SB45-SSA1-SA1,207,6
6"
Section 1757be. 71.47 (2m) (b) 1. a. of the statutes is amended to read:
SB45-SSA1-SA1,207,147
71.47
(2m) (b) 1. a. Subject to the limitations provided in this subsection and
8s. 71.80 (3) and (3m), a claimant may claim as a credit against Wisconsin income
9taxes otherwise due, the amount derived under par. (c). If the allowable amount of
10claim exceeds the income taxes otherwise due on the claimant's income or if there are
11no Wisconsin income taxes due on the claimant's income, the amount of the claim not
12used as an offset against income taxes shall be certified to the department of
13administration for payment to the claimant by check, share draft or other draft paid
14from the
appropriation appropriations under s. 20.835 (2)
(ka) and (q).".
SB45-SSA1-SA1,207,1717
71.47
(5d) Study abroad credit. (a) In this subsection:
SB45-SSA1-SA1,207,1818
1. "Claimant" means a corporation that files a claim under this subsection.
SB45-SSA1-SA1,207,2019
2. "Qualified expenses" means expenses related to attending school in a foreign
20country and includes transportation costs, room and board, books and tuition.
SB45-SSA1-SA1,207,2221
(b) A claimant may claim as a credit against the tax imposed under s. 71.43 an
22amount equal to $1,000 if all of the following apply:
SB45-SSA1-SA1,207,2423
1. The claimant pays or incurs at least $3,000 in qualified expenses on behalf
24of a student who attends school in a foreign country.
SB45-SSA1-SA1,208,2
12. The student under subd 1. is a full-time undergraduate student enrolled in
2the University of Wisconsin System.
SB45-SSA1-SA1,208,43
3. The student under subd. 1. is eligible for a Wisconsin higher education grant
4under s. 39.435.
SB45-SSA1-SA1,208,75
(c) A claimant may not claim the credit under par. (b) for any tuition amounts
6that the claimant excluded under s. 71.05 (6) (b) 28. or under section
127 of the
7Internal Revenue Code.
SB45-SSA1-SA1,208,98
(d) The carry-over provisions of s. 71.28 (4) (e) and (f), as they apply to the credit
9under s. 71.28 (4), apply to the credit under this subsection.
SB45-SSA1-SA1,208,1710
(e) Partnerships, limited liability companies and tax-option corporations may
11not claim the credit under this subsection, but the eligibility for, and the amount of,
12the credit are based on their payment of qualified expenses under par. (b) 1. A
13partnership, limited liability company or tax-option corporation shall compute the
14amount of credit that each of its partners, members or shareholders may claim and
15shall provide that information to each of them. Partners, members of limited liability
16companies and shareholders of tax-option corporations may claim the credit in
17proportion to their ownership interest.
SB45-SSA1-SA1,208,1918
(f) Section 71.28 (4) (g) and (h), as it applies to the credit under s. 71.28 (4),
19applies to the credit under this subsection.".
SB45-SSA1-SA1,209,222
71.49
(1) (f) The total of farmers' drought property tax credit under s. 71.47
23(1fd), farmland preservation credit under subch. IX, farmland tax relief credit under
1s. 71.47 (2m)
, the study abroad credit under s. 71.47 (5d) and estimated tax payments
2under s. 71.48.".
SB45-SSA1-SA1,209,108
71.54
(1) (f)
2001 and thereafter. The amount of any claim filed in 2001 and
9thereafter and based on property taxes accrued or rent constituting property taxes
10accrued during the previous year is limited as follows:
SB45-SSA1-SA1,209,1311
1. If the household income was $8,000 or less in the year to which the claim
12relates, the claim is limited to 80% of the property taxes accrued or rent constituting
13property taxes accrued or both in that year on the claimant's homestead.
SB45-SSA1-SA1,209,1714
2. If the household income was more than $8,000 in the year to which the claim
15relates, the claim is limited to 80% of the amount by which the property taxes accrued
16or rent constituting property taxes accrued or both in that year on the claimant's
17homestead exceeds 10.357% of the household income exceeding $8,000.
SB45-SSA1-SA1,209,1918
3. No credit may be allowed if the household income of a claimant exceeds
19$22,000.".
SB45-SSA1-SA1,210,52
73.0301
(1) (d) 6. A license or certificate of registration issued by the
3department of financial institutions, or a division of it, under s. 138.09, 138.12,
4217.06, 218.01, 218.02, 218.04, 218.05
or, 224.72
, 224.93 or under subch. III of ch.
5551.".
SB45-SSA1-SA1,210,2112
74.48
(1) If
a person owns land that
has been is valued
as agricultural land 13under s. 70.32 (2r)
(b) is sold by a person who and has owned
it such land for less than
145 years
and who has benefited from a value lower than that established by, and either
15sells the land or the use of the land changes so that the land is not valued as
16agricultural land under s. 70.32 (2r)
(a), there is imposed on that person a penalty
17equal to
5% of the difference between the
sale price of the agricultural land and the
18value that would be established for it under s. 70.32 (2r) (c)
property taxes that the
19person would have paid related to the land if the land had been assessed at the land's
20fair market value and the property taxes that the person paid during the last
year
21of 2 years that the
person's ownership person owned the land.".
SB45-SSA1-SA1,211,4
176.025
(2) If the property of any company defined in s. 76.28 (1), except a
2qualified wholesale electric company as defined in s. 76.28 (1) (gm)
and a wholesale
3merchant plant as defined in s. 76.28 (1) (j), is located entirely within a single town,
4village or city, it shall be subject to local assessment and taxation.".
SB45-SSA1-SA1,212,27
76.28
(1) (d) "Gross revenues" for a light, heat and power company other than
8a qualified wholesale electric company
or a wholesale merchant plant means total
9operating revenues as reported to the public service commission except revenues for
10interdepartmental sales and for interdepartmental rents as reported to the public
11service commission and deductions from the sales and use tax under s. 77.61 (4),
12except that the company may subtract from revenues either the actual cost of power
13purchased for resale, as reported to the public service commission, by a light, heat
14and power company, except a municipal light, heat and power company, that
15purchases under federal or state approved wholesale rates more than 50% of its
16electric power from a person other than an affiliated interest, as defined in s. 196.52
17(1), if the revenue from that purchased electric power is included in the seller's gross
18revenues or the following percentages of the actual cost of power purchased for
19resale, as reported to the public service commission, by a light, heat and power
20company, except a municipal light, heat and power company that purchases more
21than 90% of its power and that has less than $50,000,000 of gross revenues: 10% for
22the fee assessed on May 1, 1988, 30% for the fee assessed on May 1, 1989, and 50%
23for the fee assessed on May 1, 1990, and thereafter. For a qualified wholesale electric
1company
or a wholesale merchant plant, "gross revenues" means total business
2revenues from those businesses included under par. (e) 1. to 4.
SB45-SSA1-SA1,212,124
76.28
(1) (e) (intro.) "Light, heat and power companies" means any person,
5association, company or corporation, including corporations described in s. 66.069 (2)
6and including qualified wholesale electric companies
and wholesale merchant plants 7and except only business enterprises carried on exclusively either for the private use
8of the person, association, company or corporation engaged in them, or for the private
9use of a person, association, company or corporation owning a majority of all
10outstanding capital stock or who control the operation of business enterprises and
11except electric cooperatives taxed under s. 76.48 that engage in any of the following
12businesses:
SB45-SSA1-SA1,212,1614
76.28
(1) (j) "Wholesale merchant plants" means wholesale merchant plants,
15as defined in s. 196.491 (1) (w), that receive a certificate of public convenience and
16necessity under s. 196.491 (3) after December 31, 1999.
SB45-SSA1-SA1,212,2518
76.28
(2) (a) There is imposed on every light, heat and power company an
19annual license fee to be assessed by the department on or before May 1, 1985, and
20every May 1 thereafter measured by the gross revenues of the preceding year at the
21rates and by the methods set forth under pars. (b) to
(d) (e). The fee shall become
22delinquent if not paid when due and when delinquent shall be subject to interest at
23the rate of 1.5% per month until paid. Payment in full of the May 1 assessment
24constitutes a license to carry on business for the 12-month period commencing on the
25preceding January 1.
SB45-SSA1-SA1,213,42
76.28
(2) (c) (intro.) For private light, heat and power companies
, except
3wholesale merchant plants, for 1986 and thereafter, an amount equal to the
4apportionment factor multiplied by the sum of:
SB45-SSA1-SA1,213,96
76.28
(2) (d) For municipal light, heat and power companies
, except wholesale
7merchant plants, an amount equal to the gross revenues, except gross revenues from
8operations within the municipality that operates the company, multiplied by the
9rates under par. (b) or (c).
SB45-SSA1-SA1,213,1211
76.28
(2) (e) For wholesale merchant plants, an amount equal to the
12apportionment factor multiplied by the sum of gross revenues multiplied by 1.59%.".
SB45-SSA1-SA1,214,1415
76.28
(1) (d) "Gross revenues" for a light, heat and power company other than
16a qualified wholesale electric company
or a transmission company means total
17operating revenues as reported to the public service commission except revenues for
18interdepartmental sales and for interdepartmental rents as reported to the public
19service commission and deductions from the sales and use tax under s. 77.61 (4),
20except that the company may subtract from revenues either the actual cost of power
21purchased for resale, as reported to the public service commission, by a light, heat
22and power company, except a municipal light, heat and power company, that
23purchases under federal or state approved wholesale rates more than 50% of its
24electric power from a person other than an affiliated interest, as defined in s. 196.52
1(1), if the revenue from that purchased electric power is included in the seller's gross
2revenues or the following percentages of the actual cost of power purchased for
3resale, as reported to the public service commission, by a light, heat and power
4company, except a municipal light, heat and power company that purchases more
5than 90% of its power and that has less than $50,000,000 of gross revenues: 10% for
6the fee assessed on May 1, 1988, 30% for the fee assessed on May 1, 1989, and 50%
7for the fee assessed on May 1, 1990, and thereafter. For a qualified wholesale electric
8company, "gross revenues" means total business revenues from those businesses
9included under par. (e) 1. to 4.
For a transmission company, "gross revenues" means
10total operating revenues as reported to the public service commission, except
11revenues for transmission service that is provided to a public utility that is subject
12to the license fee under sub. (2) (d), to a public utility, as defined in s. 196.01 (5), or
13to a cooperative association organized under ch. 185 for the purpose of providing
14electricity to its members only.".
SB45-SSA1-SA1,214,2416
76.28
(1) (e) (intro.) "Light, heat and power companies" means any person,
17association, company or corporation, including corporations described in s. 66.069 (2)
18and including, qualified wholesale electric companies
and transmission companies 19and except only business enterprises carried on exclusively either for the private use
20of the person, association, company or corporation engaged in them, or for the private
21use of a person, association, company or corporation owning a majority of all
22outstanding capital stock or who control the operation of business enterprises and
23except electric cooperatives taxed under s. 76.48 that engage in any of the following
24businesses:
SB45-SSA1-SA1,215,1
176.28
(1) (e) 5. Transmitting electric current for light, heat or power.
SB45-SSA1-SA1,215,43
76.28
(1) (j) "Transmission company" has the meaning given in s. 196.485 (1)
4(ge).
SB45-SSA1-SA1,215,86
76.28
(2) (c) (intro.)
For Except as provided under par. (e), for private light, heat
7and power companies for 1986 and thereafter, an amount equal to the apportionment
8factor multiplied by the sum of:
SB45-SSA1-SA1,215,1310
76.28
(2) (d)
For Except as provided under par. (e), for municipal light, heat and
11power companies, an amount equal to the gross revenues, except gross revenues from
12operations within the municipality that operates the company, multiplied by the
13rates under par. (b) or (c).
SB45-SSA1-SA1,215,1615
76.28
(2) (e) For transmission companies, an amount equal to the gross
16revenues multiplied by the rates under par. (c).".
SB45-SSA1-SA1,215,2220
77.54
(44) The gross receipts from the sale of and the storage, use or other
21consumption of materials, supplies and fuel used in the maintenance of railroad
22tracks and rights-of-way.".
SB45-SSA1-SA1,216,7
177.54
(20) (c) 6. For purposes of subd. 1., "premises" shall be construed broadly,
2and, by way of illustration but not limitation, shall include the lobby, aisles and
3auditorium of a theater or the seating, aisles and parking area of an arena, rink or
4stadium or the parking area of a drive-in or outdoor theater. The premises of a
5caterer with respect to catered meals or beverages shall be the place where served.
6Vending machine premises shall include the room or area in which located Sales from
7a vending machine shall be considered sales for off-premises consumption.".
SB45-SSA1-SA1,216,1410
77.53
(17m) This section does not apply to a boat purchased
in a state
11contiguous to this state by a person domiciled in
that a state
that is contiguous to this
12state if the boat is berthed in this state's boundary waters adjacent to the state of the
13domicile of the purchaser and if the transaction was an exempt occasional sale under
14the laws of the state in which the purchase was made.".
SB45-SSA1-SA1,217,317
77.92
(4) "Net business income", with respect to a partnership, means taxable
18income as calculated under section
703 of the internal revenue code; plus the items
19of income and gain under section
702 of the internal revenue code; minus the items
20of loss and deduction under section
702 of the internal revenue code; plus payments
21treated as not made to partners under section
707 (a) of the internal revenue code;
22plus the credits claimed under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dr), (2ds),
23(2dx)
and, (3s)
and (5d); but excluding income, gain, loss and deductions from
24farming. "Net business income", with respect to a natural person, estate or trust,
1means profit from a trade or business for federal income tax purposes and includes
2net income derived as an employe as defined in section
3121 (d) (3) of the internal
3revenue code.".
