LRBa1129/1
JK:kmg:pg
2001 - 2002 LEGISLATURE
ASSEMBLY AMENDMENT 1,
TO 2001 ASSEMBLY BILL 624
January 17, 2002 - Offered by
Committee on Housing.
AB624-AA1,1,3
3"
Section 1m. 71.07 (9m) (cm) of the statutes is created to read:
AB624-AA1,1,54
71.07
(9m) (cm) Any credit claimed under this subsection for Wisconsin
5purposes shall be claimed at the same time as for federal purposes.".
AB624-AA1,2,12
8"71.07
(9m) (f) A partnership, limited liability company
, or tax-option
9corporation may not claim the credit under this subsection. The
individual partners
10of a partnership, members
in of a limited liability company
, or shareholders in a
11tax-option corporation may claim the credit under this subsection based on eligible
12costs incurred by the partnership, company
, or tax-option corporation
,. For
13shareholders of a tax-option corporation, the credit may be allocated in proportion
1to the ownership interest of each
partner, member or shareholder. The partnership,
2limited liability company
, or tax-option corporation shall calculate the amount of the
3credit which may be claimed by each partner, member
, or shareholder and shall
4provide that information to the partner, member
, or shareholder.
Credits computed
5by a partnership or limited liability company shall be allocated to partners or
6members as provided in a written agreement among the partners or members that
7is entered into no later than the last day of the taxable year of the partnership or
8limited liability company. Any partner or member who claims the credit as provided
9under this subsection shall attach a copy of the agreement to the tax return on which
10the credit is claimed. A person claiming the credit as provided under this paragraph
11is solely responsible for any tax liability arising from a dispute with the department
12of revenue related to claiming the credit.".
AB624-AA1,2,14
14"
Section 3m. 71.28 (6) (cm) of the statutes is created to read:
AB624-AA1,2,1615
71.28
(6) (cm) Any credit claimed under this subsection for Wisconsin purposes
16shall be claimed at the same time as for federal purposes.".
AB624-AA1,3,11
18"71.28
(6) (f) A partnership, limited liability company
, or tax-option
19corporation may not claim the credit under this subsection. The
individual partners
20of a partnership, members
in of a limited liability company
, or shareholders in a
21tax-option corporation may claim the credit under this subsection based on eligible
22costs incurred by the partnership, company
, or tax-option corporation
,. For
23shareholders of a tax-option corporation, the credit may be allocated in proportion
24to the ownership interest of each
partner, member or shareholder. The partnership,
1limited liability company
, or tax-option corporation shall calculate the amount of the
2credit which may be claimed by each partner, member
, or shareholder and shall
3provide that information to the partner, member
, or shareholder.
Credits computed
4by a partnership or limited liability company shall be allocated to partners or
5members as provided in a written agreement among the partners or members that
6is entered into no later than the last day of the taxable year of the partnership or
7limited liability company. Any partner or member who claims the credit as provided
8under this subsection shall attach a copy of the agreement to the tax return on which
9the credit is claimed. A person claiming the credit as provided under this paragraph
10is solely responsible for any tax liability arising from a dispute with the department
11of revenue related to claiming the credit.".
AB624-AA1,3,13
13"
Section 5m. 71.47 (6) (cm) of the statutes is created to read:
AB624-AA1,3,1514
71.47
(6) (cm) Any credit claimed under this subsection for Wisconsin purposes
15shall be claimed at the same time as for federal purposes.".
AB624-AA1,4,10
17"71.47
(6) (f) A partnership, limited liability company
, or tax-option
18corporation may not claim the credit under this subsection. The
individual partners
19of a partnership, members
in of a limited liability company
, or shareholders in a
20tax-option corporation may claim the credit under this subsection based on eligible
21costs incurred by the partnership, company
, or tax-option corporation
,. For
22shareholders of a tax-option corporation, the credit may be allocated in proportion
23to the ownership interest of each
partner, member or shareholder. The partnership,
24limited liability company
, or tax-option corporation shall calculate the amount of the
1credit which may be claimed by each partner, member
, or shareholder and shall
2provide that information to the partner, member
, or shareholder.
Credits computed
3by a partnership or limited liability company shall be allocated to partners or
4members as provided in a written agreement among the partners or members that
5is entered into no later than the last day of the taxable year of the partnership or
6limited liability company. Any partner or member who claims the credit as provided
7under this subsection shall attach a copy of the agreement to the tax return on which
8the credit is claimed. A person claiming the credit as provided under this paragraph
9is solely responsible for any tax liability arising from a dispute with the department
10of revenue related to claiming the credit.".