AB520: Bill Text

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

AB520, s. 1 Section 1. 71.07 (3g) (a) 2. of the statutes is renumbered 71.07 (3g) (a) 2. (intro.) and amended to read:

AB520,2,6 71.07 (3g) (a) 2. (intro.) The amount of income and franchise taxes imposed under s. 71.02 that the business paid in the taxable year. Ten percent of the following amounts of capital investments that are made by the business in the technology zone in the year to which the claim relates:

AB520, s. 2 Section 2. 71.07 (3g) (a) 2. a. of the statutes is created to read:

AB520,2,9 71.07 (3g) (a) 2. a. The purchase price of depreciable, tangible personal property.

AB520, s. 3 Section 3. 71.07 (3g) (a) 2. b. of the statutes is created to read:

AB520,3,3 71.07 (3g) (a) 2. b. The amount expended to acquire, construct, rehabilitate, remodel, or repair real property in a technology zone.

AB520, s. 4 Section 4. 71.07 (3g) (a) 3. of the statutes is amended to read:

AB520,3,9 71.07 (3g) (a) 3. The amount of sales and use taxes imposed under ss. 77.52, 77.53, and 77.71 that the business paid in the taxable year Fifteen percent of the amount that is spent for the first 12 months of wages for each full-time job that is created in a technology zone after certification. "Full-time job" has the meaning given in s. 560.96 (1) (a).

AB520, s. 5 Section 5. 71.07 (3g) (e) of the statutes is created to read:

AB520,3,13 71.07 (3g) (e) 1. No amount described under par. (a) 2. may be used in the calculation of a credit under this subsection if that amount is used in the calculation of any other credit under this chapter.

AB520,3,17 2. The investments that relate to the amount described under par. (a) 2. for which a claimant makes a claim under this subsection must be retained for use in the technology zone for the period during which the claimant's business is certified under s. 560.96 (3).

AB520, s. 6 Section 6. 71.07 (3g) (f) of the statutes is created to read:

AB520,3,20 71.07 (3g) (f) No credit may be allowed under this subsection unless the claimant includes with the claimant's return:

AB520,3,23 1. A copy of a verification from the department of commerce that the claimant's business is certified under s. 560.96 (3) and that the business and the department of commerce have entered into an agreement under s. 560.96 (3) (d).

AB520,4,3 2. A statement from the department of commerce verifying the purchase price of the investment described under par. (a) 2. and verifying that the investment fulfills the requirement under par. (e) 2.

AB520, s. 7 Section 7. 71.28 (3g) (a) 2. of the statutes is renumbered 71.28 (3g) (a) 2. (intro.) and amended to read:

AB520,4,9 71.28 (3g) (a) 2. (intro.) The amount of income and franchise taxes imposed under s. 71.23 that the business paid in the taxable year. Ten percent of the following amounts of capital investments that are made by the business in the technology zone in the year to which the claim relates:

AB520, s. 8 Section 8. 71.28 (3g) (a) 2. a. of the statutes is created to read:

AB520,4,12 71.28 (3g) (a) 2. a. The purchase price of depreciable, tangible personal property.

AB520, s. 9 Section 9. 71.28 (3g) (a) 2. b. of the statutes is created to read:

AB520,4,15 71.28 (3g) (a) 2. b. The amount expended to acquire, construct, rehabilitate, remodel, or repair real property in a technology zone.

AB520, s. 10 Section 10. 71.28 (3g) (a) 3. of the statutes is amended to read:

AB520,4,21 71.28 (3g) (a) 3. The amount of sales and use taxes imposed under ss. 77.52, 77.53, and 77.71 that the business paid in the taxable year Fifteen percent of the amount that is spent for the first 12 months of wages for each full-time job that is created in a technology zone after certification. "Full-time job" has the meaning given in s. 560.96 (1) (a).

AB520, s. 11 Section 11. 71.28 (3g) (e) of the statutes is created to read:

AB520,4,25 71.28 (3g) (e) 1. No amount described under par. (a) 2. may be used in the calculation of a credit under this subsection if that amount is used in the calculation of any other credit under this chapter.

AB520,5,4 2. The investments that relate to the amount described under par. (a) 2. for which a claimant makes a claim under this subsection must be retained for use in the technology zone for the period during which the claimant's business is certified under s. 560.96 (3).

AB520, s. 12 Section 12. 71.28 (3g) (f) of the statutes is created to read:

AB520,5,7 71.28 (3g) (f) No credit may be allowed under this subsection unless the claimant includes with the claimant's return:

AB520,5,10 1. A copy of a verification from the department of commerce that the claimant's business is certified under s. 560.96 (3) and that the business and the department of commerce have entered into an agreement under s. 560.96 (3) (d).

AB520,5,13 2. A statement from the department of commerce verifying the purchase price of the investment described under par. (a) 2. and verifying that the investment fulfills the requirement under par. (e) 2.

AB520, s. 13 Section 13. 71.47 (3g) (a) 2. of the statutes is renumbered 71.47 (3g) (a) 2. (intro.) and amended to read:

AB520,5,19 71.47 (3g) (a) 2. (intro.) The amount of income and franchise taxes imposed under s. 71.43 that the business paid in the taxable year. Ten percent of the following amounts of capital investments that are made by the business in the technology zone in the year to which the claim relates:

AB520, s. 14 Section 14. 71.47 (3g) (a) 2. a. of the statutes is created to read:

AB520,5,22 71.47 (3g) (a) 2. a. The purchase price of depreciable, tangible personal property.

AB520, s. 15 Section 15. 71.47 (3g) (a) 2. b. of the statutes is created to read:

AB520,5,25 71.47 (3g) (a) 2. b. The amount expended to acquire, construct, rehabilitate, remodel, or repair real property in a technology zone.

AB520, s. 16 Section 16. 71.47 (3g) (a) 3. of the statutes is amended to read:

AB520,6,6 71.47 (3g) (a) 3. The amount of sales and use taxes imposed under ss. 77.52, 77.53, and 77.71 that the business paid in the taxable year Fifteen percent of the amount that is spent for the first 12 months of wages for each full-time job that is created in a technology zone after certification. "Full-time job" has the meaning given in s. 560.96 (1) (a).

AB520, s. 17 Section 17. 71.47 (3g) (e) of the statutes is created to read:

AB520,6,10 71.47 (3g) (e) 1. No amount described under par. (a) 2. may be used in the calculation of a credit under this subsection if that amount is used in the calculation of any other credit under this chapter.

AB520,6,14 2. The investments that relate to the amount described under par. (a) 2. for which a claimant makes a claim under this subsection must be retained for use in the technology zone for the period during which the claimant's business is certified under s. 560.96 (3).

AB520, s. 18 Section 18. 71.47 (3g) (f) of the statutes is created to read:

AB520,6,17 71.47 (3g) (f) No credit may be allowed under this subsection unless the claimant includes with the claimant's return:

AB520,6,20 1. A copy of a verification from the department of commerce that the claimant's business is certified under s. 560.96 (3) and that the business and the department of commerce have entered into an agreement under s. 560.96 (3) (d).

AB520,6,23 2. A statement from the department of commerce verifying the purchase price of the investment described under par. (a) 2. and verifying that the investment fulfills the requirement under par. (e) 2.

AB520, s. 19 Section 19. 560.96 (1) of the statutes is renumbered 560.96 (1) (intro.) and amended to read:

AB520,7,3 560.96 (1) (intro.) In this section, "tax credit" means a credit under s. 71.07 (2di), (2dm), (2dx), or (3g), 71.28 (1di), (1dm), (1dx), or (3g), or 71.47 (1di), (1dm), (1dx), or (3g).:

AB520, s. 20 Section 20. 560.96 (1) (a) of the statutes is created to read:

AB520,7,11 560.96 (1) (a) "Full-time job" means a regular, nonseasonal full-time position in which an individual, as a condition of employment, is required to work at least 2,080 hours per year, subject to sub. (5) (j), including paid leave and holidays, and for which the individual receives pay that is equal to at least 200% of the federal minimum wage and receives benefits that are not required by federal or state law. "Full-time job" does not include initial training before an employment position begins.

AB520, s. 21 Section 21. 560.96 (1) (b) of the statutes is created to read:

AB520,7,14 560.96 (1) (b) "Tax credit" means a credit under s. 71.07 (2di), (2dm), (2dx), or (3g), 71.28 (1di), (1dm), (1dx), or (3g), or 71.47 (1di), (1dm), (1dx), or (3g).

AB520, s. 22 Section 22. 560.96 (3) (b) 1. of the statutes is amended to read:

AB520,7,16 560.96 (3) (b) 1. How many new full-time jobs the business is likely to create.

AB520, s. 23 Section 23. 560.96 (5) (j) of the statutes is created to read:

AB520,7,21 560.96 (5) (j) The number of hours an individual is required to work for his or her employment to be considered a full-time job. The department may reduce the number of hours specified in sub. (1) (a) to be considered a full-time job based on the normal work week of a certified business to 1,820 hours.

AB520, s. 24 Section 24. Initial applicability.

AB520,7,23 (1) This act first applies to taxable years beginning on January 1, 2002.

AB520,7,24 (End)