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(8b) (8b)Low-income housing credit.
71.47(8b)(a)(a) Definitions. In this subsection:
71.47(8b)(a)1. 1. “Allocation certificate” means a statement issued by the authority certifying that a qualified development is eligible for a credit under this subsection and specifying the amount of the credit that the owners of the qualified development may claim.
71.47(8b)(a)2. 2. “Authority” means the Wisconsin Housing and Economic Development Authority.
71.47(8b)(a)3. 3. “Claimant” means a person who has an ownership interest in a qualified development and who files a claim under this subsection.
71.47(8b)(a)4. 4. “Compliance period” means the 15-year period beginning with the first taxable year of the credit period.
71.47(8b)(a)5. 5. “Credit period” means the period of 6 taxable years beginning with the taxable year in which a qualified development is placed in service. For purposes of this subdivision, if a qualified development consists of more than one building, the qualified development is placed in service in the taxable year in which the last building of the qualified development is placed in service.
71.47(8b)(a)6. 6. “Qualified basis” means the qualified basis determined under section 42 (c) (1) of the Internal Revenue Code.
71.47(8b)(a)7. 7. “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is financed with tax-exempt bonds, pursuant to section 42 (i) (2) of the Internal Revenue Code, and located in this state.
71.47(8b)(b) (b) Filing claims. Subject to the limitations provided in this subsection and in s. 234.45, for taxable years beginning after December 31, 2017, a claimant may claim as a credit against the taxes imposed under s. 71.43, up to the amount of the tax, the amount allocated to the claimant by the authority under s. 234.45 for each taxable year within the credit period.
71.47(8b)(c) (c) Limitations.
71.47(8b)(c)1.1. No person may claim the credit under par. (b) unless the claimant includes with the claimant's return a copy of the allocation certificate issued to the qualified development.
71.47(8b)(c)2. 2. 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 that 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. Any partner or member who claims the credit as allocated by a written agreement shall provide a copy of the agreement with the tax return on which the credit is claimed. A person claiming the credit as provided under this subdivision is solely responsible for any tax liability arising from a dispute with the department of revenue related to claiming the credit.
71.47(8b)(d) (d) Recapture.
71.47(8b)(d)1.1. As of the last day of any taxable year during the compliance period, if the amount of the qualified basis of a qualified development with respect to a claimant is less than the amount of the qualified basis as of the last day of the immediately preceding taxable year, the amount of the claimant's tax liability under this subchapter shall be increased by the recapture amount determined by using the method under section 42 (j) of the Internal Revenue Code.
71.47(8b)(d)2. 2. In the event that the recapture of any credit is required in any taxable year, the taxpayer shall include the recaptured proportion of the credit on the return submitted for the taxable year in which the recapture event is identified.
71.47(8b)(e) (e) Administration. 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(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.
71.47(10) (10)Employee college savings account contribution credit.
71.47(10)(a)(a) Definitions. In this subsection:
71.47(10)(a)1. 1. “Claimant" means a person who files a claim under this subsection.
71.47(10)(a)1m. 1m. “College savings account" means a college savings account, as described in s. 224.50.
71.47(10)(a)2. 2. “Employee" has the meaning given in s. 71.63 (2).
71.47(10)(b) (b) Filing claims. Subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of those taxes, for each employee of the claimant, an amount equal to the amount the claimant paid into a college savings account owned by the employee in the taxable year in which the contribution is made.
71.47(10)(c) (c) Limitations.
71.47(10)(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 payment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of the 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(10)(c)2. 2. The maximum amount of the credit per employee that a claimant may claim under this subsection is an amount equal to 25 percent of the amount the claimant contributed to the employee's college savings account up to a maximum contribution equal to 25 percent of the maximum amount that an individual contributor may deduct under s. 71.05 (6) (b) 32. a. per beneficiary.
71.47(10)(d) (d) Administration. 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.
71.48 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 s. 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), except as provided under par. (f).
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)(cs) (cs) Low-income housing credit under s. 71.47 (8b).
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)(ei) (ei) Development zone capital investment credit under s. 71.47 (1dm).
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).
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2015-16 Wisconsin Statutes updated through 2017 Wis. Act 367 and all Supreme Court and Controlled Substances Board Orders effective on or before May 23, 2018. Published and certified under s. 35.18. Changes effective after May 23, 2018 are designated by NOTES. (Published 5-23-18)