JK:nwn:ph
2009 - 2010 LEGISLATURE
SENATE AMENDMENT 1,
TO SENATE SUBSTITUTE AMENDMENT 1,
TO 2009 SENATE BILL 651
April 20, 2010 - Offered by Senators Plale and
Kanavas.
SB651-SSA1-SA1,1,116
71.05
(6) (a) 15. The amount of the credits computed under s. 71.07 (2dd), (2de),
7(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3s),
8(3t), (3w), (5e), (5f), (5h), (5i), (5j), (5k),
(5rm), and (8r) and not passed through by a
9partnership, limited liability company, or tax-option corporation that has added that
10amount to the partnership's, company's, or tax-option corporation's income under s.
1171.21 (4) or 71.34 (1k) (g).
SB651-SSA1-SA1,1,13
171.07
(5rm) Water consumption credit. (a)
Definitions. In this subsection:
SB651-SSA1-SA1,2,22
1. "Ccf" means 100 cubic feet.
SB651-SSA1-SA1,2,63
2. "Claimant" means a person who files a claim under this subsection, who is
4an industrial customer of a municipal water utility that is located in a federal
5renewal community zone in this state, and whose average annual water
6consumption from that utility for a 24-month period exceeds 1,000,000 Ccf.
SB651-SSA1-SA1,2,117
(b)
Filing claims. Subject to the limitations provided in this subsection, for
8taxable years beginning after December 31, 2009, a claimant may claim as a credit
9against the tax imposed under s. 71.02, up to the amount of the tax, the amount
10determined as follows, except that the maximum amount that a claimant may claim
11in a taxable year under this subsection is $300,000:
SB651-SSA1-SA1,2,1312
1. Subtract the claimant's 2009 water usage costs from the claimant's water
13usage costs for the taxable year.
SB651-SSA1-SA1,2,1514
2. If the amount determined under subd. 1. is a positive number, multiply that
15amount by 0.50.
SB651-SSA1-SA1,2,2316
(c)
Limitations. Partnerships, limited liability companies, and tax-option
17corporations may not claim the credit under this subsection, but the eligibility for,
18and the amount of, the credit are based on their payment of amounts under par. (b).
19A partnership, limited liability company, or tax-option corporation shall compute
20the amount of credit that each of its partners, members, or shareholders may claim
21and shall provide that information to each of them. Partners, members of limited
22liability companies, and shareholders of tax-option corporations may claim the
23credit in proportion to their ownership interests.
SB651-SSA1-SA1,2,2524
(d)
Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
25s. 71.28 (4), applies to the credit under this subsection.
SB651-SSA1-SA1,3,22
71.10
(4) (ce) Water consumption credit under s. 71.07 (5rm).
SB651-SSA1-SA1,3,85
71.21
(4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di),
6(2dj), (2dL), (2dm), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3s), (3t), (3w),
7(5e), (5f), (5g), (5h), (5i), (5j), (5k),
(5rm), and (8r) and passed through to partners
8shall be added to the partnership's income.
SB651-SSA1-SA1,3,1611
71.26
(2) (a) 4. Plus the amount of the credit computed under s. 71.28 (1dd),
12(1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (1dy), (3g), (3h), (3n), (3p), (3q), (3r), (3t),
13(3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k),
(5rm), and (8r) and not passed through by a
14partnership, limited liability company, or tax-option corporation that has added that
15amount to the partnership's, limited liability company's, or tax-option corporation's
16income under s. 71.21 (4) or 71.34 (1k) (g).
SB651-SSA1-SA1,3,1818
71.28
(5rm) Water consumption credit. (a)
Definitions. In this subsection:
SB651-SSA1-SA1,3,1919
1. "Ccf" means 100 cubic feet.
SB651-SSA1-SA1,3,2320
2. "Claimant" means a person who files a claim under this subsection, who is
21an industrial customer of a municipal water utility that is located in a federal
22renewal community zone in this state, and whose average annual water
23consumption from that utility for a 24-month period exceeds 1,000,000 Ccf.
SB651-SSA1-SA1,4,324
(b)
Filing claims. Subject to the limitations provided in this subsection, for
25taxable years beginning after December 31, 2009, a claimant may claim as a credit
1against the tax imposed under s. 71.23, up to the amount of the tax, the amount
2determined as follows, except that the maximum amount that a claimant may claim
3in a taxable year under this subsection is $300,000:
SB651-SSA1-SA1,4,54
1. Subtract the claimant's 2009 water usage costs from the claimant's water
5usage costs for the taxable year.
SB651-SSA1-SA1,4,76
2. If the amount determined under subd. 1. is a positive number, multiply that
7amount by 0.50.
SB651-SSA1-SA1,4,158
(c)
Limitations. Partnerships, limited liability companies, and tax-option
9corporations may not claim the credit under this subsection, but the eligibility for,
10and the amount of, the credit are based on their payment of amounts under par. (b).
11A partnership, limited liability company, or tax-option corporation shall compute
12the amount of credit that each of its partners, members, or shareholders may claim
13and shall provide that information to each of them. Partners, members of limited
14liability companies, and shareholders of tax-option corporations may claim the
15credit in proportion to their ownership interests.
SB651-SSA1-SA1,4,1716
(d)
Administration. Subsection (4) (e) to (h), as it applies to the credit under
17sub. (4), applies to the credit under this subsection.
SB651-SSA1-SA1,4,1919
71.30
(3) (ce) Water consumption credit under s. 71.28 (5rm).
SB651-SSA1-SA1,4,2522
71.34
(1k) (g) An addition shall be made for credits computed by a tax-option
23corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (1dy),
24(3), (3g), (3h), (3n), (3p), (3q), (3r), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k),
(5rm), 25and (8r) and passed through to shareholders.
SB651-SSA1-SA1,5,93
71.45
(2) (a) 10. By adding to federal taxable income the amount of credit
4computed under s. 71.47 (1dd) to (1dy), (3g), (3h), (3n), (3p), (3q), (3r), (3w), (5e), (5f),
5(5g), (5h), (5i), (5j), (5k),
(5rm), and (8r) and not passed through by a partnership,
6limited liability company, or tax-option corporation that has added that amount to
7the partnership's, limited liability company's, or tax-option corporation's income
8under s. 71.21 (4) or 71.34 (1k) (g) and the amount of credit computed under s. 71.47
9(1), (3), (3t), (4), (4m), and (5).
SB651-SSA1-SA1,5,1111
71.47
(5rm) Water consumption credit. (a)
Definitions. In this subsection:
SB651-SSA1-SA1,5,1212
1. "Ccf" means 100 cubic feet.
SB651-SSA1-SA1,5,1613
2. "Claimant" means a person who files a claim under this subsection, who is
14an industrial customer of a municipal water utility that is located in a federal
15renewal community zone in this state, and whose average annual water
16consumption from that utility for a 24-month period exceeds 1,000,000 Ccf.
SB651-SSA1-SA1,5,2117
(b)
Filing claims. Subject to the limitations provided in this subsection, for
18taxable years beginning after December 31, 2009, a claimant may claim as a credit
19against the tax imposed under s. 71.43, up to the amount of the tax, the amount
20determined as follows, except that the maximum amount that a claimant may claim
21in a taxable year under this subsection is $300,000:
SB651-SSA1-SA1,5,2322
1. Subtract the claimant's 2009 water usage costs from the claimant's water
23usage costs for the taxable year.
SB651-SSA1-SA1,5,2524
2. If the amount determined under subd. 1. is a positive number, multiply that
25amount by 0.50.
SB651-SSA1-SA1,6,8
1(c)
Limitations. Partnerships, limited liability companies, and tax-option
2corporations may not claim the credit under this subsection, but the eligibility for,
3and the amount of, the credit are based on their payment of amounts under par. (b).
4A partnership, limited liability company, or tax-option corporation shall compute
5the amount of credit that each of its partners, members, or shareholders may claim
6and shall provide that information to each of them. Partners, members of limited
7liability companies, and shareholders of tax-option corporations may claim the
8credit in proportion to their ownership interests.
SB651-SSA1-SA1,6,109
(d)
Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
10s. 71.28 (4), applies to the credit under this subsection.
SB651-SSA1-SA1,6,1212
71.49
(1) (ce) Water consumption credit under s. 71.47 (5rm).
SB651-SSA1-SA1,7,515
77.92
(4) "Net business income," with respect to a partnership, means taxable
16income as calculated under section
703 of the Internal Revenue Code; plus the items
17of income and gain under section
702 of the Internal Revenue Code, including taxable
18state and municipal bond interest and excluding nontaxable interest income or
19dividend income from federal government obligations; minus the items of loss and
20deduction under section
702 of the Internal Revenue Code, except items that are not
21deductible under s. 71.21; plus guaranteed payments to partners under section
707 22(c) of the Internal Revenue Code; plus the credits claimed under s. 71.07 (2dd), (2de),
23(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3s),
24(3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k),
(5rm), and (8r); and plus or minus, as
25appropriate, transitional adjustments, depreciation differences, and basis
1differences under s. 71.05 (13), (15), (16), (17), and (19); but excluding income, gain,
2loss, and deductions from farming. "Net business income," with respect to a natural
3person, estate, or trust, means profit from a trade or business for federal income tax
4purposes and includes net income derived as an employee as defined in section
3121 5(d) (3) of the Internal Revenue Code.".