Eliminating obsolete statutory references regarding property, sales, and income taxes; the uniform unclaimed property act; and lottery games. (FE)
Impact
Additionally, the bill removes the certificate requirement for sales tax exemptions applied to patient healthcare records and farm-raised fish, potentially simplifying processes for businesses in those sectors. It updates definitions for the married persons tax credit, incorporates definitions from the Internal Revenue Code, and makes technical changes to laws governing unclaimed property. These adjustments are designed to streamline tax processes and enhance clarity within the legal framework governing these areas.
Summary
Senate Bill 738 addresses several issues related to tax legislation in Wisconsin, eliminating outdated statutory references and updating tax exemption requirements. The bill modifies the sales tax exemption for insulin, ensuring that individuals do not need to present an exemption certificate to access this exemption. This change aims to make insulin more accessible for patients requiring diabetes treatment, reflecting a broader policy stance on healthcare affordability.
Contention
Opposition to SB 738 could arise from various stakeholders who may see the removal of certain requirements as weakening consumer protection. The bill also modifies the existing rules regarding property tax assessments by eliminating certain rights of individuals making objections, which may raise concerns regarding fairness and transparency in property taxation. Overall, proponents argue that these changes create a more efficient tax system, while critics highlight potential risks to consumer rights and local autonomy.
Eliminating the definition of relative for purposes of the lottery; the definition of taxable property in a tax incremental district; the order of certain withholdings and deposits in income tax computations; and eliminating an adjustment made to the economic development surcharge for certain businesses (suggested as remedial legislation by the Department of Revenue).
Eliminating the definition of relative for purposes of the lottery; the definition of taxable property in a tax incremental district; the order of certain withholdings and deposits in income tax computations; and eliminating an adjustment made to the economic development surcharge for certain businesses (suggested as remedial legislation by the Department of Revenue).
AN ACT Relating to modifying provisions of the revised uniform unclaimed property act by clarifying the abandonment period and reporting procedures for prearrangement funeral service contracts trusts, modifying holder reporting requirements, modifying owner notification requirements, and making other changes not estimated to impact revenue;