71.07 (3w) (d) Administration. Section 71.28 (4) (g) and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection. Claimants shall include with their returns a copy of their certification for tax benefits, and a copy of the verification of their expenses, from the department of commerce or the Wisconsin Economic Development Corporation.
32,1861
Section
1861. 71.07 (5b) (a) 2. of the statutes is amended to read:
71.07 (5b) (a) 2. "Fund manager" means an investment fund manager certified under s. 238.15 (2) or s. 560.205 (2), 2009 stats.
32,1862
Section
1862. 71.07 (5b) (b) 1. of the statutes is amended to read:
71.07 (5b) (b) 1. For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and s. 238.15 or s. 560.205
, 2009 stats., and except as provided in subd. 2., a claimant may claim as a credit against the tax imposed under ss. 71.02 and 71.08, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.
32,1863
Section
1863. 71.07 (5b) (b) 2. of the statutes is amended to read:
71.07 (5b) (b) 2. In the case of a partnership, limited liability company, or tax-option corporation, the computation of the 25 percent limitation under subd. 1. shall be determined at the entity level rather than the claimant level and may be allocated among the claimants who make investments in the manner set forth in the entity's organizational documents. The entity shall provide to the department of revenue and to the department of commerce or the Wisconsin Economic Development Corporation the names and tax identification numbers of the claimants, the amounts of the credits allocated to the claimants, and the computation of the allocations.
32,1864
Section
1864. 71.07 (5b) (d) 3. of the statutes is amended to read:
71.07 (5b) (d) 3. For calendar years beginning investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.
32,1865
Section
1865. 71.07 (5d) (a) 1. (intro.) of the statutes is amended to read:
71.07 (5d) (a) 1. (intro.) "Bona fide angel investment" means a purchase of an equity interest, or any other expenditure, as determined by rule under s. 238.15 or s. 560.205, 2009 stats., that is made by any of the following:
32,1866
Section
1866. 71.07 (5d) (a) 2m. of the statutes is amended to read:
71.07 (5d) (a) 2m. "Person" means a partnership or limited liability company that is a nonoperating entity, as determined by the department of commerce or the Wisconsin Economic Development Corporation, a natural person, or fiduciary.
32,1867
Section
1867. 71.07 (5d) (a) 3. of the statutes is amended to read:
71.07 (5d) (a) 3. "Qualified new business venture" means a business that is certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.
32,1868
Section
1868. 71.07 (5d) (b) (intro.) of the statutes is amended to read:
71.07 (5d) (b) Filing claims. (intro.) Subject to the limitations provided in this subsection and in s. 238.15 or s. 560.205, 2009 stats., a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08, up to the amount of those taxes, the following:
32,1869
Section
1869. 71.07 (5d) (b) 1. of the statutes is amended to read:
71.07 (5d) (b) 1. For taxable years beginning before January 1, 2008, in each taxable year for 2 consecutive years, beginning with the taxable year as certified by the department of commerce or the Wisconsin Economic Development Corporation, an amount equal to 12.5 percent of the claimant's bona fide angel investment made directly in a qualified new business venture.
32,1870
Section
1870. 71.07 (5d) (b) 2. of the statutes is amended to read:
71.07 (5d) (b) 2. For taxable years beginning after December 31, 2007, for the taxable year certified by the department of commerce or the Wisconsin Economic Development Corporation, an amount equal to 25 percent of the claimant's bona fide angel investment made directly in a qualified new business venture.
32,1871
Section
1871. 71.07 (5d) (c) 2. of the statutes is amended to read:
71.07 (5d) (c) 2. For taxable years beginning before January 1, 2008, the maximum amount of a claimant's investment that may be used as the basis for a credit under this subsection is $2,000,000 for each investment made directly in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.
32,1873
Section
1873. 71.07 (5d) (d) 1. of the statutes is amended to read:
71.07 (5d) (d) 1. For calendar years beginning investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.
32,1874
Section
1874. 71.07 (5f) (a) 1. (intro.) of the statutes is amended to read:
71.07 (5f) (a) 1. (intro.) "Accredited production" means a film, video, broadcast advertisement, or television production, as approved by the department of commerce or the department of tourism, for which the aggregate salary and wages included in the cost of the production for the period ending 12 months after the month in which the principal filming or taping of the production begins exceeds $50,000. "Accredited production" also means an electronic game, as approved by the department of commerce or the department of tourism, for which the aggregate salary and wages included in the cost of the production for the period ending 36 months after the month in which the principal programming, filming, or taping of the production begins exceeds $100,000. "Accredited production" does not include any of the following, regardless of the production costs:
32,1875
Section
1875. 71.07 (5f) (a) 3. of the statutes is amended to read:
71.07 (5f) (a) 3. "Production expenditures" means any expenditures that are incurred in this state and directly used to produce an accredited production, including expenditures for set construction and operation, wardrobes, make-up, clothing accessories, photography, sound recording, sound synchronization, sound mixing, lighting, editing, film processing, film transferring, special effects, visual effects, renting or leasing facilities or equipment, renting or leasing motor vehicles, food, lodging, and any other similar expenditure as determined by the department of commerce or the department of tourism. "Production expenditures" do not include salary, wages, or labor-related contract payments.
32,1876
Section
1876. 71.07 (5f) (c) 6. of the statutes is amended to read:
71.07 (5f) (c) 6. No credit may be allowed under this subsection unless the claimant files an application with the department of commerce or the department of tourism, at the time and in the manner prescribed by the department of commerce or the department of tourism, and the department of commerce or the department of tourism approves the application. The claimant shall submit a fee with the application in an amount equal to 2 percent of the claimant's budgeted production expenditures or to $5,000, whichever is less. The claimant shall submit a copy of the approved application with the claimant's return.
32,1877
Section
1877. 71.07 (5h) (c) 4. of the statutes is amended to read:
71.07 (5h) (c) 4. No claim may be allowed under this subsection unless the department of commerce or the department of tourism certifies, in writing, that the credits claimed under this subsection are for expenses related to establishing or operating a film production company in this state and the claimant submits a copy of the certification with the claimant's return.
32,1878
Section
1878. 71.07 (5i) (c) 1. of the statutes is amended to read:
71.07 (5i) (c) 1. The maximum amount of the credits that may be claimed under this subsection and ss. 71.28 (5i) and 71.47 (5i) in a taxable year is $10,000,000, as allocated under s. 73.15 or s. 560.204, 2009 stats.
32,1879
Section
1879. 71.07 (5j) (a) 2d. of the statutes is amended to read:
71.07 (5j) (a) 2d. "Diesel replacement renewable fuel" includes biodiesel and any other fuel derived from a renewable resource that meets all of the applicable requirements of the American Society for Testing and Materials for that fuel and that the department of commerce or the department of safety and professional services designates by rule as a diesel replacement renewable fuel.
32,1880
Section
1880. 71.07 (5j) (a) 2m. of the statutes is amended to read:
71.07 (5j) (a) 2m. "Gasoline replacement renewable fuel" includes ethanol and any other fuel derived from a renewable resource that meets all of the applicable requirements of the American Society for Testing and Materials for that fuel and that the department of commerce or the department of safety and professional services designates by rule as a gasoline replacement renewable fuel.
32,1881
Section
1881. 71.07 (5j) (c) 3. of the statutes is amended to read:
71.07 (5j) (c) 3. The department of commerce or the department of safety and professional services shall establish standards to adequately prevent, in the distribution of conventional fuel to an end user, the inadvertent distribution of fuel containing a higher percentage of renewable fuel than the maximum percentage established by the federal environmental protection agency for use in conventionally-fueled engines.
32,1881n
Section 1881n. 71.07 (5n) of the statutes is created to read:
71.07 (5n) Qualified production activities credit. (a) Definitions. In this subsection:2
1. "Claimant" means a person who files a claim under this subsection.
2. "Eligible qualified production activities income" means qualified production activities income that derives from property located in this state that is assessed as manufacturing property under s. 70.995 or as agricultural property under s. 70.32 (2) (a) 4.
3. "Qualified production activities income" means qualified production activities income as defined in
26 USC 199 (c).
(b) Filing claims. Subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of the tax, an amount equal to one of the following percentages of the claimant's eligible qualified production activities income in the taxable year:
1. For taxable years beginning after December 31, 2012, and before January 1, 2014, 1.875 percent.
2. For taxable years beginning after December 31, 2013, and before January 1, 2015, 3.75 percent.
3. For taxable years beginning after December 31, 2014, and before January 1, 2016, 5.526 percent.
4. For taxable years beginning after December 31, 2015, 7.5 percent.
(c) Limitations. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their share of the income described under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.
(d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.
32,1883
Section
1883. 71.07 (9e) (af) (intro.) of the statutes is amended to read:
71.07 (9e) (af) (intro.) For taxable years beginning after December 31, 1995, and before January 1, 2011, any natural person may credit against the tax imposed under s. 71.02 an amount equal to one of the following percentages of the federal basic earned income credit for which the person is eligible for the taxable year under section 32 (b) (1) (A) to (C) of the internal revenue code Internal Revenue Code:
32,1884
Section
1884. 71.07 (9e) (aj) of the statutes is created to read:
71.07
(9e) (aj) For taxable years beginning after December 31, 2010, an individual may credit against the tax imposed under s. 71.02 an amount equal to one of the following percentages of the federal basic earned income credit for which the person is eligible for the taxable year under section
32 (b) (1) (A) to (C) of the Internal Revenue Code:
1. If the person has one qualifying child who has the same principal place of abode as the person, 4 percent.
2. If the person has 2 qualifying children who have the same principal place of abode as the person, 11 percent.
3. If the person has 3 or more qualifying children who have the same principal place of abode as the person, 34 percent.
32,1887c
Section 1887c. 71.10 (3) of the statutes is repealed.
32,1887d
Section 1887d. 71.10 (4) (cr) of the statutes is created to read:
71.10 (4) (cr) Qualified production activities credit under s. 71.07 (5n).
32,1888b
Section 1888b. 71.10 (5f) (i) of the statutes is amended to read:
71.10 (5f) (i) Appropriations. From the moneys received from designations for the breast cancer research program, an amount equal to the sum of administrative expenses, including data processing costs, certified under par. (h) 1. shall be deposited in the general fund and credited to the appropriation account under s. 20.566 (1) (hp), and, of the net amount remaining that is certified under par. (h) 3., an amount equal to 50 percent shall be credited to the appropriation account under s. 20.250 (2) (g) and an amount equal to 50 percent shall be credited to the appropriation account under s. 20.285 (1) (gm)
(k) for breast cancer research conducted by the University of Wisconsin Carbone Cancer Center.
32,1889b
Section 1889b. 71.10 (5h) (i) of the statutes is amended to read:
71.10 (5h) (i) Appropriations, disbursement of funds to the fund. From the moneys received from designations for the prostate cancer research program, an amount equal to the sum of administrative expenses, including data processing costs, certified under par. (h) 1. shall be deposited in the general fund and credited to the appropriation account under s. 20.566 (1) (hp), and, of the net amount remaining that is certified under par. (h) 3., an amount equal to 50 percent shall be credited to the appropriation accounts account under
ss. s. 20.250 (2) (h) and 20.285 (1) (gn) an amount equal to 50 percent shall be , credited to the appropriation account under s. 20.285 (1) (k) for the use specified under s. 255.054 (1).
32,1889e
Section 1889e. 71.10 (5k) of the statutes is created to read:
71.10 (5k) American Red Cross, Badger Chapter checkoff. (a) Definitions. In this subsection:
1. "Badger Chapter" means the Badger Chapter of the American Red Cross.
2. "Department" means the department of revenue.
(b) Voluntary payments. 1. `Designation on return.' Every individual filing an income tax return who has a tax liability or is entitled to a tax refund may designate on the return any amount of additional payment or any amount of a refund due that individual for the Badger Chapter.
2. `Designation added to tax owed.' If the individual owes any tax, the individual shall remit in full the tax due and the amount designated on the return for the Badger Chapter when the individual files a tax return.
3. `Designation deducted from refund.' Except as provided in par. (d), if the individual is owed a refund for that year after crediting under ss. 71.75 (9) and 71.80 (3) and (3m), the department shall deduct the amount designated on the return for the Badger Chapter from the amount of the refund.
(c) Errors; failure to remit correct amount. If an individual who owes taxes fails to remit an amount equal to or in excess of the total of the actual tax due, after error corrections, and the amount designated on the return for the Badger Chapter:
1. The department shall reduce the designation for the Badger Chapter to reflect the amount remitted in excess of the actual tax due, after error corrections, if the individual remitted an amount in excess of the actual tax due, after error corrections, but less than the total of the actual tax due, after error corrections, and the amount originally designated on the return for the Badger Chapter.
2. The designation for the Badger Chapter is void if the individual remitted an amount equal to or less than the actual tax due, after error corrections.
(d) Errors; insufficient refund. If an individual is owed a refund that does not equal or exceed the amount designated on the return for the Badger Chapter, after crediting under ss. 71.75 (9) and 71.80 (3) and (3m) and after error corrections, the department shall reduce the designation for the Badger Chapter to reflect the actual amount of the refund that the individual is otherwise owed, after crediting under ss. 71.75 (9) and 71.80 (3) and (3m) and after error corrections.
(e) Conditions. If an individual places any conditions on a designation for the Badger Chapter, the designation is void.
(f) Void designation. If a designation for the Badger Chapter is void, the department shall disregard the designation and determine amounts due, owed, refunded, and received without regard to the void designation.
(g) Tax return. The secretary of revenue shall provide a place for the designations under this subsection on the individual income tax return.
(h) Certification of amounts. Annually, on or before September 15, the secretary of revenue shall certify to the department of health services, the department of administration, and the state treasurer all of the following:
1. The total amount of the administrative costs, including data processing costs, incurred by the department in administering this subsection during the previous fiscal year.
2. The total amount received from all designations for the Badger Chapter made by taxpayers during the previous fiscal year.
3. The net amount remaining after the administrative costs, including data processing costs, under subd. 1. are subtracted from the total received under subd. 2.
(i) Appropriations. From the moneys received from designations for the Badger Chapter, an amount equal to the sum of administrative expenses, including data processing costs, certified under par. (h) 1. shall be deposited in the general fund and credited to the appropriation account under s. 20.566 (1) (hp), and the net amount remaining that is certified under par. (h) 3. shall be credited to the appropriation under s. 20.435 (1) (gd).
(j) Amounts subject to refund. Amounts designated for the Badger Chapter under this subsection are not subject to refund to the taxpayer unless the taxpayer submits information to the satisfaction of the department, within 18 months after the date on which the taxes are due or the date on which the return is filed, whichever is later, that the amount designated is clearly in error. Any refund granted by the department under this paragraph shall be deducted from the moneys received under this subsection in the fiscal year for which the refund is certified.
32,1889n
Section 1889n. 71.21 (4) of the statutes is amended to read:
71.21 (4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dm), (2ds), (2dx), (2dy), (3g), (3h), (3n), (3p), (3q), (3r), (3rm), (3rn), (3s), (3t), (3w), (5e), (5f), (5g), (5h), (5i), (5j), (5k), (5n), (5r), (5rm), and (8r) and passed through to partners shall be added to the partnership's income.
