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For purposes of income tax reciprocity reached with the state of Minnesota under s. 71.05 (2), whenever the income taxes on residents of one state which would have been paid to the 2nd state without reciprocity exceed the income taxes on residents of the 2nd state which would have been paid to the first state without reciprocity, the state with the net revenue loss shall receive from the other state the amount of the loss. Interest shall be payable on all delinquent balances relating to taxable years beginning after the first December 31 after the date identified in the notice under 2023 Wisconsin Act 147, section 4 (2). The secretary of revenue may enter into agreements with the state of Minnesota specifying the reciprocity payment due date, conditions constituting delinquency, interest rates and the method of computing interest due on any delinquent amounts.
The data used for computing the loss to either state shall be determined by the respective departments of revenue of both states on or before November 1 of the year following the close of the previous calendar year. If an agreement cannot be reached as to the amount of the loss, the secretary of revenue of this state and the commissioner of taxation of the state of Minnesota shall each appoint a member of a board of arbitration and these members shall appoint a 3rd member of the board. The board shall select one of its members as chairperson. The board may administer oaths, take testimony, subpoena witnesses and require their attendance, require the production of books, papers and documents and hold hearings at such places as it deems necessary. The board shall then make a determination as to the amount to be paid the other state which shall be conclusive. This state shall pay no more than one-half of the cost of such arbitration.
For taxable years beginning after the first December 31 after the date identified in the notice under 2023 Wisconsin Act 147, section 4 (2), this state shall pay Minnesota interest on any reciprocity payment that is due under this subsection. Interest shall be calculated according to the Laws of Minnesota 2002 Chapter 377, or at another rate and under another method of calculation that is agreed to by Minnesota and Wisconsin.
1. No agreement that is entered into under this subsection on or after March 23, 2024, may take effect unless all of the following apply: a. The agreement applies to wages, salaries, tips, and commissions received as an employee by persons who reside in this state or Minnesota for at least 183 days during their taxable years and who return to their state of residence at least once per month. b. The agreement contains no expiration or termination date. bm. The governor issues a written notice of approval of the agreement no later than 90 days after being presented with the agreement under subd. 1m. cm. The agreement may take effect under subd. 1s. 1m. As soon as possible after the department reaches an agreement with the state of Minnesota, the department shall present the agreement to the governor and submit a copy of the agreement to the legislature under s. 13.172 (2). 1s. After the governor issues a written notice of approval of the agreement under subd. 1. bm., the department shall notify the joint committee on finance in writing of the agreement. The agreement may take effect if within 14 working days of the notification the committee does not schedule a meeting for the purpose of reviewing the proposed agreement. If the committee schedules a meeting for the purpose of reviewing the agreement, the agreement may not take effect unless the committee approves the agreement. 2. a. This state may not make a payment under an agreement entered into under this subsection for any taxable year ending before March 23, 2024. b. An agreement entered into under this subsection may provide for making estimated payments during a year and for a final payment for the year to be made after computing the amount of the loss for the year as described in par. (b). 3. An agreement entered into under this subsection that takes effect on or after March 23, 2024, may not be revised unless the department notifies the joint committee on finance in writing of the proposed revised agreement. The proposed revised agreement may take effect if within 14 working days of the notification the committee does not schedule a meeting for the purpose of reviewing the proposed revised agreement. If the committee schedules a meeting for the purpose of reviewing the proposed revised agreement, the proposed revised agreement may not take effect unless the committee approves the proposed revised agreement. 4. An agreement entered into under this subsection may require that a study be conducted no more than once every 5 years to obtain information necessary to determine payments under this subsection.
No agreement that is entered into under this subsection on or after March 23, 2024, may take effect unless all of the following apply: a. The agreement applies to wages, salaries, tips, and commissions received as an employee by persons who reside in this state or Minnesota for at least 183 days during their taxable years and who return to their state of residence at least once per month. b. The agreement contains no expiration or termination date. bm. The governor issues a written notice of approval of the agreement no later than 90 days after being presented with the agreement under subd. 1m. cm. The agreement may take effect under subd. 1s.
The agreement applies to wages, salaries, tips, and commissions received as an employee by persons who reside in this state or Minnesota for at least 183 days during their taxable years and who return to their state of residence at least once per month.
The agreement contains no expiration or termination date.
The governor issues a written notice of approval of the agreement no later than 90 days after being presented with the agreement under subd. 1m.
The agreement may take effect under subd. 1s.
As soon as possible after the department reaches an agreement with the state of Minnesota, the department shall present the agreement to the governor and submit a copy of the agreement to the legislature under s. 13.172 (2).
After the governor issues a written notice of approval of the agreement under subd. 1. bm., the department shall notify the joint committee on finance in writing of the agreement. The agreement may take effect if within 14 working days of the notification the committee does not schedule a meeting for the purpose of reviewing the proposed agreement. If the committee schedules a meeting for the purpose of reviewing the agreement, the agreement may not take effect unless the committee approves the agreement.
a. This state may not make a payment under an agreement entered into under this subsection for any taxable year ending before March 23, 2024. b. An agreement entered into under this subsection may provide for making estimated payments during a year and for a final payment for the year to be made after computing the amount of the loss for the year as described in par. (b).
This state may not make a payment under an agreement entered into under this subsection for any taxable year ending before March 23, 2024.
An agreement entered into under this subsection may provide for making estimated payments during a year and for a final payment for the year to be made after computing the amount of the loss for the year as described in par. (b).
An agreement entered into under this subsection that takes effect on or after March 23, 2024, may not be revised unless the department notifies the joint committee on finance in writing of the proposed revised agreement. The proposed revised agreement may take effect if within 14 working days of the notification the committee does not schedule a meeting for the purpose of reviewing the proposed revised agreement. If the committee schedules a meeting for the purpose of reviewing the proposed revised agreement, the proposed revised agreement may not take effect unless the committee approves the proposed revised agreement.
An agreement entered into under this subsection may require that a study be conducted no more than once every 5 years to obtain information necessary to determine payments under this subsection.