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2/23/2009
WisPolitics: Obscure tax changes show up in Doyle budget
Tidbits from WisPolitics Budget Blog and featured in WisPolitics Weekly Report:
BUDGET REPAIR BILL TRIGGER WOULD CHANGE
Doyle is proposing to raise the revenue shortfall amount that would require a budget repair bill.
Currently that trigger is 0.5 percent. And Republicans have attacked Doyle for not introducing a bill to close the full gap, though he did reduce the $600 million gap in this fiscal year by about $183 million in signing the budget adjustment bill Thursday.
Doyle’s proposal would raise that trigger to 2 percent.
He also wants to increase the amount the DOA secretary can temporarily allocate from other funds to the general fund for cash flow purposes from 5 percent to 10 percent of total general purpose revenue appropriations in a fiscal year.
OBSCURE TAX CHANGES WOULD ADD MILLIONS A YEAR TO STATE COFFERS
Besides the high-profile tax changes, there are others proposed by Doyle that could send ripples through the business world by adding millions of dollars annually to state coffers.
--Among them, Doyle recommends "decoupling" from the Qualified Production Activities Deduction, a fed Internal Revenue Code provision from the American Jobs Act of 2004. Repealing the deduction would mean more money for the state -- $38.2 million in FY '10 and $33.5 million in FY '11.
--Doyle also wants pass-through entities to make quarterly instead of annual estimated payments of withholding tax for nonresident members to be consistent with the current treatment of resident members. This move would grab estimated tax revenue of $38.5 million in FY '10.
--He's also recommending requiring income from "throwback sales" to be treated equal to income from normal sales for corporate income tax computation purposes. Throwback sales are sales shipped out of Wisconsin to states without income tax jurisdiction over the company or sales shipped out of state to the federal government. The fiscal impact in increased taxes would be $57.7 million in FY '10 and $37.5 million in FY '11.
--In addition, Doyle wants a change in the tax code to specify that if an affiliated entity is treated as part of the parent company for the purpose of income tax liability, it should also be liable for the same treatment in sales tax. The fiscal impact would be $19.8 million in FY '10 and $21 million in FY '11.
--In another proposal, an economic nexus standard for Internet businesses would require amendment of the statutory definition of a retailer engaged in business in Wisconsin to include an Internet retailer that has an affiliate physically located in the state that makes similar sales. Impact: $1.5 million annually.
--And finally, Doyle proposes an Internal Revenue Code update to include provisions from 14 previously enacted federal laws going back to 2005. The changes will reduce tax collections by $40.6 million in FY '10 and $5.5 million in FY '11. The biggest item is adoption of a federal law that waives the requirement that people 70-and-a-half years of age make minimum distributions from their retirement accounts. The waiver lets the senior citizens avoid distributions during the troubled economy at no penalty. The change will save the seniors $17.9 million in FY '10, and $6.1 million in FY '11.
See complete coverage in WisPolitics' Budget Blog.
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