2011 - 2012 LEGISLATURE
May 20, 2011 - Offered by Representatives Kuglitsch and Klenke.
AB129-AA2,1,11 At the locations indicated, amend the bill as follows:
AB129-AA2,1,2 21. Page 29, line 9: after "(8s)," insert "(8t),".
AB129-AA2,1,4 32. Page 29, line 16: delete "71.47 (8s) (e)" and substitute "and 71.47 (8s) (e) and
4(8t) (e)".
AB129-AA2,1,5 53. Page 29, line 19: after "71.47 (8s) (e)" insert "and (8t) (e)".
AB129-AA2,1,6 64. Page 29, line 23: after "71.47 (8s) (e)" insert "and (8t) (e)".
AB129-AA2,1,7 75. Page 31, line 11: after that line insert:
AB129-AA2,1,8 8" Section 56d. 71.47 (8t) of the statutes is created to read:
AB129-AA2,1,109 71.47 (8t) Jobs now fund investment credit. (a) Definitions. In this
AB129-AA2,1,1111 1. "Allocation date" has the meaning given in s. 239.20 (2).
AB129-AA2,1,1212 2. "Certified jobs now fund" has the meaning given in s. 239.20 (3).
13. "Claimant" means a person who files a claim under this subsection.
AB129-AA2,2,22 4. "Designated capital" has the meaning given in s. 239.20 (4).
AB129-AA2,2,73 (b) Filing claims. Subject to the limitations provided in this subsection and s.
4239.22, for taxable years beginning after December 31, 2013, a claimant who makes
5an investment of designated capital and who has been awarded a credit under s.
6239.22 (2) (a), may claim as a credit against the tax imposed under s. 71.43, up to the
7amount of the tax, the amount determined under s. 239.22 (2) (b).
AB129-AA2,2,168 (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 investment of designated capital for
11which a credit has been awarded under s. 239.22 (2) (a). A partnership, limited
12liability company, or tax-option corporation shall compute the amount of credit that
13each of its partners, members, or shareholders may claim and shall provide that
14information to each of them. Partners, members of limited liability companies, and
15shareholders of tax-option corporations may claim the credit in proportion to their
16ownership interests.
AB129-AA2,2,2217 (d) Carry-forward. 1. If the credit under this subsection is not entirely offset
18against the taxes imposed under s. 71.43 that are otherwise due, the unused balance
19may be carried forward and credited against those taxes in the following years to the
20extent that it is not offset by those taxes otherwise due in all the years between the
21year in which the initial credit is claimed and the year in which the carry-forward
22credit is claimed.
AB129-AA2,2,2423 2. The amount of the carry-forward computed under subd. 1. shall be reduced
24by the amount of any credit transferred under par. (e).
1(e) Sale of credit. A claimant who is awarded a credit under s. 239.22 (2) (a),
2or to whom a credit is sold or transferred as provided under this paragraph, may sell
3or otherwise transfer the credit to another person who is subject to the tax imposed
4under s. 71.43 if the claimant notifies the department and the Wisconsin Venture
5Capital Authority created under ch. 239 of the sale or transfer and includes with the
6notification a copy of the sale or transfer documents. If a credit that has been sold
7or transferred under this paragraph is subject to recapture under par. (f) 2., the
8person who claimed the credit is liable for the repayment provided under par. (f) 2.
9No credit may be sold or transferred under this paragraph until 180 days after the
10date on which the person becomes eligible to claim the credit.
AB129-AA2,3,1211 (f) Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the credit
12under s. 71.28 (4), applies to the credit under this subsection.
AB129-AA2,3,2013 2. If a certified jobs now fund in which the claimant's designated capital has
14been invested is decertified under s. 239.26 (2) (b) and the jobs now fund has not made
15the investments required under s. 239.23 (4) (a) and (b) within 4 years after the
16allocation date for the claimant's investment, any claimant that has received a credit
17under this subsection with the same allocation date with respect to such decertified
18jobs now fund shall repay the credit amount to the department, for deposit into the
19general fund, and may not claim any more credits under this subsection with respect
20to the decertified jobs now fund.
AB129-AA2,3,2121 3. The department shall promulgate rules to administer this subsection.".
AB129-AA2,3,22 226. Page 31, line 13: after that line insert:
AB129-AA2,3,23 23" Section 57d. 71.49 (1) (dp) of the statutes is created to read:
AB129-AA2,3,2424 71.49 (1) (dp) Jobs now fund investment credit under s. 71.47 (8t).".
17. Page 49, line 10: before "76.634" insert "71.47 (8t) or".
AB129-AA2,4,2 28. Page 49, line 12: after "76.67" insert "or the tax imposed under s. 71.43".