Common use of Wisconsin Law Clause in Contracts

Wisconsin Law. Wisconsin's Minnesota reciprocity statute speci- fies that a compensation payment is made when net foregone tax revenues of one state exceed those of the other state. The statute also specifies that the data used to compute the amount of each state's foregone tax revenue is to be determined by the respective Departments of Revenue on or before November 1 of the year following the close of the previous calendar year. The resulting compensa- tion payment amount must be determined jointly by each state. If an agreement cannot be reached, a three-person board of arbi tration is appointed to resolve the difference. The reciprocity statute re- quires interest to be paid on any delinquent com- pensation payments. In addition, the Secretary of Revenue is authorized to enter into agreements with the State of Minnesota specifying the reciproc- ity payment due date, conditions constituting de- linquency, interest rates, and the method of com- puting interest due on delinquent payments. Effective with tax year 2001, the statutes also provide that Wisconsin must pay Minnesota interest on the annual compensation payment (as opposed to interest on delinquent payments, referred to above). Wisconsin's law specifies that interest is to be calculated according to the Laws of Minnesota 2002 Chapter 377, or at another rate agreed to by the two states. This modification was adopted as part of 2001 Wisconsin Act 109 in response to a Minnesota law change (Laws of Minnesota 2002 Chapter 377) that required the interest payment. The following sections briefly describe the cur- rent Minnesota-Wisconsin income tax reciprocity agreement.

Wisconsin Law. Wisconsin's Minnesota reciprocity statute speci- fies that a compensation payment is made when net foregone tax revenues of one state exceed those of the other state. The statute also specifies that the data used to compute the amount of each state's foregone tax revenue is to be determined by the respective Departments of Revenue on or before November 1 of the year following the close of the previous calendar year. The resulting compensa- tion payment amount must be determined jointly by each state. If an agreement cannot be reached, a three-person board of arbi tration arbitration is appointed to resolve the difference. The reciprocity statute re- quires interest to be paid on any delinquent com- pensation payments. In addition, the Secretary of Revenue is authorized to enter into agreements with the State of Minnesota specifying the reciproc- ity payment due date, conditions constituting de- linquency, interest rates, and the method of com- puting interest due on delinquent payments. Effective with tax year 2001, the statutes also provide that Wisconsin must pay Minnesota interest inter- est on the annual compensation payment (as opposed op- posed to interest on delinquent payments, referred to above). Wisconsin's law specifies that interest is to be calculated according to the Laws of Minnesota Minne- sota 2002 Chapter 377, or at another rate agreed to by the two states. This modification was adopted as part of 2001 Wisconsin Act 109 in response to a Minnesota law change (Laws of Minnesota 2002 Chapter 377) that required the interest payment. The following sections briefly describe the cur- rent MinnesotaMin- nesota-Wisconsin income tax reciprocity agreementagreement at the time of its cancellation.

Wisconsin Law. Wisconsin's Minnesota reciprocity statute speci- fies that a compensation payment is made when net foregone tax revenues of one state exceed those of the other state. The statute also specifies that the data used to compute the amount of each state's foregone tax revenue is to be determined by the respective Departments of Revenue on or before November 1 of the year following the close of the previous calendar year. The resulting compensa- tion payment amount must be determined jointly by each state. If an agreement cannot be reached, a three-person board of arbi tration arbitration is appointed to resolve the difference. The reciprocity statute re- quires interest to be paid on any delinquent com- pensation payments. In addition, the Secretary of Revenue is authorized to enter into agreements with the State of Minnesota specifying the reciproc- ity payment due date, conditions constituting de- linquency, interest rates, and the method of com- puting interest due on delinquent payments. Effective with tax year 2001, the statutes also provide that Wisconsin must pay Minnesota interest inter- est on the annual compensation payment (as opposed op- posed to interest on delinquent payments, referred to above). Wisconsin's law specifies that interest is to be calculated according to the Laws of Minnesota Minne- sota 2002 Chapter 377, or at another rate agreed to by the two states. This modification was adopted as part of 2001 Wisconsin Act 109 in response to a Minnesota law change (Laws of Minnesota 2002 Chapter 377) that required the interest payment. The following sections briefly describe the cur- rent Minnesota-Wisconsin income tax reciprocity agreement.

Wisconsin Law. Wisconsin's Minnesota reciprocity statute speci- fies that a compensation payment is made when net foregone tax revenues of one state exceed those of the other state. The statute also specifies that the data used to compute the amount of each state's foregone tax revenue is to be determined by the respective respec- tive Departments of Revenue on or before November Novem- ber 1 of the year following the close of the previous calendar year. The resulting compensa- tion payment compensation pay- ment amount must be determined jointly by each state. If an agreement cannot be reached, a three-three- person board of arbi tration arbitration is appointed to resolve the difference. The reciprocity statute re- quires interest requires in- terest to be paid on any delinquent com- pensation compensation payments. In addition, the Secretary of Revenue is authorized to enter into agreements with the State of Minnesota specifying the reciproc- ity reciprocity payment due date, conditions constituting de- linquencydelinquency, interest in- terest rates, and the method of com- puting computing interest due on delinquent payments. Effective with tax year 2001, the statutes also provide that Wisconsin must pay Minnesota interest inter- est on the annual compensation payment (as opposed op- posed to interest on delinquent payments, referred to above). Wisconsin's law specifies that interest is to be calculated according to the Laws of Minnesota Minne- sota 2002 Chapter 377, or at another rate agreed to by the two states. This modification was adopted as part of 2001 Wisconsin Act 109 in response to a Minnesota law change (Laws of Minnesota 2002 Chapter 377) that required the interest payment. The following sections briefly describe the cur- rent Minnesota-Wisconsin income tax reciprocity agreement.