Amendment CA1-SSA1-SB55

SB55-SSA1-CA1,391,12 1016. Page 706, line 7: after that line insert:

SB55-SSA1-CA1,391,13 " Section 2115m. 70.58 of the statutes is amended to read:

SB55-SSA1-CA1,391,24 70.58 Forestation state tax. There is levied an annual tax of two-tenths of one mill for each dollar of the assessed valuation of the property of the state as determined by the department of revenue under s. 70.57, for the purpose of acquiring, preserving and developing the forests of the state and for the purpose of forest crop law and county forest law administration and aid payments, for grants to forestry cooperatives under s. 36.56, and for the acquisition, purchase and development of forests described under s. 25.29 (7) (a) 25.28 (3) (am) and (b), the proceeds of the tax to be paid into the conservation forestry fund. The tax shall not be levied in any year in which general funds are appropriated for the purposes specified in this section, equal to or in excess of the amount which the tax would produce.".

SB55-SSA1-CA1,392,2 1017. Page 706, line 15: delete the material beginning with that line and ending on page 708, line 5.

SB55-SSA1-CA1,392,3 1018. Page 713, line 6: after that line insert:

SB55-SSA1-CA1,392,4 " Section 2130b. 70.995 (12r) of the statutes is amended to read:

SB55-SSA1-CA1,392,7 70.995 (12r) The department of revenue shall calculate the value of property that is used in manufacturing, as defined in this section, and that is exempt under s. 70.11 (39) and (39m).".

SB55-SSA1-CA1,392,9 1019. Page 723, line 19: delete the material beginning with that line and ending with page 728, line 17.

SB55-SSA1-CA1,392,10 1020. Page 728, line 17: after that line insert:

SB55-SSA1-CA1,392,11 " Section 2142m. 71.05 (1) (am) of the statutes is created to read:

SB55-SSA1-CA1,392,14 71.05 (1) (am) Military retirement systems. All retirement payments, other than surviving spouse benefits, received from the U.S. military employee retirement system, to the extent that such payments are not exempt under par. (a).

SB55-SSA1-CA1, s. 2142n Section 2142n. 71.05 (1) (an) of the statutes is created to read:

SB55-SSA1-CA1,392,20 71.05 (1) (an) Uniformed services retirement benefits. All retirement payments received by an individual from the U.S. government that relate to the individual's service with the coast guard, the commissioned corps of the national oceanic and atmospheric administration, or the commissioned corps of the public health service, to the extent that such payments are not exempt under par. (a) or (am).".

SB55-SSA1-CA1,392,21 1021. Page 730, line 18: after that line insert:

SB55-SSA1-CA1,392,22 " Section 2145m. 71.07 (2di) (b) 1. of the statutes is amended to read:

SB55-SSA1-CA1,393,6 71.07 (2di) (b) 1. Except as provided in subd. 2., the credit, including any credits carried over, may be offset only against the amount of the tax otherwise due under this chapter attributable to income from the business operations of the claimant in the development zone; except that a claimant in a development zone under s. 560.795 (1) (e) may offset the credit, including any credits carried over, against the amount of the tax otherwise due under this chapter attributable to all of the claimant's income; and against the tax attributable to income from directly related business operations of the claimant.

SB55-SSA1-CA1, s. 2145p Section 2145p. 71.07 (2di) (b) 3. of the statutes is amended to read:

SB55-SSA1-CA1,393,24 71.07 (2di) (b) 3. Partnerships, limited liability companies and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and amount of, that credit shall be determined on the basis of their economic activity, not that of their shareholders, partners or members. The corporation, partnership or company shall compute the amount of the credit that may be claimed by each of its shareholders, partners or members and shall provide that information to each of its shareholders, partners or members. Partners, members of limited liability companies and shareholders of tax-option corporations may claim the credit based on the partnership's, company's or corporation's activities in proportion to their ownership interest and may offset it against the tax attributable to their income from the partnership's, company's or corporation's business operations in the development zone; except that partners, members, and shareholders in a development zone under s. 560.795 (1) (e) may offset the credit against the amount of the tax attributable to their income from all of the partnership's, company's, or corporation's business operations; and against the tax attributable to their income from the partnership's, company's or corporation's directly related business operations.".

SB55-SSA1-CA1,394,1 1022. Page 730, line 23: after "(5)" insert "or 560.798 (3)".

SB55-SSA1-CA1,394,2 1023. Page 731, line 2: after "(e)" insert "and (f) or 560.798".

SB55-SSA1-CA1,394,3 1024. Page 732, line 16: after "(5)" insert "or 560.798 (3)".

SB55-SSA1-CA1,394,4 1025. Page 733, line 2: after that line insert:

SB55-SSA1-CA1,394,12 "(hm) Credits claimed under this subsection, including any credits carried over, may be offset only against the amount of the tax otherwise due under this subchapter attributable to income from the business operations of the claimant in the development zone; except that a claimant in a development zone under s. 560.795 (1) (e) may offset credits, including any credits carried over, against the amount of the tax otherwise due under this subchapter attributable to all of the claimant's income; and against the tax attributable to income from directly related business operations of the claimant.".

SB55-SSA1-CA1,394,16 1026. Page 733, line 14: after "zone" insert "; except that partners, members, and shareholders in a development zone under s. 560.795 (1) (e) may offset the credit against the amount of the tax attributable to their income from all of the partnership's, company's, or corporation's business operations;".

SB55-SSA1-CA1,394,17 1027. Page 733, line 18: after "(5)" insert "or 560.798 (3)".

SB55-SSA1-CA1,394,18 1028. Page 734, line 2: after "(5)" insert "or 560.798 (3)".

SB55-SSA1-CA1,394,19 1029. Page 734, line 8: after that line insert:

SB55-SSA1-CA1,394,20 " Section 2146m. 71.07 (2dx) (a) 2. of the statutes is amended to read:

SB55-SSA1-CA1,395,2 71.07 (2dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795 or , an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798.".

SB55-SSA1-CA1,395,3 1030. Page 734, line 22: after that line insert:

SB55-SSA1-CA1,395,4 " Section 2147d. 71.07 (5) (a) 10. of the statutes is created to read:

SB55-SSA1-CA1,395,5 71.07 (5) (a) 10. Any amount claimed as a credit under sub. (9t).".

SB55-SSA1-CA1,395,6 1031. Page 734, line 22: after that line insert:

SB55-SSA1-CA1,395,7 " Section 2147g. 71.07 (2dx) (c) of the statutes is amended to read:

SB55-SSA1-CA1,395,17 71.07 (2dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3) or, 560.797 (4) or 560.798 (3) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

SB55-SSA1-CA1, s. 2147h Section 2147h. 71.07 (2dx) (d) of the statutes is amended to read:

SB55-SSA1-CA1,396,2 71.07 (2dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3) or, 560.797 (4) or 560.798 (3) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.".

SB55-SSA1-CA1,396,3 1032. Page 734, line 22: after that line insert:

SB55-SSA1-CA1,396,4 " Section 2147k. 71.07 (2dx) (b) (intro.) of the statutes is amended to read:

SB55-SSA1-CA1,396,10 71.07 (2dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3) or, 560.797 (4) or 560.798 (3), any person may claim as a credit against taxes imposed on the person's income from the person's business activities in a development zone the following amounts:

SB55-SSA1-CA1, s. 2147m Section 2147m. 71.07 (2dx) (be) of the statutes is created to read:

SB55-SSA1-CA1,396,16 71.07 (2dx) (be) Offset. A claimant in a development zone under s. 560.795 (1) (e) may offset any credits claimed under this subsection, including any credits carried over, against the amount of the tax otherwise due under this subchapter attributable to all of the claimant's income and against the tax attributable to income from directly related business operations of the claimant.

SB55-SSA1-CA1, s. 2147p Section 2147p. 71.07 (2dx) (bg) of the statutes is created to read:

SB55-SSA1-CA1,397,7 71.07 (2dx) (bg) Other entities. For claimants in a development zone under s. 560.795 (1) (e), partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and amount of, that credit shall be determined on the basis of their economic activity, not that of their shareholders, partners, or members. The corporation, partnership, or company shall compute the amount of the credit that may be claimed by each of its shareholders, partners, or members and shall provide that information to each of its shareholders, partners, or members. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit based on the partnership's, company's, or corporation's activities in proportion to their ownership interest and may offset it against the tax attributable to their income from all of the partnership's, company's, or corporation's business operations and against the tax attributable to their income from the partnership's, company's, or corporation's directly related business operations.".

SB55-SSA1-CA1,397,9 1033. Page 736, line 12: delete the material beginning with that line and ending with page 738, line 1.

SB55-SSA1-CA1,397,10 1034. Page 738, line 1: after that line insert:

SB55-SSA1-CA1,397,11 " Section 2150d. 71.07 (9t) of the statutes is created to read:

SB55-SSA1-CA1,397,13 71.07 (9t) Artistic endowment credit. (a) Definition. In this subsection, "claimant" means a person who files a claim under this subsection.

SB55-SSA1-CA1,397,18 (b) Filing claims. For taxable years beginning after December 31, 2002, subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 10% of the amount contributed to the artistic endowment fund under s. 25.78.

SB55-SSA1-CA1,397,20 (c) Limitations and conditions. 1. The maximum credit that may be claimed under par. (b), in a taxable year, is one of the following amounts:

SB55-SSA1-CA1,397,22 a. If the claimant is a single individual or a married individual who files a separate income tax return, $5.

SB55-SSA1-CA1,397,24 b. If the claimant is married and the claimant and his or her spouse file a joint income tax return, $10.

SB55-SSA1-CA1,398,2 2. Nonresidents of this state are not eligible for the credit under this subsection, except as provided under subd. 3.

SB55-SSA1-CA1,398,12 3. For a claimant who is a part-year resident of this state and who is a single person or a married person filing a separate return, multiply the credit for which the claimant is eligible under subd. 1. by a fraction, the numerator of which is the individual's Wisconsin adjusted gross income and the denominator of which is the individual's federal adjusted gross income. If a claimant is married and files a joint return, and if the claimant's spouse is a nonresident or if the claimant or the claimant's spouse, or both, are part-year residents of this state, multiply the credit for which the claimant is eligible under subd. 1. by a fraction, the numerator of which is the couple's joint Wisconsin adjusted gross income and the denominator of which is the couple's joint federal adjusted gross income.

SB55-SSA1-CA1,398,15 4. No new claim may be filed under this subsection for a taxable year that begins after December 31 of the year in which the department determines that the total amount of revenues received by the endowment fund equals $50,150,000.

SB55-SSA1-CA1,398,17 5. No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).

SB55-SSA1-CA1,398,19 (d) Administration. Subsection (9e) (d), to the extent that it applies to the credit under that subsection, applies to the credit under this subsection.

SB55-SSA1-CA1, s. 2150t Section 2150t. 71.10 (4) (dg) of the statutes is created to read:

SB55-SSA1-CA1,398,21 71.10 (4) (dg) The artistic endowment credit under s. 71.07 (9t).".

SB55-SSA1-CA1,398,23 1035. Page 763, line 6: delete the material beginning with that line and ending with page 768, line 6.

SB55-SSA1-CA1,398,24 1036. Page 768, line 24: delete "and (5)" and substitute "(5), and (9t)".

SB55-SSA1-CA1,399,1 1037. Page 793, line 22: after that line insert:

SB55-SSA1-CA1,399,2 " Section 2176m. 71.28 (1di) (b) 1. of the statutes is amended to read:

SB55-SSA1-CA1,399,10 71.28 (1di) (b) 1. Except as provided in subd. 2., the credit, including any credits carried over, may be offset only against the amount of the tax otherwise due under this chapter attributable to income from the business operations of the claimant in the development zone; except that a claimant in a development zone under s. 560.795 (1) (e) may offset the credit, including any credits carried over, against the amount of the tax otherwise due under this chapter attributable to all of the claimant's income; and against the tax attributable to income from directly related business operations of the claimant.

SB55-SSA1-CA1, s. 2176p Section 2176p. 71.28 (1di) (b) 3. of the statutes is amended to read:

SB55-SSA1-CA1,400,4 71.28 (1di) (b) 3. Partnerships, limited liability companies and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and amount of, that credit shall be determined on the basis of their economic activity, not that of their shareholders, partners or members. The corporation, partnership or limited liability company shall compute the amount of the credit that may be claimed by each of its shareholders, partners or members and shall provide that information to each of its shareholders, partners or members. Partners, members of limited liability companies and shareholders of tax-option corporations may claim the credit based on the partnership's, company's or corporation's activities in proportion to their ownership interest and may offset it against the tax attributable to their income from the partnership's, company's or corporation's business operations in the development zone; except that partners, members, and shareholders in a development zone under s. 560.795 (1) (e) may offset the credit against the amount of the tax attributable to their income from all of the partnership's, company's, or corporation's business operations; and against the tax attributable to their income from the partnership's, company's or corporation's directly related business operations.".

SB55-SSA1-CA1,400,5 1038. Page 794, line 2: after "(5)" insert "or 560.798 (3)".

SB55-SSA1-CA1,400,6 1039. Page 794, line 5: after "(e)" insert "and (f) or 560.798".

SB55-SSA1-CA1,400,7 1040. Page 795, line 20: after "(5)" insert "or 560.798 (3)".

SB55-SSA1-CA1,400,8 1041. Page 796, line 5: after that line insert:

SB55-SSA1-CA1,400,16 "(hm) Credits claimed under this subsection, including any credits carried over, may be offset only against the amount of the tax otherwise due under this subchapter attributable to income from the business operations of the claimant in the development zone; except that a claimant in a development zone under s. 560.795 (1) (e) may offset credits, including any credits carried over, against the amount of the tax otherwise due under this subchapter attributable to all of the claimant's income; and against the tax attributable to income from directly related business operations of the claimant.".

SB55-SSA1-CA1,400,20 1042. Page 796, line 17: after "zone" insert "; except that partners, members, and shareholders in a development zone under s. 560.795 (1) (e) may offset the credit against the amount of the tax attributable to their income from all of the partnership's, company's, or corporation's business operations;".

SB55-SSA1-CA1,400,21 1043. Page 796, line 21: after "(5)" insert "or 560.798 (3)".

SB55-SSA1-CA1,400,22 1044. Page 797, line 4: after "(5)" insert "or 560.798 (3)".

SB55-SSA1-CA1,400,23 1045. Page 797, line 10: after that line insert:

SB55-SSA1-CA1,401,1 " Section 2177m. 71.28 (1dx) (a) 2. of the statutes is amended to read:

SB55-SSA1-CA1,401,5 71.28 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795 or , an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798.".

SB55-SSA1-CA1,401,6 1046. Page 797, line 24: after that line insert:

SB55-SSA1-CA1,401,7 " Section 2178g. 71.28 (1dx) (c) of the statutes is amended to read:

SB55-SSA1-CA1,401,17 71.28 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3) or, 560.797 (4) or 560.798 (3) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

SB55-SSA1-CA1, s. 2178h Section 2178h. 71.28 (1dx) (d) of the statutes is amended to read:

SB55-SSA1-CA1,402,2 71.28 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3) or, 560.797 (4) or 560.798 (3) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.".

SB55-SSA1-CA1,402,3 1047. Page 797, line 24: after that line insert:

SB55-SSA1-CA1,402,4 " Section 2178k. 71.28 (1dx) (b) (intro.) of the statutes is amended to read:

SB55-SSA1-CA1,402,10 71.28 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3) or, 560.797 (4) or 560.798 (3), any person may claim as a credit against taxes imposed on the person's income from the person's business activities in a development zone under this subchapter the following amounts:

SB55-SSA1-CA1, s. 2178m Section 2178m. 71.28 (1dx) (be) of the statutes is created to read:

SB55-SSA1-CA1,402,16 71.28 (1dx) (be) Offset. A claimant in a development zone under s. 560.795 (1) (e) may offset any credits claimed under this subsection, including any credits carried over, against the amount of the tax otherwise due under this subchapter attributable to all of the claimant's income and against the tax attributable to income from directly related business operations of the claimant.

SB55-SSA1-CA1, s. 2178p Section 2178p. 71.28 (1dx) (bg) of the statutes is created to read:

SB55-SSA1-CA1,403,7 71.28 (1dx) (bg) Other entities. For claimants in a development zone under s. 560.795 (1) (e), partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and amount of, that credit shall be determined on the basis of their economic activity, not that of their shareholders, partners, or members. The corporation, partnership, or company shall compute the amount of the credit that may be claimed by each of its shareholders, partners, or members and shall provide that information to each of its shareholders, partners, or members. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit based on the partnership's, company's, or corporation's activities in proportion to their ownership interest and may offset it against the tax attributable to their income from all of the partnership's, company's, or corporation's business operations and against the tax attributable to their income from the partnership's, company's, or corporation's directly related business operations.".