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).
SB55-ASA1-AA1,615,1212
6. "Qualified postsecondary institution" means all of the following:
SB55-ASA1-AA1,615,1513
a. A University of Wisconsin System institution, a technical college system
14institution, or a regionally accredited 4-year nonprofit college or university having
15its regional headquarters and principal place of business in this state.
SB55-ASA1-AA1,615,1716
b. A school approved under s. 45.54, if the school has a physical presence, and
17the delivery of education occurs, in this state.
SB55-ASA1-AA1,615,1918
(b) Subject to the limitations provided in this subsection, a claimant may claim
19as a credit against the tax imposed under s. 71.23 an amount equal to the following:
SB55-ASA1-AA1,615,2320
1. Fifty percent of the tuition that the claimant paid or incurred during the
21taxable year for an individual to participate in an education program of a qualified
22postsecondary institution, if the individual was enrolled in a degree-granting
23program.
SB55-ASA1-AA1,616,6
12. Seventy five percent of the tuition that the claimant paid or incurred during
2the taxable year for an individual to participate in an education program of a
3qualified postsecondary institution, if the individual was enrolled in a
4degree-granting program and if the individual's taxable income in the year prior to
5commencing participation in the education program in connection with which a
6credit is claimed is not more than 185% of the poverty line.
SB55-ASA1-AA1,616,87
(c) A claimant may not claim the credit under par. (b) for any tuition amounts
8that the claimant has excluded under section
127 of the Internal Revenue Code.
SB55-ASA1-AA1,616,119
(cm) A claimant may not claim the credit under par. (b) for any tuition amounts
10that the claimant paid or incurred for a family member of a managing employee
11unless all of the following apply:
SB55-ASA1-AA1,616,1512
1. The family member was employed an average of at least 20 hours a week as
13an employee of the claimant, or the claimant's business, during the one-year period
14prior to commencing participation in the education program in connection with
15which the claimant claims a credit under par. (b).
SB55-ASA1-AA1,616,1716
2. The family member is enrolled in a degree-granting program that is
17substantially related to the claimant's business.
SB55-ASA1-AA1,616,1918
3. The family member is making satisfactory progress towards completing the
19degree-granting program under subd. 2.
SB55-ASA1-AA1,616,2120
(d) The carry-over provisions of sub. (4) (e) and (f), as they apply to the credit
21under sub. (4), apply to the credit under this subsection.
SB55-ASA1-AA1,617,422
(e) Partnerships, limited liability companies, and tax-option corporations may
23not claim the credit under this subsection, but the eligibility for, and the amount of,
24the credit are based on their payment of tuition under par. (b). A partnership, limited
25liability company, or tax-option corporation shall compute the amount of credit that
1each of its partners, members, or shareholders may claim and shall provide that
2information to each of them. Partners, members of limited liability companies, and
3shareholders of tax-option corporations may claim the credit in proportion to their
4ownership interest.
SB55-ASA1-AA1,617,65
(f) Subsection (4) (g) and (h), as it applies to the credit under sub. (4), applies
6to the credit under this subsection.
SB55-ASA1-AA1,617,88
71.30
(3) (dm) The education credit under s. 71.28 (5r).".
SB55-ASA1-AA1,617,1211
71.28
(5d) Industrial, service, and skilled trades apprenticeship credit. (a)
12In this subsection:
SB55-ASA1-AA1,617,1913
1. "Apprentice" means a person who participates in a 2-year to 5-year
14apprenticeship program, as determined and approved by the department, in which
15the person receives instruction leading to qualification as a skilled journeyman in
16any industrial manufacturing trade or private sector service occupation or receives
17instruction in the construction trades leading to qualification as a skilled
18journeyman carpenter, including a floor coverer, millwright, or pile driver; laborer;
19ironworker; or painter, including a taper.
SB55-ASA1-AA1,617,2120
2. "Claimant" means a person who files a claim under this subsection and who
21is a trades trainer, as determined and approved by the department.
SB55-ASA1-AA1,617,2222
3. "Department" means the department of workforce development.
SB55-ASA1-AA1,618,623
(b) Subject to the limitations provided in this subsection, for taxable years
24beginning after June 30, 2003, a claimant may claim as a credit against the taxes
1imposed under s. 71.23 an amount that is equal to 5% of the wages that the claimant
2paid to an apprentice in the taxable year, but not to exceed $1,400, except that a
3claimant may claim as a credit against the taxes imposed under s. 71.23 an amount
4that is equal to 8% of the wages that the claimant paid to an apprentice in the taxable
5year in which the apprentice completes an apprenticeship program, but not to exceed
6$3,000.
SB55-ASA1-AA1,618,107
(c) No claimant may receive a credit under this subsection unless the claimant
8enters into an agreement with the department permitting the department to post on
9the department's Internet site the claimant's name and address and the number of
10apprentices employed by the claimant during the calendar year.
SB55-ASA1-AA1,618,2111
(d) This subsection does not apply to taxable years that begin after June 30,
122006, if the number of employers training apprentices in department-approved
13programs does not increase by more than 40% from July 1, 2003, to June 30, 2006,
14as determined by the department, except that a claimant who has claimed a credit
15for an apprentice's wages in any taxable year beginning before July 1, 2006, may
16continue to claim a credit for the apprentice's wages in succeeding taxable years,
17until the apprentice completes the apprenticeship program. As soon as practicable
18after June 30, 2006, the department shall certify to the department of revenue the
19number of employers training apprentices in approved programs on July 1, 2003, and
20the number of employers training apprentices in approved programs on June 30,
212006.
SB55-ASA1-AA1,618,2322
(e) The carry-over provisions of sub. (4) (e) and (f), as they apply to the credit
23under sub. (4), apply to the credit under this subsection.
SB55-ASA1-AA1,619,624
(f) Partnerships, limited liability companies, and tax-option corporations may
25not claim the credit under this subsection, but the eligibility for, and the amount of,
1the credit are based on their payment of wages under par. (b). A partnership, limited
2liability company, or tax-option corporation shall compute the amount of credit that
3each of its partners, members, or shareholders may claim and shall provide that
4information to each of them. Partners, members of limited liability companies, and
5shareholders of tax-option corporations may claim the credit in proportion to their
6ownership interests.
SB55-ASA1-AA1,619,87
(g) Subsection (4) (g) and (h), as it applies to the credit under sub. (4), applies
8to the credit under this subsection.
SB55-ASA1-AA1,619,1110
71.30
(3) (dm) Industrial, service, and skilled trades apprenticeship credit
11under s. 71.28 (5d).".
SB55-ASA1-AA1,619,1514
71.28
(5s) Conservation land, conservation easement tax credit. (a)
15Definitions. In this subsection:
SB55-ASA1-AA1,619,1616
1. "Claimant" means a person who files a claim under this subsection.
SB55-ASA1-AA1,619,1717
2. "Conservation easement" has the meaning given in s. 700.40 (1) (a).
SB55-ASA1-AA1,619,2118
3. "Local governmental unit" means a political subdivision of this state, a
19special purpose district in this state, an instrumentality or corporation of such a
20political subdivision or special purpose district, a combination or subunit of any of
21the foregoing, or an instrumentality of the state and any of the foregoing.
SB55-ASA1-AA1,619,2322
4. "Nonprofit conservation organization" has the meaning given in s. 23.0955
23(1).
SB55-ASA1-AA1,620,2
15. "Qualified appraisal" means any appraisal meeting the requirements of the
2regulations prescribed under section
170 (a) (1) of the Internal Revenue Code.
SB55-ASA1-AA1,620,43
6. "Qualified conservation contribution" has the meaning given in section
170 4(h) of the Internal Revenue Code.
SB55-ASA1-AA1,620,115
(b)
Filing claims. Subject to the limitations provided in this subsection, a
6claimant may claim as a credit against the tax imposed under s. 71.23 an amount
7equal to 50% of the value, based on a qualified appraisal, of property or a
8conservation easement, to the extent that the property or easement is a qualified
9conservation contribution, that is donated to the state, a local governmental unit, or
10a nonprofit conservation organization in the taxable year in which the donation is
11made or the easement is granted.
SB55-ASA1-AA1,620,1312
(c)
Limitations. 1. The maximum credit that a claimant may claim under this
13subsection in a taxable year is $100,000.
SB55-ASA1-AA1,620,1514
2. No credit may be allowed under this subsection unless it is claimed within
15the time period under s. 71.75 (2).
SB55-ASA1-AA1,620,1916
3. Subsection (4) (e) and (f), as it applies to the credit under sub. (4), applies to
17the credit under this subsection, except that with regard to the carry-over provisions
18in sub. (4) (f) the maximum number of years that the credit under this subsection may
19be carried forward is 10 years.
SB55-ASA1-AA1,621,220
4. Partnerships, limited liability companies, and tax-option corporations may
21not claim the credit under this subsection, but the eligibility for, and the amount of,
22the credit are based on the amount calculated under par. (b). A partnership, limited
23liability company, or tax-option corporation shall compute the amount of credit that
24each of its partners, members, or shareholders may claim and shall provide that
25information to each of them. Partners, members of limited liability companies, and
1shareholders of tax-option corporations may claim the credit in proportion to their
2ownership interest.
SB55-ASA1-AA1,621,73
(d)
Administration. The department of revenue may enforce the credit under
4this subsection and may take any action, conduct any proceeding, and proceed as it
5is authorized in respect to taxes under this chapter. The income tax provisions in this
6chapter relating to assessments, refunds, appeals, collection, interest, and penalties
7apply to the credit under this subsection.
SB55-ASA1-AA1,621,109
71.30
(3) (cs) Conservation land, conservation easement tax credit under s.
1071.28 (5s).".
SB55-ASA1-AA1,621,1613
71.30
(10) (h)
Certification of amounts. (intro.) Annually, on or before
14September 15, the secretary of revenue shall certify to the department of
natural
15resources fish, wildlife, parks, and forestry, the department of administration and
16the state treasurer:".
