71.07 (2dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.07 (2dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.07 (2dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795, an enterprise development zone under s. 560.797, an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799 560.7995.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.07 (2dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4), 560.798 (3), or 560.799 560.7995 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.07 (2dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4), 560.798 (3), or 560.799 560.7995 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.07 (2dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4), 560.798 (3), or 560.799 560.7995 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
Note: There is no conflict of substance. As merged by the revisor, s. 71.10 (4) (i) reads:
(i) The total of claim of right credit under s. 71.07 (1), farmland preservation credit under subch. IX, homestead credit under subch. VIII, farmland tax relief credit under s. 71.07 (3m), farmers' drought property tax credit under s. 71.07 (2fd), film production services credit under s. 71.07 (5f) (b) 2., veterans and surviving spouses property tax credit under s. 71.07 (6e), enterprise zone jobs credit under s. 71.07 (3w), earned income tax credit under s. 71.07 (9e), estimated tax payments under s. 71.09, and taxes withheld under subch. X.
Note: There is no conflict of substance. As merged by the revisor, s. 71.21 (4) reads:
(4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dm), (2ds), (2dx), (3g), (3n), (3s), (3t), (3w), (5b), (5e), (5f), (5g), and (5h) and passed through to partners shall be added to the partnership's income.
Note: There is no conflict of substance. As merged by the revisor, s. 71.26 (2) (a) reads:
(a) Corporations in general. The "net income" of a corporation means the gross income as computed under the Internal Revenue Code as modified under sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit computed under s. 71.28 (1), (3), (4), and (5) minus, as provided under s. 71.28 (3) (c) 7., the amount of the credit under s. 71.28 (3) that the taxpayer added to income under this paragraph at the time that the taxpayer first claimed the credit plus the amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (3g), (3n), (3t), (3w), (5b), (5e), (5f), (5g), and (5h) 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) plus the amount of losses from the sale or other disposition of assets the gain from which would be wholly exempt income, as defined in sub. (3) (L), if the assets were sold or otherwise disposed of at a gain and minus deductions, as computed under the Internal Revenue Code as modified under sub. (3), plus or minus, as appropriate, an amount equal to the difference between the federal basis and Wisconsin basis of any asset sold, exchanged, abandoned, or otherwise disposed of in a taxable transaction during the taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).
71.28 (1dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4).
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.28 (1dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799 560.7995.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.28 (1dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4).
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.28 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.28 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.28 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795, an enterprise development zone under s. 560.797, an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799 560.7995.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.28 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4), 560.798 (3), or 560.799 560.7995 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.28 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4), 560.798 (3), or 560.799 560.7995 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.28 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4), 560.798 (3), or 560.799 560.7995 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
Note: There is no conflict of substance. As merged by the revisor, s. 71.28 (4) (ad) 1., as renumbered from s. 71.28 (4) (a) by
2005 Wis. Act 452, reads:
1. Except as provided in subds. 2. and 3., any corporation may credit against taxes otherwise due under this chapter an amount equal to 5 percent of the amount obtained by subtracting from the corporation's qualified research expenses, as defined in section
41 of the Internal Revenue Code, except that "qualified research expenses" includes only expenses incurred by the claimant, incurred for research conducted in this state for the taxable year, except that a taxpayer may elect the alternative computation under section
41 (c) (4) of the Internal Revenue Code and that election applies until the department permits its revocation, except as provided in par. (af), and except that "qualified research expenses" does not include compensation used in computing the credit under subs. (1dj) and (1dx), the corporation's base amount, as defined in section
41 (c) of the Internal Revenue Code, except that gross receipts used in calculating the base amount means gross receipts from sales attributable to Wisconsin under s. 71.25 (9) (b) 1. and 2., (d), (df), and (dh). Section
41 (h) of the Internal Revenue Code does not apply to the credit under this paragraph.
Note: There is no conflict of substance. As merged by the revisor, s. 71.28 (4) (am) 1. reads:
1. In addition to the credit under par. (ad), any corporation may credit against taxes otherwise due under this chapter an amount equal to 5 percent of the amount obtained by subtracting from the corporation's qualified research expenses, as defined in section
41 of the Internal Revenue Code, except that "qualified research expenses" include only expenses incurred by the claimant in a development zone under subch. VI of ch. 560, except that a taxpayer may elect the alternative computation under section
41 (c) (4) of the Internal Revenue Code and that election applies until the department permits its revocation and except that "qualified research expenses" do not include compensation used in computing the credit under sub. (1dj) nor research expenses incurred before the claimant is certified for tax benefits under s. 560.765 (3), the corporation's base amount, as defined in section
41 (c) of the Internal Revenue Code, in a development zone, except that gross receipts used in calculating the base amount means gross receipts from sales attributable to Wisconsin under s. 71.25 (9) (b) 1. and 2., (d), (df), and (dh) and research expenses used in calculating the base amount include research expenses incurred before the claimant is certified for tax benefits under s. 560.765 (3), in a development zone, if the claimant submits with the claimant's return a copy of the claimant's certification for tax benefits under s. 560.765 (3) and a statement from the department of commerce verifying the claimant's qualified research expenses for research conducted exclusively in a development zone. The rules under s. 73.03 (35) apply to the credit under this subdivision. The rules under sub. (1di) (f) and (g) as they apply to the credit under that subsection apply to claims under this subdivision. Section
41 (h) of the Internal Revenue Code does not apply to the credit under this subdivision.
Note: There is no conflict of substance. As merged by the revisor, s. 71.34 (1) (g) reads:
(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), (3n), (3t), (3w), (5b), (5e), (5f), (5g), and (5h) and passed through to shareholders.
Note: There is no conflict of substance. As merged by the revisor, s. 71.45 (2) (a) 10. reads:
10. By adding to federal taxable income the amount of credit computed under s. 71.47 (1dd) to (1dx), (3n), (3w), (5b), (5e), (5f), (5g), and (5h) 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).
71.47 (1dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4).
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.47 (1dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799 560.7995.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.47 (1dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4).
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.47 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.47 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5), 560.798 (3), or 560.799 560.7995 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.47 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795 or an enterprise development zone under s. 560.797, an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799 560.7995.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.47 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4), 560.798 (3), or 560.799 560.7995 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
71.47 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4), 560.798 (3), or 560.799 560.7995 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.
Note: Section 560.799, as created by
2005 Wis. Act 487, is renumbered s. 560.7995 by this bill.
