Section Tax 11.69 - Financial institutions(1) DEFINITION. In this section, "financial institution" includes a bank, savings and loan association, savings bank, or credit union.(2) EXEMPT SALES. Financial institutions are primarily engaged in providing nontaxable services. Those services include charges to customers for cashier's checks, money orders, traveler's checks, checking accounts, and the use of safe deposit boxes.(3) TAXABLE SALES. A financial institution, except for a federally chartered credit union, shall obtain a seller's permit and file the required sales and use tax returns if it has taxable sales. Taxable sales by a financial institution include the following: (a) Providing parking space for motor vehicles.(c) Collectors' coins or currency sold above face value.(d) Commemorative medals.(e) Gold and silver bullion.(f) Prepared foods, candy, dietary supplements, and soft drinks in the institution's cafeteria.(g) Personalized imprinted checks, except where the check printer is the retailer of the checks to customers. A check printer is the retailer of checks where it sets the price for the checks, provides the order forms for the checks and invoices or bills the customer for the checks, even though the financial institution collects the order from the customer, charges the customer's account on behalf of the check printer, and remits the amount due from the account to the check printer.(h) Repossessed merchandise. Note: Refer to s. Tax 11.002 for a description of permit requirements, how to apply for a permit, and the 15-day time period within which the department is required to act on permit applications.
(4) PURCHASES. (a) A financial institution's purchases subject to sales or use tax include office furniture and equipment, such as desks, chairs, couches, writing tables, office machines, safe deposit boxes, drive-up and walk-up windows, night depository equipment, vault doors, remote TV auto teller systems, and camera security equipment except camera security equipment used to monitor for unauthorized entry to a building or a room in a building.(b) Any tangible personal property or item, property, or good under s. 77.52(1) (b), (c), or (d), Stats., purchased by a financial institution to be given away to a customer, whether or not based upon the amount of a deposit, is taxable at the time it is purchased. This includes calendars, playing cards, plat books, maps, and any other property, items, or goods transferred to customers to promote business. Checking account and savings account forms provided to customers free of charge are also subject to the tax.(c) Purchases of tangible personal property or items, property, or goods under s. 77.52(1) (b), (c), or (d), Stats., that the financial institution will resell, rather than give away, may be purchased without tax by giving its supplier a properly completed exemption certificate claiming resale.(d) If a financial institution is not required to have a seller's permit and has a use tax obligation because purchases are made without tax, it shall apply for a consumers' use tax registration certificate and report the tax on the purchases.(5) SPECIAL PROVISIONS. (a) Sales to state chartered credit unions and to federal and state chartered banks, savings and loan associations, and savings banks are taxable, unless resold by the credit union, bank, savings and loan association, or savings bank.(b) The use tax may not be imposed directly on a federal credit union due to federal restrictions.Wis. Admin. Code Department of Revenue Tax 11.69
Cr. Register, December, 1977, No. 264, eff. 1-1-78; am. (5) (a), Register, January, 1983, No. 325, eff. 2-1-83; renum. (1) to be (2), renum. (2) (title), (intro.), (a), (b), (c), (d), (e), (f), (g) and (h) to be (3) (title), (intro.), (b), (d), (c), (e), (h), (f), (a) and (g), renum. (3) (title), (a), (b) and (c) to be (4) (title), (a), (b) and (d), renum. (4) to be (1), am. (1), (2), (3) (g), (4) (a), (b) and (d) and (5) (a), cr. (4) (c), Register, October, 1996, No. 490, eff. 11-1-96; EmR0924: emerg. am. (1), (2), (3) (intro.), (a), (f), (g), (4) (a) to (c) and (5) (a), eff. 10-1-09; CR 09-090: am. (1), (2), (3) (intro.), (a), (f), (g), (4) (a) to (c) and (5) (a) Register May 2010 No. 653, eff. 6-1-10. Section Tax 11.69 interpretss. 77.51(13) (a), (14) (intro.), (15a), and (20) and 77.52 (1) and (2) (a) 9., Stats.
The interpretations in s. Tax 11.69 are effective under the general sales and use tax law on and after September 1, 1969, except that the separate impositions of tax on coins and stamps sold above face value under s. 77.52(1) (b), Stats., certain leased property affixed to real property under s. 77.52(1) (c), Stats., and digital goods under s. 77.52(1) (d), Stats., became effective October 1, 2009, pursuant to 2009 Wis. Act 2.