Amendment SA1-SB425

LRBa1202/1

JK:kjf:rs

2007 - 2008 LEGISLATURE

SENATE AMENDMENT 1, TO 2007 SENATE BILL 425

February 26, 2008 - Offered by Committee on Agriculture and Higher Education.

SB425-SA1,1,1 At the locations indicated, amend the bill as follows:

SB425-SA1,1,2 1. Page 2, line 2: after that line insert:

SB425-SA1,1,4 " Section 1m. 71.05 (6) (a) 15. of the statutes, as affected by 2007 Wisconsin Act 20, is amended to read:

SB425-SA1,1,10 71.05 (6) (a) 15. The amount of the credits computed under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (3g), (3h), (3n), (3p), (3r), (3s), (3t), (3w), (5e), (5f), (5h), (5i), (5j), and (5k) and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership's, company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g).".

SB425-SA1,1,11 2. Page 4, line 16: after that line insert:

SB425-SA1,2,3 "6. No credit may be allowed under this subsection unless the claimant submits with the claimant's return a copy of the claimant's credit certification and allocation under s. 560.208.".

SB425-SA1,2,4 3. Page 5, line 21: after that line insert:

SB425-SA1,2,6 " Section 4m. 71.21 (4) of the statutes, as affected by 2007 Wisconsin Act 20, is amended to read:

SB425-SA1,2,10 71.21 (4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dm), (2ds), (2dx), (3g), (3h), (3n), (3p), (3r), (3s), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), and (5k) and passed through to partners shall be added to the partnership's income.".

SB425-SA1,2,11 4. Page 8, line 9: after that line insert:

SB425-SA1,2,14 "6. No credit may be allowed under this subsection unless the claimant submits with the claimant's return a copy of the claimant's credit certification and allocation under s. 560.208.".

SB425-SA1,2,15 5. Page 8, line 24: after that line insert:

SB425-SA1,2,17 " Section 6d. 71.34 (1) (g) of the statutes, as affected by 2007 Wisconsin Act 20, is amended to read:

SB425-SA1,2,21 71.34 (1) (g) An addition shall be made for credits computed by a tax-option corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (3), (3g), (3h), (3n), (3p), (3r), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), and (5k) and passed through to shareholders.

SB425-SA1, s. 6h Section 6h. 71.45 (2) (a) 10. of the statutes, as affected by 2007 Wisconsin Act 20, is amended to read:

SB425-SA1,3,6 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit computed under s. 71.47 (1dd) to (1dx), (3h), (3n), (3p), (3r), (3w), (5e), (5f), (5g), (5h), (5i), (5j), and (5k) and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership's, limited liability company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) and the amount of credit computed under s. 71.47 (1), (3), (3t), (4), and (5).".

SB425-SA1,3,7 6. Page 11, line 11: after that line insert:

SB425-SA1,3,10 "6. No credit may be allowed under this subsection unless the claimant submits with the claimant's return a copy of the claimant's credit certification and allocation under s. 560.208.".

SB425-SA1,3,11 (End)