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