AB40,794,320
71.22
(4) (um) Except as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34
21(1g), and 71.42 (2), "Internal Revenue Code," for taxable years that begin after
22December 31, 2008, means the federal Internal Revenue Code as amended to
23December 31, 2008, excluding sections 103, 104, and 110 of P.L.
102-227, sections
2413113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, sections 1123 (b),
251202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
1106-519, sections 162 and 165 of P.L.
106-554, P.L.
106-573, section 431 of P.L.
2107-16, sections 101 and 301 (a) of P.L.
107-147, sections 106, 201, and 202 of P.L.
3108-27, section 1201 of P.L.
108-173, sections 306, 308, 316, 401, and 403 (a) of P.L.
4108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
5108-357, P.L.
109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
61329, 1348, and 1351 of P.L.
109-58, section 11146 of P.L.
109-59, section 301 of P.L.
7109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
8(j), and (q), and 405 of P.L.
109-135, sections 101, 207, 209, 503, and 513 of P.L.
9109-222,
section 844 of P.L. 109-280, P.L.
109-432, P.L.
110-28, P.L.
110-140, P.L.
10110-141, P.L.
110-142, P.L.
110-166, P.L.
110-172, P.L.
110-185, P.L.
110-234,
11sections 110, 113, and 301 of P.L.
110-245, P.L.
110-246,
except section 15316 of P.L.
12110-246, P.L.
110-289, P.L.
110-317, P.L.
110-343,
except section 301 of division B
13and section 313 of division C of P.L. 110-343, and P.L.
110-351,
and as amended by
14sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of
15P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and as indirectly
16affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203,
17P.L.
100-647, excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2), and
18823 (c) (2) of P.L.
99-514 and section 1008 (g) (5) of P.L.
100-647, P.L.
101-73, P.L.
19101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
20103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
21sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
22103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
231123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
24104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
25106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of
1P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
2107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding sections 101 and 301 (a)
3of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
4excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, P.L.
108-173,
5excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311,
6excluding sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
7excluding sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of
8P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7, P.L.
109-58, excluding sections
91305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
10109-58, P.L.
109-59, excluding section 11146 of P.L.
109-59, P.L.
109-73, excluding
11section 301 of P.L.
109-73, P.L.
109-135, excluding sections 101, 105, 201 (a) as it
12relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, P.L.
13109-151, P.L.
109-222, excluding sections 101, 207, 209, 503, and 513 of P.L.
14109-222, P.L.
109-227, P.L.
109-280,
excluding section 844 of P.L. 109-280, P.L.
15110-245, excluding sections 110, 113, and 301 of P.L.
110-245,
and section 15316 of
16P.L. 110-246, section 301 of division B and section 313 of division C of P.L. 110-343, 17P.L.
110-458, sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5,
18section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240. The
19Internal Revenue Code applies for Wisconsin purposes at the same time as for federal
20purposes. Amendments to the federal Internal Revenue Code enacted after
21December 31, 2008, do not apply to this paragraph with respect to taxable years
22beginning after December 31, 2008
, except that changes to the Internal Revenue
23Code made by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5,
24section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and
25changes that indirectly affect the provisions applicable to this subchapter made by
1sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of
2P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, apply for Wisconsin
3purposes at the same time as for federal purposes.
AB40, s. 1891
4Section
1891. 71.22 (4m) (sm) of the statutes is amended to read:
AB40,796,115
71.22
(4m) (sm) For taxable years that begin after December 31, 2008,
6"Internal Revenue Code," for corporations that are subject to a tax on unrelated
7business income under s. 71.26 (1) (a), means the federal Internal Revenue Code as
8amended to December 31, 2008, excluding sections 103, 104, and 110 of P.L.
102-227,
9sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, sections
101123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, sections 1, 3, 4, and
115 of P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
106-573, section 431 of
12P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147, sections 106, 201, and 202 of
13P.L.
108-27, section 1201 of P.L.
108-173, sections 306, 308, 316, 401, and 403 (a) of
14P.L.
108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910
15of P.L.
108-357, P.L.
109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326,
161328, 1329, 1348, and 1351 of P.L.
109-58, section 11146 of P.L.
109-59, section 301
17of P.L.
109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403
18(e), (j), and (q), and 405 of P.L.
109-135, sections 101, 207, 209, 503, and 513 of P.L.
19109-222,
section 844 of P.L. 109-280, P.L.
109-432, P.L.
110-28, P.L.
110-140, P.L.
20110-141, P.L.
110-142, P.L.
110-166, P.L.
110-172, P.L.
110-185, P.L.
110-234,
21sections 110, 113, and 301 of P.L.
110-245, P.L.
110-246,
except section 15316 of P.L.
22110-246, P.L.
110-289, P.L.
110-317, P.L.
110-343,
except section 301 of division B
23and section 313 of division C of P.L. 110-343, and P.L.
110-351,
and as amended by
24sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of
25P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and as indirectly
1affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203,
2P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508,
3P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
4102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
513203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
6104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
7104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
8105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554,
9excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding
10section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147,
11excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
12107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
13108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
14108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316, 401, and 403
15(a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 102, 201, 211, 242, 244, 336,
16337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7,
17P.L.
109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
181329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146 of P.L.
19109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135, excluding
20sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
21(q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections 101, 207,
22209, 503, and 513 of P.L.
109-222, P.L.
109-227, and P.L.
109-280,
excluding section
23844 of P.L. 109-280, P.L.
110-245, excluding sections 110, 113, and 301 of P.L.
24110-245,
and section 15316 of P.L. 110-246, section 301 of division B and section 313
25of division C of P.L. 110-343, P.L.
110-458, sections 1401, 1402, 1521, 1522, and 1531
1of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and
22113 of P.L. 111-240,. The Internal Revenue Code applies for Wisconsin purposes at
3the same time as for federal purposes. Amendments to the Internal Revenue Code
4enacted after December 31, 2008, do not apply to this paragraph with respect to
5taxable years beginning after December 31, 2008
, except that changes to the
6Internal Revenue Code made by sections 1401, 1402, 1521, 1522, and 1531 of division
7B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L.
8111-240, and changes that indirectly affect the provisions applicable to this
9subchapter made by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L.
10111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240,
11apply for Wisconsin purposes at the same time as for federal purposes.
AB40, s. 1892
12Section
1892. 71.255 (2m) (d) of the statutes is amended to read:
AB40,796,1613
71.255
(2m) (d) The department
shall
may not disregard the tax effect of an
14election under this subsection, or disallow the election, with respect to any controlled
15group member or members for any year of the election period
, if the department
16determines that the election has the effect of tax avoidance.
AB40, s. 1893
17Section
1893. 71.255 (6) (a) of the statutes is amended to read:
AB40,797,218
71.255
(6) (a) Except as provided in pars. (b)
and, (c),
and (d), no tax credit,
19Wisconsin net business loss carry-forward, or other post-apportionment deduction
20earned by one member of the combined group, but not fully used by or allowed to that
21member, may be used in whole or in part by another member of the combined group
22or applied in whole or in part against the total income of the combined group. A
23member of a combined group may use a carry-forward of a credit, Wisconsin net
24business loss carry-forward, or other post-apportionment deduction otherwise
1allowable under s. 71.26 or 71.45, that was incurred by that same member in a
2taxable year beginning before January 1, 2009.
AB40, s. 1894
3Section
1894. 71.255 (6) (d) of the statutes is created to read:
AB40,797,164
71.255
(6) (d) 1. Starting with the first taxable year beginning after December
531, 2011, and for each of the 20 subsequent taxable years, and subject to the
6limitations provided under s. 71.26 (3) (n), for each taxable year that a corporation
7that is a member of a combined group has net business loss carry-forward as
8computed under s. 71.26 (4) or 71.45 (4) from a taxable year beginning prior to
9January 1, 2009, the corporation may, after using such net business loss
10carry-forward to offset its own income for the taxable year, use up to 5 percent of the
11remaining net business loss carry-forward to offset the income of all other members
12of the combined group on a proportionate basis, to the extent such income is
13attributable to the unitary business. If the full 5 percent of such net business loss
14carry-forward cannot be fully used to offset the income of all other members of the
15combined group, the remainder may be added to the portion that may offset the
16income of all other members of the combined group in the subsequent year.
AB40,797,2017
2. Unless otherwise provided by the department by rule, if the corporation may
18no longer be included in the combined group, as determined under this section, the
19corporation's net business loss carry-forward shall be available only to that
20corporation.
AB40,797,2121
3. The department shall promulgate rules to administer this paragraph.
AB40,798,324
71.26
(1) (be)
Certain authorities. Income of the University of Wisconsin
25Hospitals and Clinics Authority,
of the University of Wisconsin-Madison, of the
1Health Insurance Risk-Sharing Plan Authority, of the Wisconsin Quality Home
2Care Authority, of the Fox River Navigational System Authority, of the Wisconsin
3Economic Development Corporation, and of the Wisconsin Aerospace Authority.
AB40, s. 1896
4Section
1896. 71.26 (1m) (L) of the statutes is created to read:
AB40,798,95
71.26
(1m) (L) Those issued under s. 231.03 (6), if the bonds or notes are issued
6to a person who is eligible to receive bonds or notes from another issuer for the same
7purpose for which the person is issued bonds or notes under s. 231.03 (6) and the
8interest income received from the other bonds or notes is exempt from taxation under
9this subchapter.
AB40, s. 1897
10Section
1897. 71.26 (2) (b) 22. of the statutes is amended to read:
AB40,804,1811
71.26
(2) (b) 22. For taxable years that begin after December 31, 2008, for a
12corporation, conduit, or common law trust which qualifies as a regulated investment
13company, real estate mortgage investment conduit, real estate investment trust, or
14financial asset securitization investment trust under the Internal Revenue Code as
15amended to December 31, 2008, excluding sections 103, 104, and 110 of P.L.
102-227,
16sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, sections
171123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, sections 1, 3, 4, and
185 of P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
106-573, section 431 of
19P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147, sections 106, 201, and 202 of
20P.L.
108-27, section 1201 of P.L.
108-173, sections 306, 308, 316, 401, and 403 (a) of
21P.L.
108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910
22of P.L.
108-357, P.L.
109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326,
231328, 1329, 1348, and 1351 of P.L.
109-58, section 11146 of P.L.
109-59, section 301
24of P.L.
109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403
25(e), (j), and (q), and 405 of P.L.
109-135, sections 101, 207, 209, 503, and 513 of P.L.
1109-222,
section 844 of P.L. 109-280, P.L.
109-432, P.L.
110-28, P.L.
110-140, P.L.
2110-141, P.L.
110-142, P.L.
110-166, P.L.
110-172, P.L.
110-185, P.L.
110-234,
3sections 110, 113, and 301 of P.L.
110-245, P.L.
110-246,
except section 15316 of P.L.
4110-246, P.L.
110-289, P.L.
110-317, P.L.
110-343,
except section 301 of division B
5and section 313 of division C of P.L. 110-343, and P.L.
110-351,
and as amended by
6sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5, section 301 of
7P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and as indirectly
8affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203,
9P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508,
10P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
11102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1213203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
13104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
14104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
15105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554,
16excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding
17section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147,
18excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
19107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
20108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
21108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316, 401, and 403
22(a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 102, 201, 211, 242, 244, 336,
23337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7,
24P.L.
109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
251329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146 of P.L.
1109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135, excluding
2sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
3(q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections 101, 207,
4209, 503, and 513 of P.L.
109-222, P.L.
109-227, P.L.
109-280,
excluding section 844
5of P.L. 109-280, P.L.
110-245, excluding sections 110, 113, and 301 of P.L.
110-245,
6and section 15316 of P.L. 110-246, section 301 of division B and section 313 of division
7C of P.L. 110-343, P.L.
110-458,
sections 1401, 1402, 1521, 1522, and 1531 of division
8B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L.
9111-240, "net income" means the federal regulated investment company taxable
10income, federal real estate mortgage investment conduit taxable income, federal real
11estate investment trust or financial asset securitization investment trust taxable
12income of the corporation, conduit, or trust as determined under the Internal
13Revenue Code as amended to December 31, 2008, excluding sections 103, 104, and
14110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
15103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188,
16sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
17106-573, section 431 of P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147, sections
18106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173, sections 306, 308, 316,
19401, and 403 (a) of P.L.
108-311, sections 101, 102, 201, 211, 242, 244, 336, 337, 422,
20847, 909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308, 1309, 1310, 1323,
211324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58, section 11146 of P.L.
22109-59, section 301 of P.L.
109-73, sections 101, 105, 201 (a) as it relates to section
231400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, sections 101, 207, 209,
24503, and 513 of P.L.
109-222,
section 844 of P.L. 109-280, P.L.
109-432, P.L.
110-28,
25P.L.
110-140, P.L.
110-141, P.L.
110-142, P.L.
110-166, P.L.
110-172, P.L.
110-185,
1P.L.
110-234, sections 110, 113, and 301 of P.L.
110-245, P.L.
110-246,
except section
215316 of P.L. 110-246, P.L.
110-289, P.L.
110-317, P.L.
110-343,
except section 301
3of division B and section 313 of division C of P.L. 110-343, and P.L.
110-351,
and as
4amended by sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5,
5section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, and
6as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514,
7P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239,
8P.L.
101-508, P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
9102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
1013174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
11104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
12(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
13105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
14106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
15excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
16107-147, excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
17107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and
18202 of P.L.
108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
19108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316,
20401, and 403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 102, 201, 211,
21242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476,
22P.L.
109-7, P.L.
109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
231326, 1328, 1329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146
24of P.L.
109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135,
25excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
1(j), and (q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections
2101, 207, 209, 503, and 513 of P.L.
109-222, P.L.
109-227, P.L.
109-280,
excluding
3section 844 of P.L. 109-280, P.L.
110-245, excluding sections 110, 113, and 301 of P.L.
4110-245,
and section 15316 of P.L. 110-246, section 301 of division B and section 313
5of division C of P.L. 110-343, P.L.
110-458,
sections 1401, 1402, 1521, 1522, and 1531
6of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and
72113 of P.L. 111-240, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985
8stats., is required to be depreciated for taxable years 1983 to 1986 under the Internal
9Revenue Code as amended to December 31, 1980, shall continue to be depreciated
10under the Internal Revenue Code as amended to December 31, 1980, and except that
11the appropriate amount shall be added or subtracted to reflect differences between
12the depreciation or adjusted basis for federal income tax purposes and the
13depreciation or adjusted basis under this chapter of any property disposed of during
14the taxable year. The Internal Revenue Code as amended to December 31, 2008,
15excluding sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171
16(d), 13174, and 13203 (d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
171605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165
18of P.L.
106-554, P.L.
106-573, section 431 of P.L.
107-16, sections 101 and 301 (a) of
19P.L.
107-147, sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173,
20sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, sections 101, 102, 201, 211,
21242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305,
221308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58,
23section 11146 of P.L.
109-59, section 301 of P.L.
109-73, sections 101, 105, 201 (a) as
24it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135,
25sections 101, 207, 209, 503, and 513 of P.L.
109-222,
section 844 of P.L. 109-280, P.L.
1109-432, P.L.
110-28, P.L.
110-140, P.L.
110-141, P.L.
110-142, P.L.
110-166, P.L.
2110-172, P.L.
110-185, P.L.
110-234, sections 110, 113, and 301 of P.L.
110-245, P.L.
3110-246,
except section 15316 of P.L. 110-246, P.L.
110-289, P.L.
110-317, P.L.
4110-343,
except section 301 of division B and section 313 of division C of P.L. 110-343, 5and P.L.
110-351,
and as amended by sections 1401, 1402, 1521, 1522, and 1531 of
6division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113
7of P.L. 111-240, and as indirectly affected in the provisions applicable to this
8subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140,
9P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104,
10and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections
1113113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
12103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202
13(c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
14105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
15106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554,
16P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
17107-116, P.L.
107-134, P.L.
107-147, excluding sections 101 and 301 (a) of P.L.
18107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
19excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, P.L.
108-173,
20excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311,
21excluding sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
22excluding sections 101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of
23P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7, P.L.
109-58, excluding sections
241305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
25109-58, P.L.
109-59, excluding section 11146 of P.L.
109-59, P.L.
109-73, excluding
1section 301 of P.L.
109-73, P.L.
109-135, excluding sections 101, 105, 201 (a) as it
2relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, P.L.
3109-151, P.L.
109-222, excluding sections 101, 207, 209, 503, and 513 of P.L.
4109-222, P.L.
109-227, P.L.
109-280,
excluding section 844 of P.L. 109-280, P.L.
5110-245, excluding sections 110, 113, and 301 of P.L.
110-245,
and section 15316 of
6P.L. 110-246, section 301 of division B and section 313 of division C of P.L. 110-343, 7P.L.
110-458,
sections 1401, 1402, 1521, 1522, and 1531 of division B of P.L. 111-5,
8section 301 of P.L. 111-147, and sections 2111, 2112, and 2113 of P.L. 111-240, applies
9for Wisconsin purposes at the same time as for federal purposes. Amendments to the
10Internal Revenue Code enacted after December 31, 2008, do not apply to this
11subdivision with respect to taxable years that begin after December 31, 2008
, except
12that changes to the Internal Revenue Code made by sections 1401, 1402, 1521, 1522,
13and 1531 of division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111,
142112, and 2113 of P.L. 111-240, and changes that indirectly affect the provisions
15applicable to this subchapter made by sections 1401, 1402, 1521, 1522, and 1531 of
16division B of P.L. 111-5, section 301 of P.L. 111-147, and sections 2111, 2112, and 2113
17of P.L. 111-240, apply for Wisconsin purposes at the same time as for federal
18purposes.
AB40, s. 1898
19Section
1898. 71.28 (1dd) (b) of the statutes is amended to read:
AB40,805,220
71.28
(1dd) (b) Except as provided in s. 73.03 (35), for any taxable year for
21which that person is certified under s. 560.765 (3)
, 2009 stats., and begins business
22operations in a zone under s. 560.71
, 2009 stats., after July 29, 1995, entitled under
23s. 560.795 (3) (a)
, 2009 stats., and begins business operations in a zone under s.
24560.795
, 2009 stats., after July 29, 1995, or certified under s. 560.797 (4) (a)
, 2009
25stats., for each zone for which the person is certified or entitled a person may credit
1against taxes otherwise due under this subchapter employment-related day care
2expenses, up to $1,200 for each qualifying individual.
AB40, s. 1899
3Section
1899. 71.28 (1dd) (e) of the statutes is amended to read:
AB40,805,94
71.28
(1dd) (e) The credit under this subsection, as it applies to a person
5certified under s. 560.765 (3),
2009 stats., applies to a corporation that conducts
6economic activity in a zone under s. 560.795 (1)
, 2009 stats., and that is entitled to
7tax benefits under s. 560.795 (3),
2009 stats., subject to the limits under s. 560.795
8(2)
, 2009 stats. A credit under this subsection may be credited using expenses
9incurred by a claimant on July 29, 1995.
AB40, s. 1900
10Section
1900. 71.28 (1de) (a) (intro.) of the statutes is amended to read:
AB40,805,2111
71.28
(1de) (a) (intro.) Except as provided in s. 73.03 (35), for any taxable year
12for which a person is certified under s. 560.765 (3)
, 2009 stats., and begins business
13operations in a zone under s. 560.71
, 2009 stats., after July 29, 1995, entitled under
14s. 560.795 (3) (a)
, 2009 stats., and begins business operations in a zone under s.
15560.795
, 2009 stats., after July 29, 1995, or certified under s. 560.797 (4) (a),
2009
16stats., for each zone for which the person is certified or entitled the person may claim
17as a credit against taxes otherwise due under this subchapter an amount equal to
187.5% of the amount that the person expends to remove or contain environmental
19pollution, as defined in s. 299.01 (4), in the zone or to restore soil or groundwater that
20is affected by environmental pollution, as defined in s. 299.01 (4), in the zone if the
21person fulfills all of the following requirements:
AB40, s. 1901
22Section
1901. 71.28 (1de) (a) 1. of the statutes is amended to read:
AB40,806,423
71.28
(1de) (a) 1. Begins the work, other than planning and investigating, for
24which the credit is claimed after the area that includes the site where the work is
25done is designated a development zone under s. 560.71,
2009 stats., a development
1opportunity zone under s. 560.795
, 2009 stats., or an enterprise development zone
2under s. 560.797
, 2009 stats., and after the claimant is certified under s. 560.765 (3)
,
32009 stats., entitled under s. 560.795 (3) (a)
, 2009 stats., or certified under s. 560.797
4(4) (a)
, 2009 stats.
AB40, s. 1902
5Section
1902. 71.28 (1de) (d) of the statutes is amended to read:
AB40,806,116
71.28
(1de) (d) The credit under this subsection, as it applies to a person
7certified under s. 560.765 (3),
2009 stats., applies to a corporation that conducts
8economic activity in a zone under s. 560.795 (1)
, 2009 stats., and that is entitled to
9tax benefits under s. 560.795 (3),
2009 stats., subject to the limits under s. 560.795
10(2)
, 2009 stats. A credit under this subsection may be credited using expenses
11incurred by a claimant on July 29, 1995.
AB40, s. 1903
12Section
1903. 71.28 (1di) (a) (intro.) of the statutes is amended to read:
AB40,806,1913
71.28
(1di) (a) (intro.) Except as provided in pars. (dm) and (f) and s. 73.03 (35),
14for any taxable year for which the person is entitled under s. 560.795 (3)
, 2009 stats., 15to claim tax benefits, any person may claim as a credit against taxes otherwise due
16under this chapter 2.5% of the purchase price of depreciable, tangible personal
17property, or 1.75% of the purchase price of depreciable, tangible personal property
18that is expensed under section
179 of the internal revenue code for purposes of the
19taxes under this chapter, except that:
AB40, s. 1904
20Section
1904. 71.28 (1di) (a) 1. of the statutes is amended to read:
AB40,807,221
71.28
(1di) (a) 1. The investment must be in property that is purchased after
22the person is entitled under s. 560.795 (3)
, 2009 stats., to claim tax benefits and that
23is used for at least 50% of its use in the conduct of the person's business operations
24at a location in a development zone under subch. VI of ch. 560
, 2009 stats., or, if the
1property is mobile, the base of operations of the property for at least 50% of its use
2must be a location in a development zone.
AB40, s. 1905
3Section
1905. 71.28 (1di) (b) 2. of the statutes is amended to read:
AB40,807,114
71.28
(1di) (b) 2. If the claimant is located on an Indian reservation, as defined
5in s. 560.86 (5),
2009 stats., and is an American Indian, as defined in s. 560.86 (1),
62009 stats., an Indian business, as defined in s. 560.86 (4),
2009 stats., or a tribal
7enterprise, as defined in s. 71.07 (2di) (b) 2., and if the allowable amount of the credit
8under this subsection exceeds the taxes otherwise due under this chapter on or
9measured by the claimant's income, the amount of the credit not used as an offset
10against those taxes shall be certified to the department of administration for
11payment to the claimant by check, share draft or other draft.
AB40, s. 1906
12Section
1906. 71.28 (1di) (b) 3. of the statutes is amended to read:
AB40,808,413
71.28
(1di) (b) 3. Partnerships, limited liability companies and tax-option
14corporations may not claim the credit under this subsection, but the eligibility for,
15and amount of, that credit shall be determined on the basis of their economic activity,
16not that of their shareholders, partners or members. The corporation, partnership
17or limited liability company shall compute the amount of the credit that may be
18claimed by each of its shareholders, partners or members and shall provide that
19information to each of its shareholders, partners or members. Partners, members
20of limited liability companies and shareholders of tax-option corporations may claim
21the credit based on the partnership's, company's or corporation's activities in
22proportion to their ownership interest and may offset it against the tax attributable
23to their income from the partnership's, company's or corporation's business
24operations in the development zone; except that partners, members, and
25shareholders in a development zone under s. 560.795 (1) (e)
, 2009 stats., may offset
1the credit against the amount of the tax attributable to their income from all of the
2partnership's, company's, or corporation's business operations; and against the tax
3attributable to their income from the partnership's, company's or corporation's
4directly related business operations.
AB40, s. 1907
5Section
1907. 71.28 (1di) (d) 1. of the statutes is amended to read:
AB40,808,76
71.28
(1di) (d) 1. A copy of a verification from the department of commerce that
7the claimant may claim tax benefits under s. 560.795 (3)
, 2009 stats.
AB40, s. 1908
8Section
1908. 71.28 (1di) (f) of the statutes is amended to read:
AB40,808,159
71.28
(1di) (f) If a person who is entitled under s. 560.795 (3)
, 2009 stats., to
10claim tax benefits becomes ineligible for such tax benefits, that person may claim no
11credits under this subsection for the taxable year that includes the day on which the
12person becomes ineligible for tax benefits or succeeding taxable years and that
13person may carry over no unused credits from previous years to offset tax under this
14chapter for the taxable year that includes the day on which the person becomes
15ineligible for tax benefits or succeeding taxable years.
AB40, s. 1909
16Section
1909. 71.28 (1di) (g) of the statutes is amended to read:
AB40,808,2117
71.28
(1di) (g) If a person who is entitled under s. 560.795 (3)
, 2009 stats., to
18claim tax benefits ceases business operations in the development zone during any of
19the taxable years that that zone exists, that person may not carry over to any taxable
20year following the year during which operations cease any unused credits from the
21taxable year during which operations cease or from previous taxable years.
AB40, s. 1910
22Section
1910. 71.28 (1di) (i) of the statutes is amended to read:
AB40,809,623
71.28
(1di) (i) The development zones credit under this subsection, as it applies
24to a person certified under s. 560.765 (3),
2009 stats., applies to a corporation that
25conducts economic activity in a development opportunity zone under s. 560.795 (1)
,
12009 stats., and that is entitled to tax benefits under s. 560.795 (3)
, 2009 stats.,
2subject to the limits under s. 560.795 (2)
, 2009 stats. A development opportunity
3zone credit under this paragraph may be calculated using expenses incurred by a
4claimant beginning on the effective date under s. 560.795 (2) (a)
, 2009 stats., of the
5development opportunity zone designation of the area in which the claimant
6conducts economic activity.
AB40, s. 1911
7Section
1911. 71.28 (1dj) (am) (intro.) of the statutes is amended to read:
AB40,809,118
71.28
(1dj) (am) (intro.) Except as provided under par. (f) or s. 73.03 (35), for
9any taxable year for which the person is certified under s. 560.765 (3)
, 2009 stats., 10for tax benefits, any person may claim as a credit against taxes otherwise due under
11this chapter an amount calculated as follows:
AB40, s. 1912
12Section
1912. 71.28 (1dj) (am) 4. a. of the statutes is amended to read:
AB40,809,1913
71.28
(1dj) (am) 4. a. If certified under s. 560.765 (3)
, 2009 stats., for tax
14benefits before January 1, 1992, modify "qualified wages" as defined in section
51 (b)
15of the internal revenue code to exclude wages paid before the claimant is certified for
16tax benefits and to exclude wages that are paid to employees for work at any location
17that is not in a development zone under subch. VI of ch. 560
, 2009 stats. For purposes
18of this subd. 4. a., mobile employees work at their base of operations and leased or
19rented employees work at the location where they perform services.
AB40, s. 1913
20Section
1913. 71.28 (1dj) (am) 4. b. of the statutes is amended to read:
AB40,810,221
71.28
(1dj) (am) 4. b. If certified under s. 560.765 (3)
, 2009 stats., for tax
22benefits after December 31, 1991, modify "qualified wages" as defined in section
51 23(b) of the internal revenue code to exclude wages paid before the claimant is certified
24for tax benefits and to exclude wages that are paid to employees for work at any
25location that is not in a development zone under subch. VI of ch. 560
, 2009 stats. For
1purposes of this subd. 4. b., mobile employees and leased or rented employees work
2at their base of operations.
AB40, s. 1914
3Section
1914. 71.28 (1dj) (am) 4c. of the statutes is amended to read:
AB40,810,84
71.28
(1dj) (am) 4c. Modify the rule for ineligible individuals under section
51 5(i) (1) of the internal revenue code to allow credit for the wages of related individuals
6paid by an Indian business, as defined in s. 560.86 (4),
2009 stats., or a tribal
7enterprise, as defined in s. 71.07 (2di) (b) 2., if the Indian business or tribal enterprise
8is located in a development zone designated under s. 560.71 (3) (c) 2.
, 2009 stats.
AB40, s. 1915
9Section
1915. 71.28 (1dj) (am) 4t. of the statutes is amended to read:
AB40,810,1610
71.28
(1dj) (am) 4t. If certified under s. 560.765 (3)
, 2009 stats., for tax benefits
11before January 1, 1992, modify section
51 (i) (3) of the internal revenue code so that
12for leased or rented employees, except employees of a leasing agency certified for tax
13benefits who perform services directly for the agency in a development zone, the
14minimum employment periods apply to the time that they perform services in a
15development zone for a single lessee or renter, not to their employment by the leasing
16agency.
AB40, s. 1916
17Section
1916. 71.28 (1dj) (e) 1. of the statutes is amended to read:
AB40,810,1918
71.28
(1dj) (e) 1. A copy of the claimant's certification for tax benefits under s.
19560.765 (3)
, 2009 stats.
AB40, s. 1917
20Section
1917. 71.28 (1dj) (e) 3. a. of the statutes is amended to read:
AB40,810,2521
71.28
(1dj) (e) 3. a. If certified under s. 560.765 (3)
, 2009 stats., for tax benefits
22before January 1, 1992, a statement from the department of commerce verifying the
23amount of qualifying wages and verifying that the employees were hired for work
24only in a development zone or are mobile employees whose base of operations is in
25a development zone.
AB40, s. 1918
1Section
1918. 71.28 (1dj) (e) 3. b. of the statutes is amended to read:
AB40,811,62
71.28
(1dj) (e) 3. b. If certified under s. 560.765 (3)
, 2009 stats., for tax benefits
3after December 31, 1991, a statement from the department of commerce verifying the
4amount of qualifying wages and verifying that the employees were hired for work
5only in a development zone or are mobile employees or leased or rented employees
6whose base of operations is in a development zone.
AB40, s. 1919
7Section
1919. 71.28 (1dj) (i) of the statutes is amended to read:
AB40,811,168
71.28
(1dj) (i) The development zones credit under this subsection, as it applies
9to a person certified under s. 560.765 (3),
2009 stats., applies to a corporation that
10conducts economic activity in a development opportunity zone under s. 560.795 (1)
,
112009 stats., and that is entitled to tax benefits under s. 560.795 (3),
2009 stats., 12subject to the limits under s. 560.795 (2)
, 2009 stats. A development opportunity
13zone credit under this paragraph may be calculated using expenses incurred by a
14claimant beginning on the effective date under s. 560.795 (2) (a)
, 2009 stats., of the
15development opportunity zone designation of the area in which the claimant
16conducts economic activity.
AB40, s. 1920
17Section
1920. 71.28 (1dL) (a) of the statutes is amended to read:
AB40,811,2318
71.28
(1dL) (a) Except as provided in pars. (ag), (ar), (bm) and (f) and s. 73.03
19(35), for any taxable year for which the person is certified under s. 560.765 (3)
, 2009
20stats., for tax benefits, any person may claim as a credit against taxes otherwise due
21under this subchapter an amount equal to 2.5% of the amount expended by that
22person to acquire, construct, rehabilitate or repair real property in a development
23zone under subch. VI of ch. 560
, 2009 stats.
AB40, s. 1921
24Section
1921. 71.28 (1dL) (ag) of the statutes is amended to read:
AB40,812,10
171.28
(1dL) (ag) If the credit under par. (a) is claimed for an amount expended
2to construct, rehabilitate, remodel or repair property, the claimant must have begun
3the physical work of construction, rehabilitation, remodeling or repair, or any
4demolition or destruction in preparation for the physical work, after the place where
5the property is located was designated a development zone under s. 560.71
, 2009
6stats., and the completed project must be placed in service after the claimant is
7certified for tax benefits under s. 560.765 (3)
, 2009 stats. In this paragraph, "physical
8work" does not include preliminary activities such as planning, designing, securing
9financing, researching, developing specifications or stabilizing the property to
10prevent deterioration.
AB40, s. 1922
11Section
1922. 71.28 (1dL) (ar) of the statutes is amended to read:
AB40,812,2112
71.28
(1dL) (ar) If the credit under par. (a) is claimed for an amount expended
13to acquire property, the property must have been acquired by the claimant after the
14place where the property is located was designated a development zone under s.
15560.71
, 2009 stats., and the completed project must be placed in service after the
16claimant is certified for tax benefits under s. 560.765 (3)
, 2009 stats., and the
17property must not have been previously owned by the claimant or a related person
18during the 2 years prior to the designation of the development zone under s. 560.71
,
192009 stats. No credit is allowed for an amount expended to acquire property until
20the property, either in its original state as acquired by the claimant or as
21subsequently constructed, rehabilitated, remodeled or repaired, is placed in service.
AB40, s. 1923
22Section
1923. 71.28 (1dL) (bm) of the statutes is amended to read:
AB40,813,423
71.28
(1dL) (bm) In calculating the credit under par. (a) a claimant shall reduce
24the amount expended to acquire property by a percentage equal to the percentage of
25the area of the real property not used for the purposes for which the claimant is
1certified to claim tax benefits under s. 560.765 (3)
, 2009 stats., and shall reduce the
2amount expended for other purposes by the amount expended on the part of the
3property not used for the purposes for which the claimant is certified to claim tax
4benefits under s. 560.765 (3)
, 2009 stats.
AB40, s. 1924
5Section
1924. 71.28 (1dL) (c) of the statutes is amended to read:
AB40,813,136
71.28
(1dL) (c) If the claimant is located on an Indian reservation, as defined
7in s. 560.86 (5),
2009 stats., and is an American Indian, as defined in s. 560.86 (1),
82009 stats., an Indian business, as defined in s. 560.86 (4),
2009 stats., or a tribal
9enterprise, as defined in s. 71.07 (2di) (b) 2., and if the allowable amount of the credit
10under par. (a) exceeds the taxes otherwise due under this chapter on or measured by
11the claimant's income, the amount of the credit not used as an offset against those
12taxes shall be certified to the department of administration for payment to the
13claimant by check, share draft or other draft.
AB40, s. 1925
14Section
1925. 71.28 (1dL) (i) of the statutes is amended to read:
AB40,813,2315
71.28
(1dL) (i) The development zones credit under this subsection, as it
16applies to a person certified under s. 560.765 (3),
2009 stats., applies to a corporation
17that conducts economic activity in a development opportunity zone under s. 560.795
18(1)
, 2009 stats., and that is entitled to tax benefits under s. 560.795 (3),
2009 stats., 19subject to the limits under s. 560.795 (2)
, 2009 stats. A development opportunity
20zone credit under this paragraph may be calculated using expenses incurred by a
21claimant beginning on the effective date under s. 560.795 (2) (a)
, 2009 stats., of the
22development opportunity zone designation of the area in which the claimant
23conducts economic activity.
AB40, s. 1926
24Section
1926. 71.28 (1dm) (a) 1. of the statutes is amended to read:
AB40,814,4
171.28
(1dm) (a) 1. "Certified" means entitled under s.
238.395 (3) (a) 4. or s. 2560.795 (3) (a) 4.
, 2009 stats., to claim tax benefits or certified under s.
238.395 (5),
3238.398 (3), or 238.3995 (4) or s. 560.795 (5),
2009 stats., s. 560.798 (3),
2009 stats., 4s. or 560.7995 (4)
, 2009 stats.
AB40, s. 1927
5Section
1927. 71.28 (1dm) (a) 3. of the statutes is amended to read:
AB40,814,96
71.28
(1dm) (a) 3. "Development zone" means a development opportunity zone
7under s.
238.395 (1) (e) and (f) or 238.398 or s. 560.795 (1) (e) and (f)
, 2009 stats., or
8s. 560.798,
2009 stats., or an airport development zone under s.
238.3995 or s. 9560.7995
, 2009 stats.
AB40, s. 1928
10Section
1928. 71.28 (1dm) (a) 4. of the statutes is amended to read:
AB40,814,1911
71.28
(1dm) (a) 4. "Previously owned property" means real property that the
12claimant or a related person owned during the 2 years prior to the department of
13commerce
or the Wisconsin Economic Development Corporation designating the
14place where the property is located as a development zone and for which the claimant
15may not deduct a loss from the sale of the property to, or an exchange of the property
16with, the related person under section
267 of the Internal Revenue Code, except that
17section
267 (b) of the Internal Revenue Code is modified so that if the claimant owns
18any part of the property, rather than 50% ownership, the claimant is subject to
19section
267 (a) (1) of the Internal Revenue Code for purposes of this subsection.
AB40, s. 1929
20Section
1929. 71.28 (1dm) (f) 1. of the statutes is amended to read:
AB40,814,2421
71.28
(1dm) (f) 1. A copy of
a
the verification
from the department of commerce 22that the claimant may claim tax benefits under s.
238.395 (3) (a) 4. or s. 560.795 (3)
23(a) 4.
, 2009 stats., or is certified under s.
238.395 (5), 238.398 (3), or 238.3995 (4) or
24s. 560.795 (5),
2009 stats., s. 560.798 (3),
2009 stats., or
s. 560.7995 (4)
, 2009 stats.
AB40, s. 1930
25Section
1930. 71.28 (1dm) (f) 2. of the statutes is amended to read:
AB40,815,4
171.28
(1dm) (f) 2. A statement from the department of commerce
or the
2Wisconsin Economic Development Corporation verifying the purchase price of the
3investment and verifying that the investment fulfills the requirements under par.
4(b).
AB40, s. 1931
5Section
1931. 71.28 (1dm) (i) of the statutes is amended to read:
AB40,815,196
71.28
(1dm) (i) Partnerships, limited liability companies, and tax-option
7corporations may not claim the credit under this subsection, but the eligibility for,
8and the amount of, that credit shall be determined on the basis of their economic
9activity, not that of their shareholders, partners, or members. The corporation,
10partnership, or limited liability company shall compute the amount of credit that
11may be claimed by each of its shareholders, partners, or members and provide that
12information to its shareholders, partners, or members. Partners, members of limited
13liability companies, and shareholders of tax-option corporations may claim the
14credit based on the partnership's, company's, or corporation's activities in proportion
15to their ownership interest and may offset it against the tax attributable to their
16income from the partnership's, company's, or corporation's business operations in the
17development zone; except that partners, members, and shareholders in a
18development zone under s.
238.395 (1) (e) or s. 560.795 (1) (e)
, 2009 stats., may offset
19the credit against the amount of the tax attributable to their income.
AB40, s. 1932
20Section
1932. 71.28 (1dm) (j) of the statutes is amended to read:
AB40,816,621
71.28
(1dm) (j) If a person who is entitled under s.
238.395 (3) (a) 4. or s. 560.795
22(3) (a) 4.
, 2009 stats., to claim tax benefits becomes ineligible for such tax benefits,
23or if a person's certification under s.
238.395 (5), 238.398 (3), or 238.3995 (4) or s. 24560.795 (5),
2009 stats., s. 560.798 (3),
2009 stats., or
s. 560.7995 (4)
, 2009 stats., is
25revoked, that person may claim no credits under this subsection for the taxable year
1that includes the day on which the person becomes ineligible for tax benefits, the
2taxable year that includes the day on which the certification is revoked, or succeeding
3taxable years, and that person may carry over no unused credits from previous years
4to offset tax under this chapter for the taxable year that includes the day on which
5the person becomes ineligible for tax benefits, the taxable year that includes the day
6on which the certification is revoked, or succeeding taxable years.
AB40, s. 1933
7Section
1933. 71.28 (1dm) (k) of the statutes is amended to read:
