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71.07(3t)(c) (c) Limitations.
71.07(3t)(c)1.1. No credit may be claimed under this subsection unless the claimant submits with the claimant's return a copy of the claimant's certification by the department of commerce under s. 560.28, except that, with regard to credits claimed by partners of a partnership, members of a limited liability company, or shareholders of a tax-option corporation, the entity shall provide a copy of its certification under s. 560.28 to the partner, member, or shareholder to submit with his or her return.
71.07(3t)(c)2. 2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on the amount of their unused credits under s. 71.07 (3s). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interest.
71.07(3t)(d) (d) Administration.
71.07(3t)(d)1.1. Section 71.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.
71.07(3t)(d)2. 2. The amount of any unused credit under this subsection in any taxable year may be carried forward to subsequent taxable years, up to 15 taxable years.
71.07(3w) (3w)Enterprise zone jobs credit.
71.07(3w)(a)(a) Definitions. In this subsection:
71.07(3w)(a)1. 1. "Base year" means the taxable year beginning during the calendar year prior to the calendar year in which the enterprise zone in which the claimant is located takes effect.
71.07(3w)(a)2. 2. "Claimant" means a person who is certified to claim tax benefits under s. 560.799 (5) and who files a claim under this subsection.
71.07(3w)(a)3. 3. "Full-time employee" means an individual who is employed in a regular, nonseasonal job and who, as a condition of employment, is required to work at least 2,080 hours per year, including paid leave and holidays.
71.07(3w)(a)4. 4. "Enterprise zone" means a zone designated under s. 560.799.
71.07(3w)(a)5. 5. "State payroll" means the amount of payroll apportioned to this state, as determined under s. 71.04 (6).
71.07(3w)(a)5m. 5m. "Wages" means wages under section 3306 (b) of the Internal Revenue Code, determined without regard to any dollar limitations.
71.07(3w)(a)6. 6. "Zone payroll" means the amount of state payroll that is attributable to wages paid to full-time employees for services that are performed in an enterprise zone. "Zone payroll" does not include the amount of wages paid to any full-time employees that exceeds $100,000.
71.07 Note NOTE: Subd. 6. is shown as affected by 2 acts of the 2007 Wisconsin legislature and as merged by the legislative reference bureau under s. 13.92 (2) (i).
71.07(3w)(b) (b) Filing claims; payroll. Subject to the limitations provided in this subsection and s. 560.799, a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08 an amount calculated as follows:
71.07(3w)(b)1. 1. Determine the amount that is the lesser of:
71.07(3w)(b)1.a. a. The number of full-time employees whose annual wages are greater than $30,000 and who the claimant employed in the enterprise zone in the taxable year, minus the number of full-time employees whose annual wages were greater than $30,000 and who the claimant employed in the area that comprises the enterprise zone in the base year.
71.07(3w)(b)1.b. b. The number of full-time employees whose annual wages are greater than $30,000 and who the claimant employed in the state in the taxable year, minus the number of full-time employees whose annual wages were greater than $30,000 and who the claimant employed in the state in the base year.
71.07(3w)(b)2. 2. Determine the claimant's average zone payroll by dividing total wages for full-time employees whose annual wages are greater than $30,000 and who the claimant employed in the enterprise zone in the taxable year by the number of full-time employees whose annual wages are greater than $30,000 and who the claimant employed in the enterprise zone in the taxable year.
71.07(3w)(b)3. 3. Subtract $30,000 from the amount determined under subd. 2.
71.07(3w)(b)4. 4. Multiply the amount determined under subd. 3. by the amount determined under subd. 1.
71.07(3w)(b)5. 5. Multiply the amount determined under subd. 4. by 7 percent.
71.07(3w)(bm) (bm) Filing supplemental claims. In addition to the credit under par. (b) and subject to the limitations provided in this subsection and s. 560.799, a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08 an amount equal to the amount the claimant paid in the taxable year to upgrade or improve the job-related skills of any of the claimant's full-time employees, to train any of the claimant's full-time employees on the use of job-related new technologies, or to provide job-related training to any full-time employee whose employment with the claimant represents the employee's first full-time job. This subdivision does not apply to employees who do not work in an enterprise zone.
71.07 Note NOTE: Par. (bm) is shown as affected by 2 acts of the 2007 Wisconsin legislature and as merged by the legislative reference bureau under s. 13.92 (2) (i).
71.07(3w)(c) (c) Limitations.
71.07(3w)(c)1.1. If the allowable amount of the claim under this subsection exceeds the taxes otherwise due on the claimant's income under s. 71.02, the amount of the claim that is not used to offset those taxes shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation under s. 20.835 (2) (co).
71.07(3w)(c)2. 2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts described under pars. (b) and (bm). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.
71.07(3w)(c)3. 3. No credit may be allowed under this subsection unless the claimant includes with the claimant's return a copy of the claimant's certification for tax benefits under s. 560.799 (5).
71.07(3w)(c)4. 4. No claimant may claim a credit under this subsection if the basis for which the credit is claimed is also the basis for which another credit is claimed under this subchapter.
71.07(3w)(d) (d) Administration. Section 71.28 (4) (g) and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection. Claimants shall include with their returns a copy of their certification for tax benefits, and a copy of the verification of their expenses, from the department of commerce.
71.07(4) (4)Homestead credit. The homestead credit under subch. VIII may be claimed by individuals against taxes otherwise due.
71.07(5) (5)Itemized deductions credit. Single persons, married persons filing separately and married persons filing jointly may claim as a credit against, but not to exceed the amount of, Wisconsin net income taxes due an amount calculated as follows:
71.07(5)(a) (a) Add the amounts allowed as itemized deductions under the internal revenue code except:
71.07(5)(a)1. 1. Interest paid to purchase or hold securities issued by the federal government or by any of its instrumentalities the interest on which is exempt from taxation under s. 71.05 (6) (b) 1.
71.07(5)(a)2. 2. Taxes under section 164 or 216 (a) (1) of the internal revenue code.
71.07(5)(a)3. 3. Casualty and theft deductions under section 165 (c) (3) of the internal revenue code.
71.07(5)(a)4. 4. Expenses to move from this state under section 217 of the internal revenue code.
71.07(5)(a)5. 5. Interest incurred to purchase or refinance a residence that is not a principal residence and is not in this state, and interest incurred to purchase or refinance a residence that is a boat.
71.07(5)(a)6. 6. The amount claimed for repayment of income previously taxed under this chapter if that amount is used in calculating the credit under sub. (1).
71.07(5)(a)7. 7. Miscellaneous itemized deductions under the Internal Revenue Code, without regard to whether such deductions are subject to the 2% floor as described in section 67 of the Internal Revenue Code.
71.07(5)(a)8. 8. Any employment-related educational expense that is claimed as an itemized deduction under the Internal Revenue Code to the extent that such an amount is also claimed as a subtract modification under s. 71.05 (6) (b) 28.
71.07(5)(a)15. 15. The amount claimed as a deduction for medical care insurance under section 213 of the Internal Revenue Code that is exempt from taxation under s. 71.05 (6) (b) 17. to 20., 35., 36., 37., 38., 39., 40., 41., and 42. and the amount claimed as a deduction for a long-term care insurance policy under section 213 (d) (1) (D) of the Internal Revenue Code, as defined in section 7702B (b) of the Internal Revenue Code that is exempt from taxation under s. 71.05 (6) (b) 26.
71.07(5)(b) (b) Subtract the standard deduction under s. 71.05 (22) from the amount under par. (a).
71.07(5)(c) (c) Multiply the amount under par. (b) by .05.
71.07(5)(d) (d) With respect to persons who change their domicile into or from this state during the taxable year and nonresident persons, the credit under this subsection shall be limited to the fraction of the amount so determined that Wisconsin adjusted gross income is of federal adjusted gross income. In this paragraph, for married persons filing separately "adjusted gross income" means the separate adjusted gross income of each spouse and for married persons filing jointly "adjusted gross income" means the total adjusted gross income of both spouses. If a person and that person's spouse are not both domiciled in this state during the entire taxable year, their credit under this subsection on a joint return shall be limited to the fraction of the amount so determined that their joint Wisconsin adjusted gross income is of their joint federal adjusted gross income.
71.07(5b) (5b)Early stage seed investment credit.
71.07(5b)(a)(a) Definitions. In this subsection:
71.07(5b)(a)1. 1. "Claimant" means a person who files a claim under this subsection.
71.07(5b)(a)2. 2. "Fund manager" means an investment fund manager certified under s. 560.205 (2).
71.07(5b)(b) (b) Filing claims.
71.07(5b)(b)1.1. For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and s. 560.205, and except as provided in subd. 2., a claimant may claim as a credit against the tax imposed under ss. 71.02 and 71.08, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 560.205 (1).
71.07(5b)(b)2. 2. In the case of a partnership, limited liability company, or tax-option corporation, the computation of the 25 percent limitation under subd. 1. shall be determined at the entity level rather than the claimant level and may be allocated among the claimants who make investments in the manner set forth in the entity's organizational documents. The entity shall provide to the department of revenue and to the department of commerce the names and tax identification numbers of the claimants, the amounts of the credits allocated to the claimants, and the computation of the allocations.
71.07(5b)(c) (c) Limitations.
71.07(5b)(c)1.1. Except as provided in s. 73.03 (63), the maximum amount of the credits that may be claimed under this subsection and ss. 71.28 (5b) and 71.47 (5b) for all taxable years combined is $52,500,000.
71.07(5b)(c)2. 2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interest or as specially allocated in their organizational documents.
71.07(5b)(d) (d) Administration.
71.07(5b)(d)1.1. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.
71.07(5b)(d)2. 2. The Wisconsin adjusted basis of any investment for which a credit is claimed under par. (b) shall be reduced by the amount of the credit that is offset against Wisconsin income taxes. The Wisconsin basis of a partner's interest in a partnership, a member's interest in a limited liability company, or stock in a tax-option corporation shall be adjusted to reflect adjustments made under this subdivision.
71.07(5d) (5d)Angel investment credit.
71.07(5d)(a)(a) Definitions. In this subsection:
71.07(5d)(a)1. 1. "Bona fide angel investment" means a purchase of an equity interest, or any other expenditure, as determined by rule under s. 560.205, that is made by any of the following:
71.07(5d)(a)1.a. a. A person who reviews new businesses or proposed new businesses for potential investment of the person's money.
71.07(5d)(a)1.b. b. A network of persons who satisfy subd. 1.
71.07(5d)(a)2. 2. "Claimant" means an individual who files a claim under this subsection.
71.07(5d)(a)2m. 2m. "Person" means a partnership or limited liability company that is a nonoperating entity, as determined by the department of commerce, a natural person, or fiduciary.
71.07(5d)(a)3. 3. "Qualified new business venture" means a business that is certified under s. 560.205 (1).
71.07(5d)(b) (b) Filing claims. Subject to the limitations provided in this subsection and in s. 560.205, a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08, up to the amount of those taxes, in each taxable year for 2 consecutive years, beginning with the taxable year as certified by the department of commerce, an amount equal to 12.5 percent of the claimant's bona fide angel investment made directly in a qualified new business venture.
71.07(5d)(c) (c) Limitations.
71.07(5d)(c)1.1. Except as provided in s. 73.03 (63), the maximum amount of the credits that may be claimed under this subsection for all taxable years combined is $47,500,000.
71.07(5d)(c)2. 2. The maximum amount of a claimant's investment that may be used as the basis for a credit under this subsection is $2,000,000 for each investment made directly in a business certified under s. 560.205 (1).
71.07(5d)(c)3m. 3m. Partnerships and limited liability companies may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts under par. (b). A partnership or limited liability company shall compute the amount of credit that each of its partners or members may claim and shall provide that information to each of them. Partners and members of limited liability companies may claim the credit in proportion to their ownership interest or as specially allocated in their organizational documents.
71.07(5d)(d) (d) Administration.
71.07(5d)(d)1.1. If an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than one year, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.
71.07(5d)(d)2. 2. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.
71.07(5d)(d)3. 3. Subsection (9e) (d), to the extent that it applies to the credit under that subsection, applies to the credit under this subsection.
71.07(5d)(d)4. 4. The Wisconsin adjusted basis of any investment for which a credit is claimed under par. (b) shall be reduced by the amount of the credit that is offset against Wisconsin income taxes.
71.07(5e) (5e)Internet equipment credit.
71.07(5e)(a)(a) Definitions. In this subsection:
71.07(5e)(a)1. 1. "Claimant" means a person who files a claim under this subsection.
71.07(5e)(a)2. 2. "Internet equipment used in the broadband market" means equipment that is capable of transmitting data packets or Internet signals at speeds of at least 200 kilobits per second in either direction.
71.07(5e)(b) (b) Filing claims. Subject to the limitations provided in this subsection and subject to 2005 Wisconsin Act 479, section 17, beginning in the first taxable year following the taxable year in which the claimant claims an exemption under s. 77.54 (48), a claimant may claim as a credit against the taxes imposed under ss. 71.02 and 71.08, up to the amount of those taxes, in each taxable year for 2 years, the amount certified by the department of commerce that the claimant claimed as an exemption under s. 77.54 (48).
71.07(5e)(c) (c) Limitations.
71.07(5e)(c)1.1. No credit may be allowed under this subsection unless the claimant satisfies the requirements under s. 77.54 (48).
71.07(5e)(c)2. 2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their use of sales and use tax exemptions certified by the department of commerce as described under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.
71.07(5e)(c)3. 3. The total amount of the credits and exemptions that may be claimed by all claimants under this subsection and ss. 71.28 (5e), 71.47 (5e), and 77.54 (48) is $7,500,000, as determined by the department of commerce.
71.07(5e)(d) (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4) applies to the credit under this subsection.
71.07(5f) (5f)Film production services credit.
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