SB55-ASA1-AA1,625,9
171.34
(1g) (pm) "Internal Revenue Code" for tax-option corporations, for
2taxable years beginning after December 31, 2000, and before January 1, 2002, means
3the federal Internal Revenue Code as amended by sections 411, 412 (a), 611 (a), 635,
4636 (b), 641 to 646, 655, 658, and 701 of P.L.
107-16 and as indirectly affected by
5sections 411, 412 (a), 611 (a), 635, 636 (b), 641 to 646, 655, 658, and 701 of P.L.
107-16.
6The Internal Revenue Code applies for Wisconsin purposes at the same time as for
7federal purposes. Amendments to the federal Internal Revenue Code enacted after
8June 30, 2001, do not apply to this paragraph with respect to taxable years beginning
9after December 31, 2000, and before January 1, 2002.".
SB55-ASA1-AA1,628,1911
71.42
(2) (om) For taxable years beginning after December 31, 2000, and before
12January 1, 2002, "Internal Revenue Code" means the federal Internal Revenue Code
13as amended by sections 411, 412 (a), 611 (a), 635, 636 (b), 641 to 646, 655, 658, and
14701 of P.L.
107-16 and as indirectly affected by sections 411, 412 (a), 611 (a), 635, 636
15(b), 641 to 646, 655, 658, and 701 of P.L.
107-16. The Internal Revenue Code applies
16for Wisconsin purposes at the same time as for federal purposes. Amendments to the
17federal Internal Revenue Code enacted after June 30, 2001, do not apply to this
18paragraph with respect to taxable years beginning after December 31, 2000, and
19before January 1, 2002.".
SB55-ASA1-AA1,629,322
71.45
(2) (a) 10. By adding to federal taxable income the amount of credit
23computed under s. 71.47 (1dd) to (1dx)
and (5r) and not passed through by a
24partnership, limited liability company
, or tax-option corporation that has added that
1amount to the partnership's, limited liability company's
, or tax-option corporation's
2income under s. 71.21 (4) or 71.34 (1) (g) and the amount of credit computed under
3s. 71.47 (1), (3), (4)
, and (5).".
SB55-ASA1-AA1,629,116
71.45
(2) (a) 10. By adding to federal taxable income the amount of credit
7computed under s. 71.47 (1dd) to (1dx)
and (5d) and not passed through by a
8partnership, limited liability company or tax-option corporation that has added that
9amount to the partnership's, limited liability company's
, or tax-option corporation's
10income under s. 71.21 (4) or 71.34 (1) (g) and the amount of credit computed under
11s. 71.47 (1), (3), (4) and (5).".
SB55-ASA1-AA1,629,1914
71.45
(2) (a) 10. By adding to federal taxable income the amount of credit
15computed under s. 71.47 (1dd) to (1dx)
and (5s) and not passed through by a
16partnership, limited liability company or tax-option corporation that has added that
17amount to the partnership's, limited liability company's or tax-option corporation's
18income under s. 71.21 (4) or 71.34 (1) (g) and the amount of credit computed under
19s. 71.47 (1), (3), (4) and (5).".
SB55-ASA1-AA1,630,63
71.47
(1dx) (a) 2. "Development zone" means a development zone under s.
4560.70, a development opportunity zone under s. 560.795 or an enterprise
5development zone under s. 560.797
, or an agricultural development zone under s.
6560.798.".
SB55-ASA1-AA1,630,8
8"
Section 2192d. 71.47 (1dx) (b) (intro.) of the statutes is amended to read:
SB55-ASA1-AA1,630,149
71.47
(1dx) (b)
Credit. (intro.) Except or provided in s. 73.03 (35) and subject
10to s. 560.785, for any taxable year for which the person is entitled under s. 560.795
11(3) to claim tax benefits or certified under s. 560.765 (3)
or, 560.797 (4)
or 560.798 (3),
12any person may claim as a credit against taxes imposed on the person's income from
13the person's business activities in a development zone under this subchapter the
14following amounts:
SB55-ASA1-AA1,631,216
71.47
(1dx) (c)
Credit precluded. If the certification of a person for tax benefits
17under s. 560.765 (3)
or, 560.797 (4)
or 560.798 (3) is revoked, or if the person becomes
18ineligible for tax benefits under s. 560.795 (3), that person may not claim credits
19under this subsection for the taxable year that includes the day on which the
20certification is revoked; the taxable year that includes the day on which the person
21becomes ineligible for tax benefits; or succeeding taxable years and that person may
22not carry over unused credits from previous years to offset tax under this chapter for
23the taxable year that includes the day on which certification is revoked; the taxable
1year that includes the day on which the person becomes ineligible for tax benefits;
2or succeeding taxable years.
SB55-ASA1-AA1,631,104
71.47
(1dx) (d)
Carry-over precluded. If a person who is entitled under s.
5560.795 (3) to claim tax benefits or certified under s. 560.765 (3)
or, 560.797 (4)
or
6560.798 (3) for tax benefits ceases business operations in the development zone
7during any of the taxable years that that zone exists, that person may not carry over
8to any taxable year following the year during which operations cease any unused
9credits from the taxable year during which operations cease or from previous taxable
10years.".
