AB901-ASA1,2,2319
(b)
Filing claims. Subject to the limitations provided in this subsection, a
20claimant may claim as a credit against the tax imposed under s. 71.02, up to the
21amount of those taxes, an amount equal to 5% of the educational expenses incurred
22by the claimant, in the year to which the claim relates, for the claimant to attend
23courses in the fields of agriculture or farm management at an eligible institution.
AB901-ASA1,2,2424
(c)
Limitations. No credit may be allowed under this subsection:
AB901-ASA1,3,2
11. Unless a claim is filed with the department in conformity with the filing
2requirements in s. 71.03 (6) and (7).
AB901-ASA1,3,33
2. Unless it is claimed within the time period under s. 71.75 (2).
AB901-ASA1,3,64
3. If the department determines that ownership of the farmland has been
5transferred to the claimant for the purpose of maximizing benefits under this
6subsection.
AB901-ASA1,3,87
4. If the department determines that the claimant is not farming in the year
8to which the claim relates.
AB901-ASA1,3,119
(d)
Change of business, carry-over, administration, timeliness, nonclaimants. 10Section 71.28 (4) (e), (f), (g), (h) and (i), as it applies to the credit under s. 71.28 (4),
11applies to the credit under this subsection.
AB901-ASA1,3,2114
71.08
(1) Imposition. (intro.) If the tax imposed on a natural person, married
15couple filing jointly, trust or estate under s. 71.02, not considering the credits under
16ss. 71.07 (1), (2dd), (2de), (2di), (2dj), (2dL), (2dr), (2ds), (2dx), (2fd),
(3e), (3m), (6) and
17(9e), 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1dx), (1fd) and (2m) and 71.47 (1dd),
18(1de), (1di), (1dj), (1dL), (1ds), (1dx), (1fd) and (2m) and subchs. VIII and IX and
19payments to other states under s. 71.07 (7), is less than the tax under this section,
20there is imposed on that natural person, married couple filing jointly, trust or estate,
21instead of the tax under s. 71.02, an alternative minimum tax computed as follows:
AB901-ASA1, s. 4
22Section
4. 71.10 (4) (cm) of the statutes is created to read:
AB901-ASA1,3,2323
71.10
(4) (cm) Farmland education tax credit under s. 71.07 (3e).
AB901-ASA1,4,3
171.21
(4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di),
2(2dj), (2dL), (2ds), (2dx)
, (3e) and (3s) and passed through to partners shall be added
3to the partnership's income.
AB901-ASA1,4,206
71.26
(2) (a)
Corporations in general. The "net income" of a corporation means
7the gross income as computed under the internal revenue code as modified under
8sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit
9computed under s. 71.28 (1) and (3) to (5) plus the amount of the credit computed
10under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds)
and
, (1dx)
and (2e) and not passed
11through by a partnership, limited liability company or tax-option corporation that
12has added that amount to the partnership's, limited liability company's or tax-option
13corporation's income under s. 71.21 (4) or 71.34 (1) (g) plus the amount of losses from
14the sale or other disposition of assets the gain from which would be wholly exempt
15income, as defined in sub. (3) (L), if the assets were sold or otherwise disposed of at
16a gain and minus deductions, as computed under the internal revenue code as
17modified under sub. (3), plus or minus, as appropriate, an amount equal to the
18difference between the federal basis and Wisconsin basis of any asset sold,
19exchanged, abandoned or otherwise disposed of in a taxable transaction during the
20taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).
AB901-ASA1,4,2222
71.28
(2e) Farmland education tax credit. (a)
Definitions. In this subsection:
AB901-ASA1,4,2323
1. "Agricultural use" has the meaning given in s. 91.01 (1).
AB901-ASA1,4,2424
2. "Claimant" has the meaning given in sub. (2m) (a) 1.
AB901-ASA1,4,2525
3. "Department" means the department of revenue.
AB901-ASA1,5,3
14. "Educational expenses" means amounts paid by the claimant for tuition and
2textbooks that relate to the claimant's employe's attendance at an eligible
3institution.
AB901-ASA1,5,94
5. "Eligible institution" means a center or institution within the University of
5Wisconsin System, a technical college that is located in this state or any institution
6of higher education located in this state that grants a bachelor's or higher degree and
7that is accredited by the North Central Association of Colleges and Schools, the
8Independent Schools Association of the Central States or the Wisconsin Nonpublic
9School Accrediting Association.
AB901-ASA1,5,1110
6. "Farming" means being actively engaged in a trade or business that involves
11the agricultural use of farmland.
AB901-ASA1,5,1212
7. "Farmland" has the meaning given in sub. (2m) (a) 3.
AB901-ASA1,5,1413
8. "Livestock" means cattle, swine, sheep, goats and other species of animals
14that may be used in the production of food for human consumption.
AB901-ASA1,5,2015
(b)
Filing claims. Subject to the limitations provided in this subsection, a
16claimant may claim as a credit against the tax imposed under s. 71.23, up to the
17amount of those taxes, an amount equal to 5% of the educational expenses incurred
18by the claimant, in the year to which the claim relates, for the claimant's employes
19to attend courses in the fields of agriculture or farm management at an eligible
20institution.
AB901-ASA1,5,2121
(c)
Limitations. No credit may be allowed under this subsection:
AB901-ASA1,5,2322
1. Unless a claim is filed with the department in conformity with the filing
23requirements in s. 71.24 (1), (6) and (7).
AB901-ASA1,6,3
12. If the department determines that ownership of the farmland has been
2transferred to the claimant for the purpose of maximizing benefits under this
3subsection.
AB901-ASA1,6,54
3. If the department determines that the claimant is not farming in the year
5to which the claim relates.
AB901-ASA1,6,86
(d)
Change of business, carry-over, administration, timeliness, nonclaimants. 7Subsection (4) (e), (f), (g), (h) and (i), as it applies to the credit under sub. (4), applies
8to the credit under this subsection.
AB901-ASA1,6,1010
71.30
(3) (cm) Farmland education tax credit under s. 71.28 (2e).
AB901-ASA1,6,1513
71.34
(1) (g) An addition shall be made for credits computed by a tax-option
14corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1dx)
and, (2e) and 15(3) and passed through to shareholders.
AB901-ASA1,6,2318
71.45
(2) (a) 10. By adding to federal taxable income the amount of credit
19computed under s. 71.47 (1dd) to (1dx)
and (2e) and not passed through by a
20partnership, limited liability company or tax-option corporation that has added that
21amount to the partnership's, limited liability company's or tax-option corporation's
22income under s. 71.21 (4) or 71.34 (1) (g) and the amount of credit computed under
23s. 71.47 (1), (3), (4) and (5).
AB901-ASA1,6,2525
71.47
(2e) Farmland education tax credit. (a)
Definitions. In this subsection:
AB901-ASA1,7,1
11. "Agricultural use" has the meaning given in s. 91.01 (1).
AB901-ASA1,7,22
2. "Claimant" has the meaning given in sub. (2m) (a) 1.
AB901-ASA1,7,33
3. "Department" means the department of revenue.
AB901-ASA1,7,54
4. "Educational expenses" means amounts paid by the claimant for tuition and
5textbooks that relate to the claimant's employe's attendance at an eligible institution
AB901-ASA1,7,116
5. "Eligible institution" means a center or institution within the University of
7Wisconsin System, a technical college that is located in this state or any institution
8of higher education located in this state that grants a bachelor's or higher degree and
9that is accredited by the North Central Association of Colleges and Schools, the
10Independent Schools Association of the Central States or the Wisconsin Nonpublic
11School Accrediting Association.
AB901-ASA1,7,1312
6. "Farming" means being actively engaged in a trade or business that involves
13the agricultural use of farmland.
AB901-ASA1,7,1414
7. "Farmland" has the meaning given in sub. (2m) (a) 3.
AB901-ASA1,7,1615
8. "Livestock" means cattle, swine, sheep, goats and other species of animals
16that may be used in the production of food for human consumption.
AB901-ASA1,7,2217
(b)
Filing claims. Subject to the limitations provided in this subsection, a
18claimant may claim as a credit against the tax imposed under s. 71.43, up to the
19amount of those taxes, an amount equal to 5% of the educational expenses incurred
20by the claimant, in the year to which the claim relates, for the claimant's employes
21to attend courses in the fields of agriculture or farm management at an eligible
22institution.
AB901-ASA1,7,2323
(c)
Limitations. No credit may be allowed under this subsection:
AB901-ASA1,7,2524
1. Unless a claim is filed with the department in conformity with the filing
25requirements in s. 71.44 (1), (2) and (3).
AB901-ASA1,8,3
12. If the department determines that ownership of the farmland has been
2transferred to the claimant for the purpose of maximizing benefits under this
3subsection.
AB901-ASA1,8,54
3. If the department determines that the claimant is not farming in the year
5to which the claim relates.
AB901-ASA1,8,86
(d)
Change of business, carry-over, administration, timeliness, nonclaimants. 7Subsection (4) (e), (f), (g), (h) and (i), as it applies to the credit under sub. (4), applies
8to the credit under this subsection.
AB901-ASA1,8,1010
71.49
(1) (cm) Farmland education tax credit under s. 71.47 (2e).
AB901-ASA1,8,2313
77.92
(4) "Net business income", with respect to a partnership, means taxable
14income as calculated under section
703 of the internal revenue code; plus the items
15of income and gain under section
702 of the internal revenue code; minus the items
16of loss and deduction under section
702 of the internal revenue code; plus payments
17treated as not made to partners under section
707 (a) of the internal revenue code;
18plus the credits claimed under s. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dr), (2ds),
19(2dx)
and, (3e) and (3s); but excluding income, gain, loss and deductions from
20farming. "Net business income", with respect to a natural person, estate or trust,
21means profit from a trade or business for federal income tax purposes and includes
22net income derived as an employe as defined in section
3121 (d) (3) of the internal
23revenue code.
AB901-ASA1,9,4
1(1) This act first applies to taxable years beginning on January 1 of the year
2in which this subsection takes effect, except that if this subsection takes effect after
3July 31 this act first applies to claims filed for taxable years beginning on January
41 of the year following the year in which this subsection takes effect.