AB484-AA7,2,137
71.07
(4k) (b) 1. Subject to the limitations provided in this subsection, and
8except as provided in subds. 2. and 3., for taxable years beginning after December
931, 2012, an individual, a partner of a partnership, a shareholder of a tax-option
10corporation, or a member of a limited liability company may claim a credit against
11the tax imposed under s. 71.02
or 71.08, as allocated under par. (d), an amount equal
12to 5 percent of the amount obtained by subtracting from the individual's,
13partnership's, tax-option corporation's, or limited liability company's qualified
1research expenses, as defined in section
41 of the Internal Revenue Code, except that
2"qualified research expenses" includes only expenses incurred by the individual,
3partnership, tax-option corporation, or the limited liability company, incurred for
4research conducted in this state for the taxable year, except that a taxpayer may elect
5the alternative computation under section
41 (c) (4) of the Internal Revenue Code
6and that election applies until the department permits its revocation, except as
7provided in par. (c), and except that "qualified research expenses" does not include
8compensation used in computing the credit under subs. (2dj) and (2dx), the entity's
9base amount, as defined in section
41 (c) of the Internal Revenue Code, except that
10gross receipts used in calculating the base amount means gross receipts from sales
11attributable to Wisconsin under ss. 71.04 (7) (b) 1. and 2., (df), (dh), (dj), and (dk).
12Section
41 (h) of the Internal Revenue Code does not apply to the credit under this
13subdivision.".
AB484-AA7,2,1716
71.07
(5m) (a) 4. "Net tax liability" means a claimant's income tax liability after
17he or she completes the computations listed in s. 71.10 (4) (a) to
(dr) (d).".
AB484-AA7,3,520
71.07
(9r) (a) For taxable years beginning on or after August 1, 1988, any
21natural person may credit against taxes otherwise due under s. 71.02
or 71.08 an
22amount equal to 25% of the costs of preservation or rehabilitation of historic property
23located in this state, including architectural fees and costs incurred in preparing
24nomination forms for listing in the national register of historic places in Wisconsin
1or the state register of historic places, if the nomination is made within 5 years prior
2to submission of a preservation or rehabilitation plan under par. (b) 3. b., and if the
3physical work of construction or destruction in preparation for construction begins
4after December 31, 1988, except that the credit may not exceed $10,000, or $5,000
5for married persons filing separately, for any preservation or rehabilitation project.".
AB484-AA7,3,16
13"
(1d) The treatment of sections 71.07 (5m) (a) 4. and (9r) (a), 71.08 (1) (intro.),
14as it relates to the state historic rehabilitation credit and the research credit, and
1571.10 (4) (dr) and (er) of the statutes first applies to taxable years beginning on
16January 1, 2014.".
