SB55-ASA1-AA1,613,917
71.26
(2) (b) 16m. For taxable years beginning after December 31, 2000, and
18before January 1, 2002, for a corporation, conduit, or common law trust that qualifies
19as a regulated investment company, real estate mortgage investment conduit, real
20estate investment trust, or financial asset securitization investment trust under the
21Internal Revenue Code as amended to June 30, 2001, "net income" means the federal
22regulated investment company taxable income, federal real estate mortgage
23investment conduit taxable income, federal real estate investment trust or financial
1asset securitization investment trust taxable income of the corporation, conduit, or
2trust as determined under the federal Internal Revenue Code as amended by
3sections 411, 412 (a), 611 (a), 635, 636 (b), 641 to 646, 655, 658, and 701 of P.L.
107-16 4and as indirectly affected by sections 411, 412 (a), 611 (a), 635, 636 (b), 641 to 646,
5655, 658, and 701 of P.L.
107-16. The Internal Revenue Code applies for Wisconsin
6purposes at the same time as for federal purposes. Amendments to the federal
7Internal Revenue Code enacted after June 30, 2001, do not apply to this subdivision
8with respect to taxable years beginning after December 31, 2000, and before January
91, 2002.".
SB55-ASA1-AA1,613,2017
71.28
(1dx) (a) 2. "Development zone" means a development zone under s.
18560.70, a development opportunity zone under s. 560.795
or
, an enterprise
19development zone under s. 560.797
, or an agricultural development zone under s.
20560.798.".
SB55-ASA1-AA1,613,22
22"
Section 2178d. 71.28 (1dx) (b) (intro.) of the statutes is amended to read:
SB55-ASA1-AA1,614,6
171.28
(1dx) (b)
Credit. (intro.) Except as provided in s. 73.03 (35) and subject
2to s. 560.785, for any taxable year for which the person is entitled under s. 560.795
3(3) to claim tax benefits or certified under s. 560.765 (3)
or, 560.797 (4)
, or 560.798
4(3), any person may claim as a credit against taxes imposed on the person's income
5from the person's business activities in a development zone under this subchapter
6the following amounts:
SB55-ASA1-AA1,614,178
71.28
(1dx) (c)
Credit precluded. If the certification of a person for tax benefits
9under s. 560.765 (3)
or, 560.797 (4)
, or 560.798 (3) is revoked, or if the person becomes
10ineligible for tax benefits under s. 560.795 (3), that person may not claim credits
11under this subsection for the taxable year that includes the day on which the
12certification is revoked; the taxable year that includes the day on which the person
13becomes ineligible for tax benefits; or succeeding taxable years and that person may
14not carry over unused credits from previous years to offset tax under this chapter for
15the taxable year that includes the day on which certification is revoked; the taxable
16year that includes the day on which the person becomes ineligible for tax benefits;
17or succeeding taxable years.
SB55-ASA1-AA1,614,2519
71.28
(1dx) (d)
Carry-over precluded. If a person who is entitled under s.
20560.795 (3) to claim tax benefits or certified under s. 560.765 (3)
or, 560.797 (4)
, or
21560.798 (3) for tax benefits ceases business operations in the development zone
22during any of the taxable years that that zone exists, that person may not carry over
23to any taxable year following the year during which operations cease any unused
24credits from the taxable year during which operations cease or from previous taxable
25years.".
SB55-ASA1-AA1,615,33
71.28
(5r) Education credit. (a) In this subsection:
SB55-ASA1-AA1,615,44
1. "Claimant" means a corporation that files a claim under this subsection.
SB55-ASA1-AA1,615,65
2. "Degree-granting program" means an education program for which an
6associate, a bachelor's, or a graduate degree is awarded upon successful completion.
SB55-ASA1-AA1,615,77
3. "Family member" has the meaning given in s. 157.061 (7).
SB55-ASA1-AA1,615,108
4. "Managing employee" means an individual who wholly or partially exercises
9operational or managerial control over, or who directly or indirectly conducts, the
10operation of the claimant's business.
SB55-ASA1-AA1,615,1111
5. "Poverty line" has the meaning given under s. 49.001 (5).
