us-wi/statute/71.26/3/ag

Section 61 (relating to the definition of gross income) is modified to exclude the following: 1.

(1)#

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Section 61 (relating to the definition of gross income) is modified to exclude the following: 1.

Income received by the original policyholder or original certificate holder who has a catastrophic or life-threatening illness or condition from the sale of a life insurance policy or certificate, or the sale of the death benefit under a life insurance policy or certificate, under a life settlement contract, as defined in s. 632.69 (1) (k). In this paragraph, “catastrophic or life-threatening illness or condition” includes AIDS, as defined in s. 49.686 (1) (a), and HIV infection, as defined in s. 49.686 (1) (d).

(2)#

Income received in the form of allocations issued by this state with moneys received from the coronavirus relief fund authorized under 42 USC 801 to be used for any of the following purposes: a. Broadband expansion. b. Privately owned movie theater grants. c. A nonprofit grant program. d. A tourism grants program. e. A cultural organization grant program. f. Music and performance venue grants. g. Lodging industry grants. h. Low-income home energy assistance. i. A rental assistance program. j. Supplemental child care grants. k. A food insecurity initiative. L. A farm support program. m. Grants to small businesses. n. Ethanol industry assistance. o. Wisconsin Eye.

(2)(a)#

Broadband expansion.

(2)(b)#

Privately owned movie theater grants.

(2)(c)#

A nonprofit grant program.

(2)(d)#

A tourism grants program.

(2)(e)#

A cultural organization grant program.

(2)(f)#

Music and performance venue grants.

(2)(g)#

Lodging industry grants.

(2)(h)#

Low-income home energy assistance.

(2)(i)#

A rental assistance program.

(2)(j)#

Supplemental child care grants.

(2)(k)#

A food insecurity initiative.

(2)(l)#

A farm support program.

(2)(m)#

Grants to small businesses.

(2)(n)#

Ethanol industry assistance.

(2)(o)#

Wisconsin Eye.

(3)#

Income received in the form of a grant issued by the Wisconsin Economic Development Corporation during and related to the COVID-19 pandemic under the ethnic minority emergency grant program. Amounts otherwise deductible under this chapter that are paid directly or indirectly with the grant money are deductible.

(4)#

Income received in the form of a grant from the restaurant revitalization fund under section 5003 of the federal American Rescue Plan Act of 2021, P.L. 117-2. Amounts otherwise deductible under this chapter that are paid directly or indirectly with the grant money are deductible. Amounts excluded under this subdivision by a tax-option corporation or partnership shall be treated as tax-exempt income for purposes of sections 705 and 1366 of the Internal Revenue Code.