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71.47(5h) (5h)Film production company investment credit.
71.47(5h)(a)(a) Definitions. In this subsection:
71.47(5h)(a)1. 1. "Claimant" means a person who files a claim under this subsection and who does business in this state as a film production company.
71.47(5h)(a)2. 2. "Film production company" means an entity that creates films, videos, electronic games, broadcast advertisement, or television productions, not including the productions described under s. 71.47 (5f) (a) 1. a. to h.
71.47(5h)(a)3. 3. "Physical work" does not include preliminary activities such as planning, designing, securing financing, researching, developing specifications, or stabilizing property to prevent deterioration.
71.47(5h)(a)4. 4. "Previously owned property" means real property that the claimant or a related person owned during the 2 years prior to doing business in this state as a film production company and for which the claimant may not deduct a loss from the sale of the property to, or an exchange of the property with, the related person under section 267 of the Internal Revenue Code, except that section 267 of the Internal Revenue Code is modified so that if the claimant owns any part of the property, rather than 50 percent ownership, the claimant is subject to section 267 of the Internal Revenue Code for purposes of this subsection.
71.47(5h)(b) (b) Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2007, a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of the taxes, for the first 3 taxable years that the claimant is doing business in this state as a film production company, an amount that is equal to 15 percent of the following that the claimant paid in the taxable year to establish a film production company in this state:
71.47(5h)(b)1. 1. The purchase price of depreciable, tangible personal property.
71.47(5h)(b)2. 2. The amount expended to acquire, construct, rehabilitate, remodel, or repair real property.
71.47(5h)(c) (c) Limitations.
71.47(5h)(c)1.1. A claimant may claim the credit under par. (b) 1., if the tangible personal property is purchased after December 31, 2007, and the personal property is used for at least 50 percent of its use in the claimant's business as a film production company.
71.47(5h)(c)2. 2. A claimant may claim the credit under par. (b) 2. for an amount expended to construct, rehabilitate, remodel, or repair real property, if the claimant began the physical work of construction, rehabilitation, remodeling, or repair, or any demolition or destruction in preparation for the physical work, after December 31, 2007, and the completed project is placed in service after December 31, 2007.
71.47(5h)(c)3. 3. A claimant may claim the credit under par. (b) 2. for an amount expended to acquire real property, if the property is not previously owned property and if the claimant acquires the property after December 31, 2007, and the completed project is placed in service after December 31, 2007.
71.47(5h)(c)4. 4. No claim may be allowed under this subsection unless the department of commerce certifies, in writing, that the credits claimed under this subsection are for expenses related to establishing a film production company in this state and the claimant submits a copy of the certification with the claimant's return.
71.47(5h)(c)5. 5. 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 interests.
71.47(5h)(d) (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credits under this subsection.
71.47(5i) (5i)Electronic medical records credit.
71.47(5i)(a)(a) Definitions. In this subsection, "claimant" means a person who files a claim under this subsection.
71.47(5i)(b) (b) Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2009, a claimant may claim as a credit against the taxes imposed under s. 71.43, up to the amount of those taxes, an amount equal to 50 percent of the amount the claimant paid in the taxable year for information technology hardware or software that is used to maintain medical records in electronic form, if the claimant is a health care provider, as defined in s. 146.81 (1).
71.47(5i)(c) (c) Limitations.
71.47(5i)(c)1.1. The maximum amount of the credits that may be claimed under this subsection and ss. 71.07 (5i) and 71.28 (5i) in a taxable year is $10,000,000, as allocated under s. 560.204.
71.47(5i)(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 interests.
71.47(5i)(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.
71.47(5j) (5j)Ethanol and biodiesel fuel pump credit.
71.47(5j)(a)(a) Definitions. In this subsection:
71.47(5j)(a)1. 1. "Biodiesel fuel" has the meaning given in s. 168.14 (2m) (a).
71.47(5j)(a)2. 2. "Claimant" means a person who files a claim under this subsection.
71.47(5j)(a)3. 3. "Motor vehicle fuel" has the meaning given in s. 78.005 (13).
71.47(5j)(b) (b) Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2007, and before January 1, 2018, a claimant may claim as a credit against the taxes imposed under s. 71.43, up to the amount of the taxes, an amount that is equal to 25 percent of the amount that the claimant paid in the taxable year to install or retrofit pumps located in this state that dispense motor vehicle fuel consisting of at least 85 percent ethanol or at least 20 percent biodiesel fuel.
71.47(5j)(c) (c) Limitations.
71.47(5j)(c)1.1. The maximum amount of the credit that a claimant may claim under this subsection in a taxable year is an amount that is equal to $5,000 for each service station for which the claimant has installed or retrofitted pumps as described under par. (b).
71.47(5j)(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 interests.
71.47(5j)(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.
71.47(5k) (5k)Community rehabilitation program credit.
71.47(5k)(a)(a) Definitions. In this subsection:
71.47(5k)(a)1. 1. "Claimant" means a person who files a claim under this subsection.
71.47(5k)(a)2. 2. "Community rehabilitation program" means a nonprofit entity, county, municipality, or state or federal agency that directly provides, or facilitates the provision of, vocational rehabilitation services to individuals who have disabilities to maximize the employment opportunities, including career advancement, of such individuals.
71.47(5k)(a)3. 3. "Vocational rehabilitation services" include education, training, employment, counseling, therapy, placement, and case management.
71.47(5k)(a)4. 4. "Work" includes production, packaging, assembly, food service, custodial service, clerical service, and other commercial activities that improve employment opportunities for individuals who have disabilities.
71.47(5k)(b) (b) Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after July 1, 2009, a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of those taxes, an amount equal to 5 percent of the amount the claimant paid in the taxable year to a community rehabilitation program to perform work for the claimant's business, pursuant to a contract.
71.47(5k)(c) (c) Limitations.
71.47(5k)(c)1.1. The maximum amount of the credit that any claimant may claim under this subsection in a taxable year is $25,000 for each community rehabilitation program for which the claimant enters into a contract to have the community rehabilitation program perform work for the claimant's business.
71.47(5k)(c)2. 2. No credit may be claimed under this subsection unless the claimant submits with the claimant's return a form, as prescribed by the department of revenue, that verifies that the claimant has entered into a contract with a community rehabilitation program and that the program has received payment from the claimant for work provided by the program, consistent with par. (b).
71.47(5k)(c)3. 3. 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 interests.
71.47(5k)(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.
71.47(6) (6)Supplement to federal historic rehabilitation credit.
71.47(6)(a)(a) Any person may credit against taxes otherwise due under this chapter, up to the amount of those taxes, an amount equal to 5% of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the internal revenue code, for certified historic structures on property located in this state if the physical work of construction or destruction in preparation for construction begins after December 31, 1988, and the rehabilitated property is placed in service after June 30, 1989.
71.47(6)(c) (c) No person may claim the credit under this subsection unless the claimant includes with the claimant's return evidence that the rehabilitation was approved by the secretary of the interior under 36 CFR 67.6 before the physical work of construction, or destruction in preparation for construction, began.
71.47(6)(d) (d) The Wisconsin adjusted basis of the building shall be reduced by the amount of any credit awarded under this subsection. The Wisconsin adjusted basis of a partner's interest in a partnership, a member's interest in a limited liability company or of stock in a tax-option corporation shall be adjusted to take into account adjustments made under this paragraph.
71.47(6)(e) (e) The provisions of sub. (4) (e), (f), (g) and (h), as they apply to the credit under that subsection, apply to the credit under this subsection.
71.47(6)(f) (f) A partnership, limited liability company or tax-option corporation may not claim the credit under this subsection. The individual partners, members of a limited liability company or shareholders in a tax-option corporation may claim the credit under this subsection based on eligible costs incurred by the partnership, limited liability company or tax-option corporation, in proportion to the ownership interest of each partner, member or shareholder. The partnership, limited liability company or tax-option corporation shall calculate the amount of the credit which may be claimed by each partner, member or shareholder and shall provide that information to the partner, member or shareholder.
71.48 71.48 Payments of estimated taxes. Sections 71.29 and 71.84 (2) shall apply to insurers subject to taxation under this chapter.
71.48 History History: 1987 a. 312.
71.49 71.49 General provisions.
71.49(1)(1)Computation order. Notwithstanding any other provisions in this chapter, corporations computing liability for the tax under s. 71.43 (1) or (2) shall make computations in the following order:
71.49(1)(a) (a) Tax under s. 71.43 (1) or (2).
71.49(1)(b) (b) Manufacturing sales tax credit under s. 71.47 (3).
71.49(1)(bb) (bb) Manufacturing investment credit under s. 71.47 (3t).
71.49(1)(bm) (bm) Dairy investment credit under 71.47 (3n).
71.49(1)(bn) (bn) Community rehabilitation program credit under s. 71.47 (5k).
71.49(1)(c) (c) Research credit under s. 71.47 (4).
71.49(1)(cn) (cn) Biodiesel fuel production credit under s. 71.47 (3h).
71.49(1)(d) (d) Research facilities credit under s. 71.47 (5).
71.49(1)(dm) (dm) Health Insurance Risk-Sharing Plan assessments credit under s. 71.47 (5g).
71.49(1)(ds) (ds) Ethanol and biodiesel fuel pump credit under s. 71.47 (5j).
71.49(1)(e) (e) Community development finance credit under s. 71.47 (1).
71.49(1)(eb) (eb) Development zones jobs credit under s. 71.47 (1dj).
71.49(1)(ec) (ec) Development zones sales tax credit under s. 71.47 (1ds).
71.49(1)(eg) (eg) Development zones investment credit under s. 71.47 (1di).
71.49(1)(em) (em) Development zones location credit under s. 71.47 (1dL).
71.49(1)(emb) (emb) Development zone capital investment credit under s. 71.47 (1dm).
71.49(1)(en) (en) Development zones day care credit under s. 71.28 (1dd).
71.49(1)(eo) (eo) Development zones environmental remediation credit under s. 71.28 (1de).
71.49(1)(eom) (eom) Development zones credit under s. 71.47 (1dx).
71.49(1)(eon) (eon) Technology zones credit under s. 71.47 (3g).
71.49(1)(eop) (eop) Early stage seed investment credit under s. 71.47 (5b).
71.49(1)(ep) (ep) Supplement to federal historic rehabilitation credit under s. 71.47 (6).
71.49(1)(epa) (epa) Electronic medical records credit under s. 71.47 (5i).
71.49(1)(epr) (epr) Film production company investment credit under s. 71.47 (5h).
71.49(1)(eps) (eps) Film production services credit under s. 71.47 (5f) (b) 1. and 3.
71.49(1)(es) (es) Internet equipment credit under s. 71.47 (5e).
71.49(1)(f) (f) The total of farmers' drought property tax credit under s. 71.47 (1fd), farmland preservation credit under subch. IX, farmland tax relief credit under s. 71.47 (2m), dairy manufacturing facility investment credit under s. 71.47 (3p), enterprise zone jobs credit under s. 71.47 (3w), film production services credit under s. 71.47 (5f) (b) 2., and estimated tax payments under s. 71.48.
71.49(2) (2)Elections under internal revenue code. Elections authorized by and made in accordance with the internal revenue code, except an election to file consolidated returns or to claim a credit against federal tax liability rather than a deduction from income, shall be deemed elections for the purpose of applying this chapter.
71.49(3) (3)Penalties. Unless specifically provided in this subchapter, the penalties under subch. XIII apply for failure to comply with this subchapter unless the context requires otherwise.
subch. VIII of ch. 71 SUBCHAPTER VIII
HOMESTEAD CREDIT
Subch. VIII of ch. 71 Cross-reference Cross Reference: See also ch. Tax 14, Wis. adm. code.
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