Upcoming Preliminary Public Hearing on a Permanent Scope Statement for SS 003-20
The Department of Revenue is holding a public hearing on Wednesday, March 4. The hearing will take place at 2:00 p.m. to consider a permanent scope statement relating to the credit for tax paid to another state for pass-through entities making the entity level tax election. The hearing is being held in the Events Room of the department’s Madison office, located at 2135 Rimrock Road.
Interested persons are invited to appear at the hearings and may make an oral presentation. It is requested that written comments reflecting any oral presentation be provided to the department at the time the presentation is made.
February 19, 2020
1. Detailed description of the objective of the proposed rule:Pass-through entities electing to pay tax at the entity level under secs. 71.21 (6) (a) or 71.365 (4m) (a), Stats., may also claim a credit for tax paid to another state under certain circumstances. The objective of the proposed rule is to add references to these laws, add examples for these laws, and clarify that a resident individual may not claim a credit for taxes paid by an entity that elects to pay tax at the entity level under secs. 71.21 (6) (a) or 71.365 (4m) (a), Wis. Stats. In addition, references to Wisconsin minimum tax should be removed as minimum tax no longer applies for Wisconsin for taxable years beginning on or after January 1, 2019.