Amendment SSA1-SB136

LRBs0478/2

JK&MES:cmh/kf/jd:jf

2005 - 2006 LEGISLATURE

SENATE SUBSTITUTE AMENDMENT 1, TO 2005 SENATE BILL 136

January 26, 2006 - Offered by Joint Committee on Finance.

SB136-SSA1,1,11 An Act to amend 71.07 (2dm) (a) 1., 71.07 (2dm) (a) 3., 71.07 (2dm) (f) 1., 71.07 (2dm) (j), 71.07 (2dm) (k), 71.07 (2dx) (a) 2., 71.07 (2dx) (b) (intro.), 71.07 (2dx) (c), 71.07 (2dx) (d), 71.28 (1dm) (a) 1., 71.28 (1dm) (a) 3., 71.28 (1dm) (f) 1., 71.28 (1dm) (j), 71.28 (1dm) (k), 71.28 (1dx) (a) 2., 71.28 (1dx) (b) (intro.), 71.28 (1dx) (c), 71.28 (1dx) (d), 71.47 (1dm) (a) 1., 71.47 (1dm) (a) 3., 71.47 (1dm) (f) 1., 71.47 (1dm) (j), 71.47 (1dm) (k), 71.47 (1dx) (a) 2., 71.47 (1dx) (b) (intro.), 71.47 (1dx) (c), 71.47 (1dx) (d), 234.03 (2m), 234.03 (11), 234.08 (1), 234.265 (2), 234.40 (4), 234.50 (4), 234.60 (2), 234.61 (1) and 234.66 (3) (b); and to create 234.63 and 560.799 of the statutes; relating to: creating income and franchise tax credits for businesses located in an airport development zone and a loan program for certain construction projects in an airport development zone.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB136-SSA1, s. 1 Section 1. 71.07 (2dm) (a) 1. of the statutes is amended to read:

SB136-SSA1,2,3 71.07 (2dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

SB136-SSA1, s. 2 Section 2. 71.07 (2dm) (a) 3. of the statutes is amended to read:

SB136-SSA1,2,7 71.07 (2dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.

SB136-SSA1, s. 3 Section 3. 71.07 (2dm) (f) 1. of the statutes is amended to read:

SB136-SSA1,2,11 71.07 (2dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

SB136-SSA1, s. 4 Section 4. 71.07 (2dm) (j) of the statutes is amended to read:

SB136-SSA1,2,22 71.07 (2dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3) , or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.

SB136-SSA1, s. 5 Section 5. 71.07 (2dm) (k) of the statutes is amended to read:

SB136-SSA1,3,4 71.07 (2dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

SB136-SSA1, s. 6 Section 6. 71.07 (2dx) (a) 2. of the statutes is amended to read:

SB136-SSA1,3,9 71.07 (2dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795, an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.

SB136-SSA1, s. 7 Section 7. 71.07 (2dx) (b) (intro.) of the statutes, as affected by 2005 Wisconsin Act 25, is amended to read:

SB136-SSA1,3,16 71.07 (2dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:

SB136-SSA1, s. 8 Section 8. 71.07 (2dx) (c) of the statutes is amended to read:

SB136-SSA1,4,2 71.07 (2dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

SB136-SSA1, s. 9 Section 9. 71.07 (2dx) (d) of the statutes is amended to read:

SB136-SSA1,4,10 71.07 (2dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

SB136-SSA1, s. 10 Section 10. 71.28 (1dm) (a) 1. of the statutes is amended to read:

SB136-SSA1,4,13 71.28 (1dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

SB136-SSA1, s. 11 Section 11. 71.28 (1dm) (a) 3. of the statutes is amended to read:

SB136-SSA1,4,17 71.28 (1dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.

SB136-SSA1, s. 12 Section 12. 71.28 (1dm) (f) 1. of the statutes is amended to read:

SB136-SSA1,4,21 71.28 (1dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

SB136-SSA1, s. 13 Section 13. 71.28 (1dm) (j) of the statutes is amended to read:

SB136-SSA1,5,7 71.28 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3) , or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.

SB136-SSA1, s. 14 Section 14. 71.28 (1dm) (k) of the statutes is amended to read:

SB136-SSA1,5,14 71.28 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

SB136-SSA1, s. 15 Section 15. 71.28 (1dx) (a) 2. of the statutes is amended to read:

SB136-SSA1,5,19 71.28 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795, an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.

SB136-SSA1, s. 16 Section 16. 71.28 (1dx) (b) (intro.) of the statutes, as affected by 2005 Wisconsin Act 25, is amended to read:

SB136-SSA1,6,2 71.28 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:

SB136-SSA1, s. 17 Section 17. 71.28 (1dx) (c) of the statutes is amended to read:

SB136-SSA1,6,13 71.28 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

SB136-SSA1, s. 18 Section 18. 71.28 (1dx) (d) of the statutes is amended to read:

SB136-SSA1,6,21 71.28 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

SB136-SSA1, s. 19 Section 19. 71.47 (1dm) (a) 1. of the statutes is amended to read:

SB136-SSA1,6,24 71.47 (1dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

SB136-SSA1, s. 20 Section 20. 71.47 (1dm) (a) 3. of the statutes is amended to read:

SB136-SSA1,7,3 71.47 (1dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.

SB136-SSA1, s. 21 Section 21. 71.47 (1dm) (f) 1. of the statutes is amended to read:

SB136-SSA1,7,7 71.47 (1dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

SB136-SSA1, s. 22 Section 22. 71.47 (1dm) (j) of the statutes is amended to read:

SB136-SSA1,7,18 71.47 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3) , or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.

SB136-SSA1, s. 23 Section 23. 71.47 (1dm) (k) of the statutes is amended to read:

SB136-SSA1,7,25 71.47 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

SB136-SSA1, s. 24 Section 24. 71.47 (1dx) (a) 2. of the statutes is amended to read:

SB136-SSA1,8,5 71.47 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795 or an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.

SB136-SSA1, s. 25 Section 25. 71.47 (1dx) (b) (intro.) of the statutes, as affected by 2005 Wisconsin Act 25, is amended to read:

SB136-SSA1,8,12 71.47 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:

SB136-SSA1, s. 26 Section 26. 71.47 (1dx) (c) of the statutes is amended to read:

SB136-SSA1,8,23 71.47 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

SB136-SSA1, s. 27 Section 27. 71.47 (1dx) (d) of the statutes is amended to read:

SB136-SSA1,9,7 71.47 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

SB136-SSA1, s. 28 Section 28. 234.03 (2m) of the statutes is amended to read:

SB136-SSA1,9,10 234.03 (2m) To issue notes and bonds in accordance with ss. 234.08, 234.40, 234.50, 234.60, 234.61, 234.626, 234.63, 234.65, and 234.66.

SB136-SSA1, s. 29 Section 29. 234.03 (11) of the statutes is amended to read:

SB136-SSA1,9,15 234.03 (11) To collect fees and charges on mortgage loans and economic development loans and airport development loans under s. 234.63 (3) for the purpose of paying all or a portion of authority costs as the authority determines are reasonable and as approved by the authority.

SB136-SSA1, s. 30 Section 30. 234.08 (1) of the statutes is amended to read:

SB136-SSA1,9,25 234.08 (1) The authority may issue its negotiable notes and bonds in such principal amount, as, in the opinion of the authority, is necessary to provide sufficient funds for achieving its corporate purposes, including the purchase of certain mortgages and securities and the making of secured loans for low- and moderate-income housing, for the rehabilitation of existing structures and for the construction of facilities appurtenant thereto as provided in this chapter; for the making of secured loans to assist eligible elderly homeowners in paying property taxes and special assessments; for the payment of interest on notes and bonds of the authority during construction; for the awarding of airport development loans under s. 234.63 (3); for the establishment of reserves to secure such notes and bonds; for the provision of moneys for the housing development fund in order to make temporary loans to sponsors of housing projects as provided in this chapter; and for all other expenditures of the authority incident to and necessary or convenient to carry out its corporate purposes and powers.

SB136-SSA1, s. 31 Section 31. 234.265 (2) of the statutes, as affected by 2005 Wisconsin Act 75, is amended to read:

SB136-SSA1,10,14 234.265 (2) Records or portions of records consisting of personal or financial information provided by a person seeking a grant or loan under s. 234.04, 234.08, 234.49, 234.59, 234.61, 234.63, 234.65, 234.67, 234.83, 234.84, 234.90, 234.905, 234.907, or 234.91, seeking a loan under ss. 234.621 to 234.626, seeking financial assistance under s. 234.66, seeking investment of funds under s. 234.03 (18m), or in which the authority has invested funds under s. 234.03 (18m), unless the person consents to disclosure of the information.

SB136-SSA1, s. 32 Section 32. 234.40 (4) of the statutes, as affected by 2005 Wisconsin Act 75, is amended to read:

SB136-SSA1,10,21 234.40 (4) The limitations established in ss. 234.18, 234.50, 234.60, 234.61, 234.63, 234.65, and 234.66 are not applicable to bonds issued under the authority of this section. The authority may not have outstanding at any one time bonds for veterans housing loans in an aggregate principal amount exceeding $61,945,000, excluding bonds being issued to refund outstanding bonds.