SB77-SSA1,969,106
5. The amount determined by multiplying the amount determined under s.
7560.785 (1) (c) by the number of full-time jobs retained, as provided in the rules
8under s. 560.785, excluding jobs for which a credit has been claimed under sub. (2dj),
9in a development zone and not filled by a member of a targeted group and by then
10subtracting the subsidies paid under s. 49.147 (3) (a) for those jobs.
SB77-SSA1,969,1611
(c)
Credit precluded. If the certification of a person for tax benefits under s.
12560.765 (3) is revoked, that person may not claim credits under this subsection for
13the taxable year that includes the day on which the certification is revoked or
14succeeding taxable years and that person may not carry over unused credits from
15previous years to offset tax under this chapter for the taxable year that includes the
16day on which certification is revoked or succeeding taxable years.
SB77-SSA1,969,2117
(d)
Carry-over precluded. If a person who is certified under s. 560.765 (3) for
18tax benefits ceases business operations in the development zone during any of the
19taxable years that that zone exists, that person may not carry over to any taxable
20year following the year during which operations cease any unused credits from the
21taxable year during which operations cease or from previous taxable years.
SB77-SSA1,970,222
(e)
Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
23s. 71.28 (4), applies to the credit under this subsection. Subsection (2dj) (c), as it
24applies to the credit under sub. (2dj), applies to the credit under this subsection.
1Claimants shall include with their returns a copy of their certification for tax benefits
2and a copy of the department of commerce's verification of their expenses.
SB77-SSA1,970,44
71.07
(3s) Manufacturing sales tax credit. (a) In this subsection:
SB77-SSA1,970,55
1. "Manufacturing" has the meaning given in s. 77.54 (6m).
SB77-SSA1,970,96
2. "Sales and use tax under ch. 77 paid by the person" includes use taxes paid
7directly by the person and sales and use taxes paid by the person's supplier and
8passed on to the person whether separately stated on the invoice or included in the
9total price.
SB77-SSA1,970,1810
(b) The tax imposed under s. 71.02 shall be reduced by an amount equal to the
11sales and use tax under ch. 77 paid by the person in such taxable year on fuel and
12electricity consumed in manufacturing tangible personal property in this state.
13Shareholders in a tax-option corporation and partners may claim the credit under
14this subsection, based on eligible sales and use taxes paid by the partnership or
15tax-option corporation, in proportion to the ownership interest of each partner or
16shareholder. The partnership or tax-option corporation shall calculate the amount
17of the credit which may be claimed by each partner or shareholder and shall provide
18that information to the partner or shareholder.
SB77-SSA1,971,219
(c) 1. The credit under par. (b), including any credits carried over, may be offset
20only against the amount of the tax imposed upon or measured by the business
21operations of the claimant in which the fuel and electricity are consumed. If the
22credit computed is not entirely offset against taxes otherwise due, the unused
23balance shall be carried forward and credited against taxes otherwise due for the
24following 15 taxable years to the extent not offset by taxes otherwise due in all
1intervening years between the year in which the expense was incurred and the year
2in which the carry-forward credit is claimed.
SB77-SSA1,971,53
2. For shareholders in a tax-option corporation, the credit may be offset only
4against the tax imposed on the shareholder's prorated share of the tax-option
5corporation's income.
SB77-SSA1,971,76
3. For partners, the credit may be offset only against the tax imposed on the
7partner's distributive share of partnership income.
SB77-SSA1,971,108
4. If a tax-option corporation becomes liable for tax, the corporation may offset
9the credit against the tax due, with any remaining credit passing through to the
10shareholders.
SB77-SSA1,971,1411
5. If a corporation that is not a tax-option corporation has a carry-over credit
12and becomes a tax-option corporation before the credit carried over is used, the
13unused portion of the credit may be used by the tax-option corporation's
14shareholders on a prorated basis.
SB77-SSA1,971,1915
6. If the shareholders of a tax-option corporation have carry-over credits and
16the corporation becomes a corporation other than a tax-option corporation after the
17effective date of this subdivision .... [revisor inserts date], and before the credits
18carried over are used, the unused portion of the credits may be used by the
19corporation that is not a tax-option corporation.
SB77-SSA1,972,222
71.07
(5) (a) 15. The amount claimed as a deduction for medical care insurance
23under section
213 of the
internal revenue code Internal Revenue Code that is exempt
24from taxation under s. 71.05 (6) (b) 17. to 20
. and the amount claimed as a deduction
25for a long-term care insurance policy under section 213 (d) (1) (D) of the Internal
1Revenue Code, as defined in section 7702B (b) of the Internal Revenue Code that is
2exempt from taxation under s. 71.05 (6) (b) 26.
SB77-SSA1,972,44
71.07
(5m) Working families tax credit. (a)
Definitions. In this subsection:
SB77-SSA1,972,65
1. "Claimant" means an individual who is eligible to claim the credit under this
6subsection.
SB77-SSA1,972,77
2. "Department" means the department of revenue.
SB77-SSA1,972,98
3. "Household" means a claimant and an individual related to the claimant as
9husband or wife.
SB77-SSA1,972,1110
4. "Net tax liability" means a claimant's income tax liability after he or she
11completes the computations listed in s. 71.10 (4) (a) to (dr).
SB77-SSA1,972,1412
(b)
Filing claims. Subject to the limitations provided in this subsection, a
13claimant may claim as a credit against the tax imposed under s. 71.02, up to the
14amount of those taxes, one of the following amounts:
SB77-SSA1,972,1715
1. If the claimant is single and his or her adjusted gross income is less than
16$9,000 in the year to which the claim relates, an amount equal to his or her net tax
17liability.
SB77-SSA1,972,2018
2. If the claimant is single and his or her adjusted gross income is at least $9,000
19but less than $10,000 in the year to which the claim relates, an amount that is
20calculated as follows:
SB77-SSA1,972,2321
a. Calculate the value of a fraction, the denominator of which is $1,000 and the
22numerator of which is the difference between the claimant's adjusted gross income
23and $9,000.
SB77-SSA1,972,2424
b. Subtract from 1.0 the amount that is calculated under subd. 2. a.
SB77-SSA1,973,2
1c. Multiply the amount of the claimant's net income tax liability by the amount
2that is calculated under subd. 2. b.
SB77-SSA1,973,63
3. If the claimant is married and filing jointly and the sum of the claimant's
4adjusted gross income and his or her spouse's adjusted gross income is less than
5$18,000 in the year to which the claim relates, an amount equal to the married
6couple's net tax liability.
SB77-SSA1,973,107
4. If the claimant is married and filing jointly and the sum of the claimant's
8adjusted gross income and his or her spouse's adjusted gross income is at least
9$18,000 but less than $19,000 in the year to which the claim relates, an amount that
10is calculated as follows:
SB77-SSA1,973,1311
a. Calculate the value of a fraction, the denominator of which is $1,000 and the
12numerator of which is the difference between the married couple's adjusted gross
13income and $18,000.
SB77-SSA1,973,1414
b. Subtract from 1.0 the amount that is calculated under subd. 4. a.
SB77-SSA1,973,1615
c. Multiply the amount of the married couple's net income tax liability by the
16amount that is calculated under subd. 4. b.
SB77-SSA1,973,1917
5. If the claimant is married and filing separately and his or her adjusted gross
18income is less than $9,000 in the year to which the claim relates, an amount equal
19to his or her net tax liability.
SB77-SSA1,973,2220
6. If the claimant is married and filing separately and his or her adjusted gross
21income is at least $9,000 but less than $10,000 in the year to which the claim relates,
22an amount that is calculated as follows:
SB77-SSA1,973,2523
a. Calculate the value of a fraction, the denominator of which is $1,000 and the
24numerator of which is the difference between the claimant's adjusted gross income
25and $9,000.
SB77-SSA1,974,1
1b. Subtract from 1.0 the amount that is calculated under subd. 6. a.
SB77-SSA1,974,32
c. Multiply the amount of the claimant's net income tax liability by the amount
3that is calculated under subd. 6. b.
SB77-SSA1,974,54
(c)
Limitations. 1. No credit may be allowed under this subsection unless it
5is claimed within the time period under s. 71.75 (2).
SB77-SSA1,974,76
2. Part-year residents and nonresidents of this state are not eligible for the
7credit under this subsection.
SB77-SSA1,974,98
3. Except as provided in subd. 4., only one credit per household is allowed each
9year.
SB77-SSA1,974,1310
4. If a married couple files separately, each spouse may claim the credit
11calculated under par. (b) 5. or 6., except a married person living apart from the other
12spouse and treated as single under section
7703 (b) of the Internal Revenue Code may
13claim the credit under par. (b) 1. or 2.
SB77-SSA1,974,1514
5. The credit under this subsection may not be claimed by a person who may
15be claimed as a dependent on the individual income tax return of another taxpayer.
SB77-SSA1,974,2016
(d)
Administration. The department of revenue may enforce the credit under
17this subsection and may take any action, conduct any proceeding and proceed as it
18is authorized in respect to taxes under this chapter. The income tax provisions in this
19chapter relating to assessments, refunds, appeals, collection, interest and penalties
20apply to the credit under this subsection.
SB77-SSA1, s. 2262p
21Section 2262p. 71.07 (8) (a) of the statutes is renumbered 71.07 (8) (a) (intro.)
22and amended to read:
SB77-SSA1,974,2523
71.07
(8) (a) (intro.) An exemption of
$25 one of the following amounts if the
24taxpayer has reached the age of 65 prior to the close of the calendar or fiscal year
. and
25if one of the following applies:
SB77-SSA1, s. 2262q
1Section 2262q. 71.07 (8) (a) 1. to 6. of the statutes are created to read:
SB77-SSA1,975,42
71.07
(8) (a) 1. If the taxpayer is an individual, the taxpayer files an individual
3return, and has adjusted gross income of less than $30,000 in the year to which the
4claim relates, $25.
SB77-SSA1,975,85
2. If the taxpayer is an individual, the taxpayer files an individual return, and
6has adjusted gross income of at least $30,000 but less than $31,000 in the year to
7which the claim relates, the amount obtained by subtracting from $25 2.5% of the
8amount by which the taxpayer's adjusted gross income exceeds $30,000.
SB77-SSA1,975,109
3. If the taxpayer is married, the taxpayer files a joint return, and has adjusted
10gross income of less than $40,000 in the year to which the claim relates, $25.
SB77-SSA1,975,1411
4. If the taxpayer is married, the taxpayer files a joint return, and has adjusted
12gross income of at least $40,000 but less than $41,000 in the year to which the claim
13relates, the amount obtained by subtracting from $25 2.5% of the amount by which
14the taxpayer's adjusted gross income exceeds $40,000.
SB77-SSA1,975,1615
5. If the taxpayer is married, the taxpayer files a separate return, and has
16adjusted gross income of less than $20,000 in the year to which the claim relates, $25.
SB77-SSA1,975,2017
6. If the taxpayer is married, the taxpayer files a separate return and has
18adjusted gross income of at least $20,000 but less than $21,000 in the year to which
19the claim relates, the amount obtained by subtracting from $25 2.5% of the amount
20by which the taxpayer's adjusted gross income exceeds $20,000.
SB77-SSA1,976,322
71.07
(9m) (a) Any person may credit against taxes otherwise due under this
23chapter, up to the amount of those taxes, an amount equal to 5% of the costs of
24qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the internal
25revenue code, for certified historic structures on property located in this state if the
1physical work of construction or destruction in preparation for construction begins
2after December 31, 1988
, and the rehabilitated property is placed in service after
3June 30, 1989.
SB77-SSA1,976,147
71.08
(1) Imposition. (intro.) If the tax imposed on a natural person, married
8couple filing jointly, trust or estate under s. 71.02, not considering the credits under
9ss. 71.07 (1), (2dd), (2de), (2di), (2dj), (2dL), (2dr), (2ds),
(2dx), (2fd), (3m), (6) and (9e),
1071.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds),
(1dx), (1fd) and (2m) and 71.47 (1dd),
11(1de), (1di), (1dj), (1dL), (1ds),
(1dx), (1fd) and (2m) and subchs. VIII and IX and
12payments to other states under s. 71.07 (7), is less than the tax under this section,
13there is imposed on that natural person, married couple filing jointly, trust or estate,
14instead of the tax under s. 71.02, an alternative minimum tax computed as follows:
SB77-SSA1,976,1717
71.10
(4) (de) The manufacturing sales tax credit under s. 71.07 (3s).
SB77-SSA1,976,1919
71.10
(4) (du) Working families tax credit under s. 71.07 (5m).
SB77-SSA1,976,2121
71.10
(4) (gu) Development zones credit under s. 71.07 (2dx).
SB77-SSA1,976,2423
71.10
(4) (j) Any amount
of money or other assets computed under s. 71.83 (1)
24(c).
SB77-SSA1,977,9
171.10
(5) (a) 2. "Endangered resources program" means purchasing or
2improving land or habitats for any native Wisconsin endangered or threatened
3species as defined in s. 29.415 (2) (a) or (b) or for any nongame species as defined in
4s. 29.01 (10),
conducting the natural heritage inventory program under s. 23.27 (3), 5conducting wildlife and resource research and surveys and providing wildlife
6management services, providing for wildlife damage control or the payment of claims
7for damage associated with endangered or threatened species, repaying the general
8fund for amounts expended under s. 20.370 (1) (fb) in fiscal year 1983-84 and the
9payment of administrative expenses related to the administration of this subsection.
SB77-SSA1,977,13
1171.122 Definition. In this subchapter, "Wisconsin taxable income" means
12federal taxable income, as defined in s. 71.01 (4), as modified under s. 71.05 (6) to (12),
13(19) and (20).
SB77-SSA1, s. 2266g
14Section 2266g. 71.125 of the statutes is renumbered 71.125 (1) and amended
15to read:
SB77-SSA1,977,1916
71.125
(1) The Except as provided in sub. (2), the tax imposed by this chapter
17on individuals and the rates under s. 71.06 (1) and (2) shall apply to the Wisconsin
18taxable income of estates or trusts, except nuclear decommissioning trust or reserve
19funds, and that tax shall be paid by the fiduciary.
SB77-SSA1,977,2321
71.125
(2) Each electing small business trust, as defined in section
1361 (e) (1)
22of the Internal Revenue Code, is subject to tax at the highest rate under s. 71.06 (1)
23on its Wisconsin taxable income.
SB77-SSA1,978,4
171.195 Definition. In this subchapter, "partnership" includes limited liability
2companies and other entities that are treated as partnerships under the Internal
3Revenue Code, and "partnership" does not include publicly traded partnerships
4treated as corporations under s. 71.22 (1).
SB77-SSA1,978,176
71.20
(1) Every partnership
, except publicly traded partnerships treated as
7corporations under s. 71.22 (1), and every limited liability company, except limited
8liability companies treated as corporations under s. 71.22 (1), shall furnish to the
9department a true and accurate statement, on or before April 15 of each year, except
10that returns for fiscal years ending on some other date than December 31 shall be
11furnished on or before the 15th day of the 4th month following the close of such fiscal
12year, in such manner and form and setting forth such facts as the department deems
13necessary to enforce this chapter.
A partnership that is the owner of a single-owner
14entity that is disregarded as a separate entity under section 7701 of the Internal
15Revenue Code shall include that entity's information on the owner's return under
16this subchapter. The statement shall be subscribed by one of the members of the
17partnership
or limited liability company.
SB77-SSA1,978,2319
71.21
(1) The net income of a partnership
, except publicly traded partnerships
20treated as corporations under s. 71.22 (1), and of a limited liability company, except
21limited liability companies treated as corporations under s. 71.22 (1), shall be
22computed in the same manner and on the same basis as provided for computation
23of the income of persons other than corporations.
SB77-SSA1,979,2
171.21
(2) The standard deduction shall not be allowed in computing the taxable
2income of a partnership
or of a limited liability company.
SB77-SSA1,979,84
71.21
(3) The credits under s. 71.28 (4) and (5) may not be claimed by a
5partnership
, except a publicly traded partnership treated as a corporation under s.
671.22 (1), or a limited liability company, except a limited liability company treated
7as a corporation under s. 71.22 (1), or by partners, including partners of a publicly
8traded partnership
, or members of a limited liability company.