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Bills · 2021-2022 Regular Session

SB 339

Became law Official bill text Atom feed

Relating to: increasing the net capital loss deduction. (FE)

Income tax — Deduction Legislature — Tax exemptions joint survey committee on

  1. Introduced, completed
  2. Passes Senate, completed
  3. Passes Assembly, completed
  4. Governor signs, completed
  5. Law, completed

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill increases the maximum amount that individuals may claim as the net

capital loss deduction to the same amount currently allowed under federal law.

Under current law, an individual subtracts his or her capital losses from capital

gains when computing the amount of gain subject to Wisconsin income tax. If the

capital losses exceed the capital gains, the individual may use up to $500 of the net

loss to offset ordinary income, thus reducing the amount of ordinary income subject

to tax. If the individual's net capital loss exceeds $500, the individual may carry

forward the excess to future years and offset up to $500 of ordinary income each year

until the net loss is used up. Federal law similarly allows individuals to offset net

capital losses against ordinary income and carry forward the excess. However, the

maximum annual offset under federal law is $3,000, which is reduced to $1,500 for

married individuals who file separate returns.

The bill increases the maximum annual offset for Wisconsin income tax

purposes from $500 to $1,500 for married individuals filing separately and $3,000

for all other individuals. The bill applies to taxable years beginning after December

31, 2022.

Because this bill relates to an exemption from state or local taxes, it may be

referred to the Joint Survey Committee on Tax Exemptions for a report to be printed

as an appendix to the bill.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Ballweg (R) , Jacque (R) , Kooyenga (R) , Nass (R)

14 cosponsors

Allen (R) , Brooks (R) , Dittrich (R) , Horlacher (R) , Knodl (R) , Krug (R) , Kuglitsch (R) , Moses (R) , Murphy (R) , Sortwell (R) , Steffen (R) , Thiesfeldt (R) , Wichgers (R) , Zimmerman (R)

Votes

Senate: Report adoption of Senate Amendment 1 recommended by Committee on Financial Institutions and Revenue, Ayes 4, Noes 1

Passed 4–1 Oct 20, 2021 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Report passage as amended recommended by Committee on Financial Institutions and Revenue, Ayes 4, Noes 1

Passed 4–1 Oct 20, 2021 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Report adoption of Senate Amendment 1 recommended by Joint Committee on Finance, Ayes 15, Noes 0

Passed 15–0 Feb 9, 2022 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Report passage as amended recommended by Joint Committee on Finance, Ayes 15, Noes 0

Passed 15–0 Feb 9, 2022 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: CONCURRENCE

Passed 96–0 Feb 23, 2022 official source full page

Aye · 96

Not voting · 3

Full history

  1. May 14, 2021 · Senate

    Introduced by Senators Kooyenga, Ballweg, Jacque and Nass; cosponsored by Representatives Sortwell, Brooks, Allen, Dittrich, Horlacher, Knodl, Krug, Kuglitsch, Moses, Murphy, Steffen, Thiesfeldt, Wichgers and Zimmerman

  2. May 14, 2021 · Senate

    Read first time and referred to Committee on Financial Institutions and Revenue

  3. May 28, 2021 · Senate

    Fiscal estimate received

  4. Jul 22, 2021 · Senate

    Senate Amendment 1 offered by Senator Kooyenga

  5. Oct 14, 2021 · Senate

    Public hearing held

  6. Oct 19, 2021 · Senate

    Executive action taken

  7. Oct 20, 2021 · Senate

    Report adoption of Senate Amendment 1 recommended by Committee on Financial Institutions and Revenue, Ayes 4, Noes 1

  8. Oct 20, 2021 · Senate

    Report passage as amended recommended by Committee on Financial Institutions and Revenue, Ayes 4, Noes 1

  9. Oct 20, 2021 · Senate

    Available for scheduling

  10. Jan 28, 2022 · Senate

    Withdrawn from committee on Senate Organization and rereferred to joint committee on Finance pursuant to Senate Rule 46(2)(c)

  11. Feb 9, 2022 · Senate

    Executive action taken

  12. Feb 9, 2022 · Senate

    Report adoption of Senate Amendment 1 recommended by Joint Committee on Finance, Ayes 15, Noes 0

  13. Feb 9, 2022 · Senate

    Report passage as amended recommended by Joint Committee on Finance, Ayes 15, Noes 0

  14. Feb 9, 2022 · Senate

    Available for scheduling

  15. Feb 18, 2022 · Senate

    Placed on calendar 2-22-2022 pursuant to Senate Rule 18(1)

  16. Feb 22, 2022 · Senate

    Read a second time

  17. Feb 22, 2022 · Senate

    Senate Amendment 1 adopted

  18. Feb 22, 2022 · Senate

    Ordered to a third reading

  19. Feb 22, 2022 · Senate

    Rules suspended

  20. Feb 22, 2022 · Senate

    Read a third time and passed

  21. Feb 22, 2022 · Senate

    Ordered immediately messaged

  22. Feb 22, 2022 · Assembly

    Received from Senate

  23. Feb 22, 2022 · Assembly

    Read first time and referred to committee on Rules

  24. Feb 22, 2022 · Assembly

    Made a special order of business at 8:09 AM on 2-23-2022 pursuant to Assembly Resolution 29

  25. Feb 23, 2022 · Assembly

    Read a second time

  26. Feb 23, 2022 · Assembly

    Ordered to a third reading

  27. Feb 23, 2022 · Assembly

    Rules suspended

  28. Feb 23, 2022 · Assembly

    Read a third time and concurred in, Ayes 96, Noes 0

  29. Feb 23, 2022 · Assembly

    Ordered immediately messaged

  30. Feb 23, 2022 · Senate

    Received from Assembly concurred in

  31. Mar 2, 2022 · Senate

    Report correctly enrolled

  32. Mar 3, 2022 · Senate

    Presented to the Governor on 3-3-2022

  33. Mar 8, 2022 · Senate

    Report approved by the Governor on 3-7-2022. 2021 Wisconsin Act 157

  34. Mar 8, 2022 · Senate

    Published 3-8-2022