71.47(6)(f) (f) A partnership, limited liability company, or tax-option corporation may not claim the credit under this subsection. The partners of a partnership, members of a limited liability company, or shareholders in a tax-option corporation may claim the credit under this subsection based on eligible costs incurred by the partnership, limited liability company, or tax-option corporation. The partnership, limited liability company, or tax-option corporation shall calculate the amount of the credit which may be claimed by each partner, member, or shareholder and shall provide that information to the partner, member, or shareholder. For shareholders of a tax-option corporation, the credit may be allocated in proportion to the ownership interest of each shareholder. Credits computed by a partnership or limited liability company may be claimed in proportion to the ownership interests of the partners or members or allocated to partners or members as provided in a written agreement among the partners or members that is entered into no later than the last day of the taxable year of the partnership or limited liability company, for which the credit is claimed. For a partnership or limited liability company that places property in service after June 29, 2008, and before January 1, 2009, the credit attributable to such property may be allocated, at the election of the partnership or limited liability company, to partners or members for a taxable year of the partnership or limited liability company that ends after June 29, 2008, and before January 1, 2010. Any partner or member who claims the credit as provided under this paragraph shall attach a copy of the agreement, if applicable, to the tax return on which the credit is claimed. A person claiming the credit as provided under this paragraph is solely responsible for any tax liability arising from a dispute with the department of revenue related to claiming the credit.
71.47(6)(g)1.1. If a person who claims the credit under this subsection elects to claim the credit based on claiming amounts for expenditures as the expenditures are paid, rather than when the rehabilitation work is completed, the person shall file an election form with the department, in the manner prescribed by the department.
71.47(6)(g)2. 2. Notwithstanding s. 71.77, the department may adjust or disallow the credit claimed under this subsection within 4 years after the date that the state historical society notifies the department that the expenditures for which the credit was claimed do not comply with the standards for certification promulgated under s. 44.02 (24). If the department adjusts or disallows, in whole or in part, a credit transferred under par. (h), only the person who originally transferred the credit to another person is liable to repay the adjusted or disallowed amount.
71.47(6)(h) (h) Any person, including a nonprofit entity described in section 501 (c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes imposed under s. 71.02, 71.08, 71.23, or 71.43, if the person notifies the department of the transfer, and submits with the notification a copy of the transfer documents, and the department certifies ownership of the credit with each transfer.
71.47(6n) (6n)Veteran employment credit.
71.47(6n)(a)(a) Definitions. In this subsection:
71.47(6n)(a)1. 1. "Claimant" means a person who files a claim under this subsection.
71.47(6n)(a)2. 2. "Disabled veteran" means a veteran who is verified by the department of veteran affairs to have a service-connected disability rating of at least 50 percent under 38 USC 1114 or 1134.
71.47(6n)(a)3. 3. "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, including paid leave and holidays.
71.47(6n)(a)4. 4. "Part-time job" means a regular, nonseasonal part-time position in which an individual, as a condition of employment, is required to work fewer than 2,080 hours per year, including paid leave and holidays.
71.47(6n)(a)5. 5. "Veteran" means a person who is verified by the department of veteran affairs to have served on active duty under honorable conditions in the U.S. armed forces, in forces incorporated as part of the U.S. armed forces, in the national guard, or in a reserve component of the U.S. armed forces.
71.47(6n)(b) (b) Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2011, a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of the tax, an amount equal to any of the following:
71.47(6n)(b)1. 1. For each disabled veteran the claimant hires in the taxable year to work a full-time job at the claimant's business in this state, $4,000 in the taxable year in which the disabled veteran is hired and $2,000 in each of the 3 taxable years following the taxable year in which the disabled veteran is hired.
71.47(6n)(b)2. 2. Subject to par. (c) 4., for each disabled veteran the claimant hires in the taxable year to work a part-time job at the claimant's business in this state, $2,000 in the taxable year in which the disabled veteran is hired and $1,000 in each of the 3 taxable years following the taxable year in which the disabled veteran is hired.
71.47(6n)(c) (c) Limitations.
71.47(6n)(c)1.1. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their hiring of disabled veterans, as described under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.
71.47(6n)(c)2. 2. No credit may be claimed under this subsection in any taxable year in which the disabled veteran voluntarily or involuntarily leaves his or her employment with the claimant.
71.47(6n)(c)3. 3. A claimant may claim a credit under this subsection only for hiring a disabled veteran who has received unemployment compensation benefits for at least one week prior to being hired by the claimant, who was receiving such benefits at the time that he or she was hired by the claimant, and who was eligible to receive such benefits at the time the benefits were paid.
71.47(6n)(c)4. 4. With regard to a credit claimed under par. (b) 2., the amount that the claimant may claim is determined as follows:
71.47(6n)(c)4.a. a. Divide the number of hours that the disabled veteran worked for the claimant during the taxable year by 2,080.
71.47(6n)(c)4.b. b. Multiply the amount of the credit under par. (b) 2., as appropriate, by the number determined under subd. 4. a.
71.47(6n)(d) (d) Administration.
71.47(6n)(d)1.1. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.
71.47(6n)(d)2. 2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2012. Credits under this subsection for taxable years that begin before January 1, 2013, may be carried forward to taxable years that begin after December 31, 2012.
71.47(8r) (8r)Beginning farmer and farm asset owner tax credit.
71.47(8r)(a)(a) Definitions. In this subsection:
71.47(8r)(a)1. 1. "Agricultural assets" means machinery, equipment, facilities, or livestock that is used in farming.
71.47(8r)(a)2. 2. "Beginning farmer" means a person who meets the conditions specified in s. 93.53 (2).
71.47(8r)(a)3. 3. "Claimant" means an established farmer who files a claim under this subsection.
71.47(8r)(a)4. 4. "Established farmer" means a person who meets the conditions specified in s. 93.53 (3).
71.47(8r)(a)5. 5. "Farming" has the meaning given in section 464 (e) (1) of the Internal Revenue Code.
71.47(8r)(a)6. 6. "Lease amount" is the amount of the cash payment paid by a beginning farmer to an established farmer each year for leasing the established farmer's agricultural assets.
71.47(8r)(b) (b) Filing claims. For taxable years beginning after December 31, 2010, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.43 an amount equal to 15 percent of the lease amount received by the claimant in the taxable year. If the allowable amount of the claim exceeds the taxes otherwise due on the claimant's income, the amount of the claim not used as an offset against those taxes shall be certified by the department of revenue to the department of administration for payment to the claimant by check, share draft, or other draft from the appropriation under s. 20.835 (2) (en).
71.47(8r)(c) (c) Limitations.
71.47(8r)(c)1.1. A claimant may only claim the credit under this subsection for the first 3 years of any lease of the claimant's agricultural assets to a beginning farmer.
71.47(8r)(c)2. 2. Along with a claimant's income tax return, a claimant shall submit to the department a certificate of eligibility provided under s. 93.53 (5) (c).
71.47(8r)(c)3. 3. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on the amounts received by the entities under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.
71.47(8r)(d) (d) Administration.
71.47(8r)(d)1.1. Subsection (4) (e), (g), and (h), as it applies to the credit under that sub. (4), applies to the credit under this subsection.
71.47(8r)(d)2. 2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2013.
71.47(9s) (9s)Relocated business credit.
71.47(9s)(a)(a) Definition. In this subsection:
71.47(9s)(a)1. 1. "Claimant" means a person who files a claim under this subsection.
71.47(9s)(a)2. 2. "Locates to this state" means moving either 51 percent or more of the workforce payroll of the business or at least $200,000 of wages, as defined in section 3121 of the Internal Revenue Code, paid to such workforce to Wisconsin during the first year to which a credit under this subsection relates.
71.47(9s)(b) (b) Filing claims. Subject to the limitations provided under this subsection, for taxable years beginning after December 31, 2010, and before January 1, 2014, for 2 consecutive taxable years beginning with the taxable year in which the claimant's business locates to this state from another state or another country and begins doing business in this state, a claimant may claim as a credit against the taxes imposed under s. 71.43, up to the amount of the taxes, the amount of the claimant's tax liability under this subchapter after applying all other allowable credits, deductions, and exclusions.
71.47(9s)(c) (c) Limitations.
71.47(9s)(c)1.1. No person may claim a credit under this subsection if the person has done business in this state during any of the 2 taxable years preceding the first taxable year in which the person would otherwise be eligible to claim a credit under par. (b).
71.47(9s)(c)2. 2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection.
71.47(9s)(d) (d) Administration.
71.47(9s)(d)1.1. Section 71.28 (4) (g) and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.
71.47(9s)(d)2. 2. The department shall promulgate rules to administer this subsection.
71.47 Cross-reference Cross-reference: See also s. Tax 2.957, Wis. adm. code.
71.47(9s)(d)3. 3. No credit may be claimed under this subsection for taxable years beginning after December 31, 2013, except that a claimant who is first eligible to claim a credit under this subsection for taxable years beginning after December 31, 2012, and before January 1, 2014, may claim the credit in the following taxable year.
71.48 71.48 Payments of estimated taxes. Sections 71.29 and 71.84 (2) shall apply to insurers subject to taxation under this chapter.
71.48 History History: 1987 a. 312.
71.49 71.49 General provisions.
71.49(1)(1) Computation order. Notwithstanding any other provisions in this chapter, corporations computing liability for the tax under s. 71.43 (1) or (2) shall make computations in the following order:
71.49(1)(a) (a) Tax under s. 71.43 (1) or (2).
71.49(1)(b) (b) Manufacturing sales tax credit under s. 71.47 (3).
71.49(1)(bb) (bb) Manufacturing investment credit under s. 71.47 (3t).
71.49(1)(bm) (bm) Dairy investment credit under 71.47 (3n).
71.49(1)(bn) (bn) Community rehabilitation program credit under s. 71.47 (5k).
71.49(1)(c) (c) Research credit under s. 71.47 (4).
71.49(1)(cd) (cd) Postsecondary education credit under s. 71.47 (5r).
71.49(1)(ce) (ce) Water consumption credit under s. 71.47 (5rm).
71.49(1)(cn) (cn) Biodiesel fuel production credit under s. 71.47 (3h).
71.49(1)(d) (d) Research facilities credit under s. 71.47 (5).
71.49(1)(db) (db) Super research and development credit under s. 71.47 (4m).
71.49(1)(dm) (dm) Health Insurance Risk-Sharing Plan assessments credit under s. 71.47 (5g).
71.49(1)(dp) (dp) Veteran employment credit under s. 71.47 (6n).
71.49(1)(ds) (ds) Ethanol and biodiesel fuel pump credit under s. 71.47 (5j).
71.49(1)(e) (e) Community development finance credit under s. 71.47 (1).
71.49(1)(eb) (eb) Development zones jobs credit under s. 71.47 (1dj).
71.49(1)(ec) (ec) Development zones sales tax credit under s. 71.47 (1ds).
71.49(1)(eg) (eg) Development zones investment credit under s. 71.47 (1di).
71.49(1)(eh) (eh) Development zones location credit under s. 71.47 (1dL).
71.49(1)(ei) (ei) Development zone capital investment credit under s. 71.47 (1dm).
71.49(1)(ej) (ej) Development zones day care credit under s. 71.28 (1dd).
71.49(1)(ek) (ek) Development zones environmental remediation credit under s. 71.28 (1de).
71.49(1)(eL) (eL) Development zones credit under s. 71.47 (1dx).
71.49(1)(ema) (ema) Economic development tax credit under s. 71.47 (1dy).
71.49(1)(eon) (eon) Technology zones credit under s. 71.47 (3g).
71.49(1)(eop) (eop) Early stage seed investment credit under s. 71.47 (5b).
71.49(1)(ep) (ep) Supplement to federal historic rehabilitation credit under s. 71.47 (6).
71.49(1)(epa) (epa) Electronic medical records credit under s. 71.47 (5i).
71.49(1)(es) (es) Internet equipment credit under s. 71.47 (5e).
71.49(1)(ex) (ex) Relocated business credit under s. 71.47 (9s).
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2011-12 Wisconsin Statutes updated though 2013 Wis. Act 380 and all Supreme Court Orders entered before June 30, 2014. Published and certified under s. 35.18. Changes effective after July 1, 2014 are designated by NOTES. (Published 7-1-14)