Amendment ASA1-AB357

LRBs0302/1

JK:med:ph

2011 - 2012 LEGISLATURE

ASSEMBLY SUBSTITUTE AMENDMENT 1, TO 2011 ASSEMBLY BILL 357

January 27, 2012 - Offered by Representative Tranel.

AB357-ASA1,1,4 An Act to amend 71.05 (6) (a) 15., 71.07 (3p) (c) 5., 71.28 (3p) (c) 5. and 71.47 (3p) (c) 5. of the statutes; relating to: allowing members of dairy cooperatives to claim the dairy manufacturing facility investment credit in the next taxable year.

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

AB357-ASA1, s. 1 Section 1. 71.05 (6) (a) 15. of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB357-ASA1,2,2 71.05 (6) (a) 15. The Except as provided under s. 71.07 (3p) (c) 5., the amount of the credits computed under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3s), (3t), (3w), (5e), (5f), (5h), (5i), (5j), (5k), (5n), (5r), (5rm), and (8r) and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership's, company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g).

AB357-ASA1, s. 2 Section 2. 71.07 (3p) (c) 5. of the statutes is amended to read:

AB357-ASA1,2,12 71.07 (3p) (c) 5. A claimant who is a member of a dairy cooperative may claim the credit in the year after the year in which the dairy manufacturing modernization or expansion occurs, based on amounts described under par. (b) that are paid by the dairy cooperative, for taxable years beginning after December 31, 2008, and before January 1, 2017 2018. The amount of the credits computed and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership's, company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g) shall be added to a claimant's income in the year in which the cooperative member is allowed to claim the credit.

AB357-ASA1, s. 3 Section 3. 71.28 (3p) (c) 5. of the statutes is amended to read:

AB357-ASA1,2,22 71.28 (3p) (c) 5. A claimant who is a member of a dairy cooperative may claim the credit in the year after the year in which the dairy manufacturing modernization or expansion occurs, based on amounts described under par. (b) that are paid by the dairy cooperative, for taxable years beginning after December 31, 2008, and before January 1, 2017 2018. The amount of the credits computed and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership's, company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g) shall be added to a claimant's income in the year in which the cooperative member is allowed to claim the credit.

AB357-ASA1, s. 4 Section 4. 71.47 (3p) (c) 5. of the statutes is amended to read:

AB357-ASA1,3,7 71.47 (3p) (c) 5. A claimant who is a member of a dairy cooperative may claim the credit in the year after the year in which the dairy manufacturing modernization or expansion occurs, based on amounts described under par. (b) that are paid by the dairy cooperative, for taxable years beginning after December 31, 2008, and before January 1, 2017 2018. The amount of the credits computed and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership's, company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1k) (g) shall be added to a claimant's income in the year in which the cooperative member is allowed to claim the credit.

AB357-ASA1,3,8 (End)