	71.47 (10) (c) 2. The maximum amount of the credit per employee that a
364	364	claimant may claim under this subsection is an amount equal to 25 50 percent of the
365	365	amount the claimant contributed to the employee's college savings account up to a
366	366	maximum contribution equal to 25 percent of the maximum amount that an
367	367	individual contributor may deduct under s. 71.05 (6) (b) 32. a. per beneficiary, not to
368	368	exceed a maximum credit of $800. For taxable years beginning after December 31,
369	369	2024, the dollar amount in this subdivision shall be increased each year by a
370	370	percentage equal to the percentage change between the U.S. consumer price index
371	371	for all urban consumers, U.S. city average, for the month of August of the previous
372	372	year and the U.S. consumer price index for all urban consumers, U.S. city average,
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400	400	SECTION 15
401	401	SENATE BILL 752
402	402	for the month of August 2023, as determined by the federal department of labor,
403	403	except that the adjustment may occur only if the resulting amount is greater than
404	404	the corresponding amount that was calculated for the previous year. The amount
405	405	that is revised under this subdivision shall be rounded to the nearest multiple of $10
406	406	if the revised amount is not a multiple of $10 or, if the revised amount is a multiple
407	407	of $5, such an amount shall be increased to the next higher multiple of $10. The
408	408	department of revenue shall annually adjust the change in the dollar amount
409	409	required under this subdivision and incorporate the change into the income tax
410	410	forms and instructions.
411	411	SECTION 16. 71.47 (10) (c) 3. of the statutes is created to read:
412	412	71.47 (10) (c) 3. A credit may be claimed under par. (b) only if, for federal income
413	413	tax purposes, the compensation of the employee described in par. (b) is reported, or
414	414	required to be reported, on a W-2 form issued by the claimant.
415	415	SECTION 17. 71.98 (11) of the statutes is created to read:
416	416	71.98 (11) QUALIFIED TUITION PROGRAMS. For taxable years beginning after
417	417	December 31, 2021, sections 221 (e) (1) and 529 of the Internal Revenue Code as in
418	418	effect for federal purposes, relating to qualified tuition programs.
419	419	SECTION 18. 224.50 (2) (a) of the statutes is amended to read:
420	420	224.50 (2) (a) Except as provided in s. 224.51, establish and administer a
421	421	college savings program that allows an individual, trust, legal guardian, or entity
422	422	described under 26 USC 529 (e) (1) (C) to establish a college savings account to cover
423	423	tuition, fees, and the costs of room and board, books, supplies, and equipment
424	424	required for the enrollment or attendance of a beneficiary at an eligible educational
425	425	institution, as defined under 26 USC 529, and to cover tuition expenses in connection
426	426	with enrollment or attendance at an elementary or secondary public, private, or
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453	453	SECTION 18 SENATE BILL 752
454	454	religious school, as described in section 11032 of P.L. 115-97, related to qualified
455	455	tuition programs under 26 USC 529, to cover the expenses for fees, books, supplies,
456	456	and equipment required for the participation of a beneficiary in an apprenticeship
457	457	program described in 26 USC 529 (c) (8), and to cover the amounts paid as principal
458	458	or interest on a qualified education loan, as defined in 26 USC 221 (d) (1), of the
459	459	beneficiary or a sibling of the beneficiary.
460	460	SECTION 19.0Initial applicability.
461	461	(1) ADDITION TO TAX FOR NONQUALIFIED WITHDRAWALS PREVIOUSLY DEDUCTED. The
462	462	treatment of s. 71.05 (6) (a) 26. a. that amends the definition of qualified higher
463	463	education expenses to include a cross-reference to 26 USC 529 (c) (7) first applies
464	464	retroactively to taxable years beginning after December 31, 2017. The treatment of
465	465	s. 71.05 (6) (a) 26. a. that amends the definition of qualified higher education
466	466	expenses to include a cross-reference to 26 USC 529 (c) (8) and (9) first applies
467	467	retroactively to taxable years beginning after December 31, 2018. The treatment of
468	468	s. 71.05 (6) (a) 26. a. to require the use of a first in, first out method of accounting and
469	469	to include a cross-reference to s. 71.05 (6) (b) 32m. first applies to taxable years
470	470	beginning on January 1 of the year in which this subsection takes effect, except that
471	471	if this subsection takes effect after July 31, the treatment first applies to taxable
472	472	years beginning on January 1 of the year following the year in which this subsection
473	473	takes effect.
474	474	(2) DEFINITION OF QUALIFIED HIGHER EDUCATION EXPENSES. The treatment of s.
475	475	71.05 (6) (b) 32. am. that amends the definition of qualified higher education
476	476	expenses to include a cross-reference to 26 USC 529 (c) (7) first applies retroactively
477	477	to taxable years beginning after December 31, 2017. The treatment of s. 71.05 (6)
478	478	(b) 32. am. that amends the definition of qualified higher education expenses to
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503	503	25 - 11 -2023 - 2024 Legislature
504	504	LRB-2133/1
505	505	JK:amn
506	506	SECTION 19
507	507	SENATE BILL 752
508	508	include a cross-reference to 26 USC 529 (c) (8) and (9) and the treatment of s. 224.50
509	509	(2) (a) first apply retroactively to taxable years beginning after December 31, 2018.
510	510	(3) TAX TREATMENT FOR CONTRIBUTIONS AND WITHDRAWALS; EMPLOYEE COLLEGE
511	511	SAVINGS ACCOUNT CONTRIBUTION CREDIT. The treatment of ss. 71.05 (6) (a) 26. b. and
512	512	c. and (b) 32. a., ae., and ap., 71.07 (10) (a) 1. and 3., (b), and (c) 2. and 3., 71.28 (10)
513	513	(c) 2. and 3., and 71.47 (10) (c) 2. and 3. first applies to taxable years beginning on
514	514	January 1, 2024.
515	515	(END)
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