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File #: 011168    Version: 0
Type: Resolution-Immediate Adoption Status: Passed
File created: 12/21/2001 In control: COMMON COUNCIL
On agenda: Final action: 12/21/2001
Effective date:    
Title: Resolution directing the Intergovernmental Relations Division – Department of Administration to seek introduction and passage of state legislation which would conform the Wisconsin State income tax law to the changes enacted by the Federal Economic Growth and Tax Relief Reconciliation Act of 2001.
Sponsors: ALD. RICHARDS
Indexes: STATE LEGISLATION, TAXATION
Attachments: 1. Letter from Deferred Comp. Board.PDF

Number

011168

Version

ORIGINAL

Reference

 

Sponsor

ALD. RICHARDS

Title

Resolution directing the Intergovernmental Relations Division – Department of Administration to seek introduction and passage of state legislation which would conform the Wisconsin State income tax law to the changes enacted by the Federal Economic Growth and Tax Relief Reconciliation Act of 2001.

Analysis

This resolution directs the Intergovernmental Relations Division – Department of Administration to seek introduction and passage of state legislation which would conform the Wisconsin State income tax law to the changes enacted by the Federal Economic Growth and Tax Relief Reconciliation Act of 2001. Because the Wisconsin legislature has not amended Wisconsin income tax law to conform to the new EGTRRA laws, the inconsistency between state and federal tax law will negatively impact City of Milwaukee Deferred Compensation Plan participants.

Body

Whereas, On May 26, 2001, Congress adopted the Economic Growth and Tax Relief Reconciliation Act of 2001(EGTRRA), which was signed into law by President George W. Bush on June 7, 2001; and

 

Whereas, Effective for years beginning after December 31, 2001, the new EGTRRA laws make extensive changes to the federal tax code, including the rules relating to the content and administration of employee benefit plans; and

 

Whereas, Subsequently, the new EGTRRA laws have liberalized many of the rules relating to participation in the City of Milwaukee Deferred Compensation Plan; and

 

Whereas, Because the Wisconsin legislature has not amended Wisconsin income tax law to conform to the new EGTRRA laws, the inconsistency between state and federal tax law will negatively impact City of Milwaukee Deferred Compensation Plan participants; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee, that the Intergovernmental Relations Division – Department of Administration is directed to seek introduction and passage of state legislation which would conform the Wisconsin State income tax law to the changes enacted by the Federal Economic Growth and Tax Relief Reconciliation Act of 2001.

 

Requestor

 

Drafter

LRB01591-1

RGP

12/19/01