LRB-3077/1
JK:wlj:jf
September 2011 Special Session
2011 - 2012 LEGISLATURE
October 11, 2011 - Introduced by
Committee on Senate Organization, by request
of Governor Scott Walker, Senator Lassa, and Representative Barca. Referred
to Committee on Public Health, Human Services, and Revenue.
SB15,1,7
1An Act to amend 71.07 (5b) (d) 1., 71.07 (5d) (d) 2., 71.10 (4) (gwb), 71.10 (4) (gx),
271.10 (4) (i), 71.28 (5b) (d) 1., 71.30 (3) (eop), 71.30 (3) (f), 71.47 (5b) (d) 1., 71.49
3(1) (eop) and 71.49 (1) (f); and
to create 20.835 (2) (ba), 71.07 (5b) (d) 1m., 71.07
4(5b) (d) 4., 71.07 (5d) (d) 2m., 71.07 (5d) (d) 5., 71.28 (5b) (d) 1m., 71.28 (5b) (d)
54., 71.47 (5b) (d) 1m. and 71.47 (5b) (d) 4. of the statutes;
relating to: allowing
6refunds for the early stage seed and angel investment tax credits and making
7an appropriation.
Analysis by the Legislative Reference Bureau
Under current law, a taxpayer may claim early stage seed and angel investment
income and franchise tax credits for the taxpayer's investments in qualified new
businesses. If the credit amounts exceed the taxpayer's tax liability, the taxpayer
does not receive a refund, but, instead, may apply the amount of the unused credits
to subsequent taxable years. Under this bill, if the credit amounts exceed the
taxpayer's tax liability, the taxpayer receives a refund.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB15, s. 1
1Section
1. 20.835 (2) (ba) of the statutes is created to read:
SB15,2,42
20.835
(2) (ba)
Early stage seed and angel investment credits. A sum sufficient
3to make the payments under ss. 71.07 (5b) (d) 4. and (5d) (d) 5., 71.28 (5b) (d) 4., and
471.47 (5b) (d) 4.
SB15, s. 2
5Section
2. 71.07 (5b) (d) 1. of the statutes is amended to read:
SB15,2,86
71.07
(5b) (d) 1.
Section For taxable years beginning before January 1, 2011,
7s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
8under this subsection.
SB15, s. 3
9Section
3. 71.07 (5b) (d) 1m. of the statutes is created to read:
SB15,2,1210
71.07
(5b) (d) 1m. For taxable years beginning after December 31, 2010, s.
1171.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
12credit under this subsection.
SB15, s. 4
13Section
4. 71.07 (5b) (d) 4. of the statutes is created to read:
SB15,2,1914
71.07
(5b) (d) 4. For taxable years beginning after December 31, 2010, if the
15allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
1671.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified
17by the department of revenue to the department of administration for payment by
18check, share draft, or other draft drawn from the appropriation account under s.
1920.835 (2) (ba).
SB15, s. 5
20Section
5. 71.07 (5d) (d) 2. of the statutes is amended to read:
SB15,3,3
171.07
(5d) (d) 2.
Section
For taxable years beginning before January 1, 2011,
2s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
3under this subsection.
SB15, s. 6
4Section
6. 71.07 (5d) (d) 2m. of the statutes is created to read:
SB15,3,75
71.07
(5d) (d) 2m. For taxable years beginning after December 31, 2010, s.
671.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
7credit under this subsection.
SB15, s. 7
8Section
7. 71.07 (5d) (d) 5. of the statutes is created to read:
SB15,3,149
71.07
(5d) (d) 5. For taxable years beginning after December 31, 2010, if the
10allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
1171.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified
12by the department of revenue to the department of administration for payment by
13check, share draft, or other draft drawn from the appropriation account under s.
1420.835 (2) (ba).
SB15, s. 8
15Section
8. 71.10 (4) (gwb) of the statutes is amended to read:
SB15,3,1716
71.10
(4) (gwb) Early stage seed investment credit under s. 71.07 (5b)
, except
17as provided under par. (i).
SB15, s. 9
18Section
9. 71.10 (4) (gx) of the statutes is amended to read:
SB15,3,2019
71.10
(4) (gx) Angel investment credit under s. 71.07 (5d)
, except as provided
20under par. (i).
SB15, s. 10
21Section
10. 71.10 (4) (i) of the statutes is amended to read:
SB15,4,1022
71.10
(4) (i) The total of claim of right credit under s. 71.07 (1), farmland
23preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and
24beyond under s. 71.613, homestead credit under subch. VIII, farmland tax relief
25credit under s. 71.07 (3m), dairy manufacturing facility investment credit under s.
171.07 (3p), jobs tax credit under s. 71.07 (3q), meat processing facility investment
2credit under s. 71.07 (3r), woody biomass harvesting and processing credit under s.
371.07 (3rm), food processing plant and food warehouse investment credit under s.
471.07 (3rn),
early stage seed investment credit under s. 71.07 (5b) (d) 4., angel
5investment credit under s. 71.07 (5d) (d) 5., film production services credit under s.
671.07 (5f), film production company investment credit under s. 71.07 (5h), veterans
7and surviving spouses property tax credit under s. 71.07 (6e), enterprise zone jobs
8credit under s. 71.07 (3w), beginning farmer and farm asset owner tax credit under
9s. 71.07 (8r), earned income tax credit under s. 71.07 (9e), estimated tax payments
10under s. 71.09, and taxes withheld under subch. X.
SB15, s. 11
11Section
11. 71.28 (5b) (d) 1. of the statutes is amended to read:
SB15,4,1412
71.28
(5b) (d) 1.
Subsection For taxable years beginning before January 1,
132011, sub. (4) (e) to (h), as it applies to the credit under sub. (4), applies to the credit
14under this subsection.
SB15, s. 12
15Section
12. 71.28 (5b) (d) 1m. of the statutes is created to read:
SB15,4,1816
71.28
(5b) (d) 1m. For taxable years beginning after December 31, 2010, sub.
17(4) (e), (g), and (h), as it applies to the credit under sub. (4), applies to the credit under
18this subsection.
SB15, s. 13
19Section
13. 71.28 (5b) (d) 4. of the statutes is created to read:
SB15,4,2520
71.28
(5b) (d) 4. For taxable years beginning after December 31, 2010, if the
21allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
2271.23, the amount of the claim not used to offset the tax due shall be certified by the
23department of revenue to the department of administration for payment by check,
24share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
25(ba).
SB15, s. 14
1Section
14. 71.30 (3) (eop) of the statutes is amended to read:
SB15,5,32
71.30
(3) (eop) Early stage seed investment credit under s. 71.28 (5b)
, except
3as provided under par. (f).
SB15, s. 15
4Section
15. 71.30 (3) (f) of the statutes is amended to read:
SB15,5,145
71.30
(3) (f) The total of farmland preservation credit under subch. IX,
6farmland tax relief credit under s. 71.28 (2m), dairy manufacturing facility
7investment credit under s. 71.28 (3p), jobs credit under s. 71.28 (3q), meat processing
8facility investment credit under s. 71.28 (3r), woody biomass harvesting and
9processing credit under s. 71.28 (3rm), food processing plant and food warehouse
10investment credit under s. 71.28 (3rn), enterprise zone jobs credit under s. 71.28
11(3w),
early stage seed investment credit under s. 71.28 (5b) (d) 4., film production
12services credit under s. 71.28 (5f), film production company investment credit under
13s. 71.28 (5h), beginning farmer and farm asset owner tax credit under s. 71.28 (8r),
14and estimated tax payments under s. 71.29.
SB15, s. 16
15Section
16. 71.47 (5b) (d) 1. of the statutes is amended to read:
SB15,5,1816
71.47
(5b) (d) 1.
Section For taxable years beginning before January 1, 2011,
17s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
18under this subsection.
SB15, s. 17
19Section
17. 71.47 (5b) (d) 1m. of the statutes is created to read:
SB15,5,2220
71.47
(5b) (d) 1m. For taxable years beginning after December 31, 2010, s.
2171.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
22credit under this subsection.
SB15, s. 18
23Section
18. 71.47 (5b) (d) 4. of the statutes is created to read:
SB15,6,424
71.47
(5b) (d) 4. For taxable years beginning after December 31, 2010, if the
25allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
171.43, the amount of the claim not used to offset the tax due shall be certified by the
2department of revenue to the department of administration for payment by check,
3share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
4(ba).
SB15, s. 19
5Section
19. 71.49 (1) (eop) of the statutes is amended to read:
SB15,6,76
71.49
(1) (eop) Early stage seed investment credit under s. 71.47 (5b)
, except
7as provided under par. (f).
SB15, s. 20
8Section
20. 71.49 (1) (f) of the statutes is amended to read:
