Amendment SA2-SSA1-SB55

SB55-SSA1-SA2,297,14 937. Page 796, line 5: after that line insert:

SB55-SSA1-SA2,297,22 "(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-SA2,298,2 938. 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-SA2,298,3 939. Page 797, line 24: after that line insert:

SB55-SSA1-SA2,298,4 " Section 2178k. 71.28 (1dx) (b) (intro.) of the statutes is amended to read:

SB55-SSA1-SA2,298,10 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), 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-SA2, s. 2178m Section 2178m. 71.28 (1dx) (be) of the statutes is created to read:

SB55-SSA1-SA2,298,16 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-SA2, s. 2178p Section 2178p. 71.28 (1dx) (bg) of the statutes is created to read:

SB55-SSA1-SA2,299,7 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.".

SB55-SSA1-SA2,299,9 940. Page 797, line 25: delete the material beginning with that line and ending on page 798, line 22.

SB55-SSA1-SA2,299,10 941. Page 798, line 22: after that line insert:

SB55-SSA1-SA2,299,11 " Section 2179m. 71.29 (2) of the statutes is amended to read:

SB55-SSA1-SA2,299,14 71.29 (2) Who shall pay. Every Except as provided in s. 71.255 (11), every corporation subject to tax under s. 71.23 (1) or (2) and every virtually exempt entity subject to tax under s. 71.125 or 71.23 (1) or (2) shall pay an estimated tax.".

SB55-SSA1-SA2,299,15 942. Page 798, line 22: after that line insert:

SB55-SSA1-SA2,299,16 " Section 2179d. 71.28 (9t) of the statutes is created to read:

SB55-SSA1-SA2,299,18 71.28 (9t) Artistic endowment credit. (a) Definition. In this subsection, "claimant" means a person who files a claim under this subsection.

SB55-SSA1-SA2,299,23 (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. 71.23, up to the amount of those taxes, an amount equal to 25% of the amount contributed to the artistic endowment fund under s. 25.78, up to a maximum $500 contribution in a taxable year.

SB55-SSA1-SA2,300,4 (c) Limitations and conditions. 1. 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-SA2,300,6 2. No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).

SB55-SSA1-SA2,300,8 (d) Administration. Subsection (4) (e) and (g), as it applies to the credit under sub. (4), applies to the credit under this subsection.

SB55-SSA1-SA2, s. 2179h Section 2179h. 71.30 (3) (bm) of the statutes is created to read:

SB55-SSA1-SA2,300,10 71.30 (3) (bm) Artistic endowment credit under s. 71.28 (9t).".

SB55-SSA1-SA2,300,11 943. Page 799, line 1: delete lines 1 and 2.

SB55-SSA1-SA2,300,12 944. Page 799, line 5: delete "(1dx) and, (3)," and substitute "(1dx), and (3)".

SB55-SSA1-SA2,300,13 945. Page 799, line 6: delete "and (3g)".

SB55-SSA1-SA2,300,14 946. Page 821, line 17: after that line insert:

SB55-SSA1-SA2,300,15 " Section 2184d. 71.44 (1) (e) of the statutes is created to read:

SB55-SSA1-SA2,300,18 71.44 (1) (e) A corporation that is a member of a commonly controlled group, as defined in s. 71.255 (1) (d), and engaged in a unitary business, as defined in s. 71.255 (1) (m), shall file a tax return under s. 71.255.".

SB55-SSA1-SA2,300,20 947. Page 822, line 7: delete the material beginning with that line and ending with page 826, line 6.

SB55-SSA1-SA2,300,21 948. Page 826, line 16: after that line insert:

SB55-SSA1-SA2,300,22 " Section 2190m. 71.46 (3) of the statutes is repealed.".

SB55-SSA1-SA2,300,23 949. Page 826, line 16: after that line insert:

SB55-SSA1-SA2,300,24 " Section 2190m. 71.47 (1di) (b) 1. of the statutes is amended to read:

SB55-SSA1-SA2,301,8 71.47 (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-SA2, s. 2190p Section 2190p. 71.47 (1di) (b) 3. of the statutes is amended to read:

SB55-SSA1-SA2,301,25 71.47 (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 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 their income from the partnership's, company's or corporation's directly related business operations.".

SB55-SSA1-SA2,302,1 950. Page 826, line 24: after "(e)" insert "and (f)".

SB55-SSA1-SA2,302,2 951. Page 828, line 24: after that line insert:

SB55-SSA1-SA2,302,10 "(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-SA2,302,14 952. Page 829, line 12: 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-SA2,302,15 953. Page 830, line 19: after that line insert:

SB55-SSA1-SA2,302,16 " Section 2192k. 71.47 (1dx) (b) (intro.) of the statutes is amended to read:

SB55-SSA1-SA2,302,22 71.47 (1dx) (b) Credit. (intro.) Except or 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), 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-SA2, s. 2192m Section 2192m. 71.47 (1dx) (be) of the statutes is created to read:

SB55-SSA1-SA2,303,5 71.47 (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-SA2, s. 2192p Section 2192p. 71.47 (1dx) (bg) of the statutes is created to read:

SB55-SSA1-SA2,303,20 71.47 (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.".

SB55-SSA1-SA2,303,22 954. Page 830, line 20: delete the material beginning with that line and ending with page 831, line 18.

SB55-SSA1-SA2,303,23 955. Page 831, line 18: after that line insert:

SB55-SSA1-SA2,303,24 " Section 2193m. 71.48 of the statutes is amended to read:

SB55-SSA1-SA2,304,3 71.48 Payments of estimated taxes. Sections Except as provided in s. 71.255 (11), ss. 71.29 and 71.84 (2) shall apply to insurers subject to taxation under this chapter.".

SB55-SSA1-SA2,304,4 956. Page 831, line 18: after that line insert:

SB55-SSA1-SA2,304,5 " Section 2193d. 71.47 (9t) of the statutes is created to read:

SB55-SSA1-SA2,304,7 71.47 (9t) Artistic endowment credit. (a) Definition. In this subsection, "claimant" means a person who files a claim under this subsection.

SB55-SSA1-SA2,304,12 (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. 71.43, up to the amount of those taxes, an amount equal to 25% of the amount contributed to the artistic endowment fund under s. 25.78, up to a maximum $500 contribution in a taxable year.

SB55-SSA1-SA2,304,16 (c) Limitations and conditions. 1. 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-SA2,304,18 2. No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).

SB55-SSA1-SA2,304,20 (d) Administration. Section 71.28 (4) (e) and (g), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB55-SSA1-SA2, s. 2193h Section 2193h. 71.49 (1) (bm) of the statutes is created to read:

SB55-SSA1-SA2,304,22 71.49 (1) (bm) Artistic endowment credit under s. 71.47 (9t).".

SB55-SSA1-SA2,304,23 957. Page 831, line 22: delete lines 22 and 23.

SB55-SSA1-SA2,304,24 958. Page 831, line 23: after that line insert:

SB55-SSA1-SA2,305,1 " Section 2199m. 71.84 (2) (a) of the statutes is amended to read:

SB55-SSA1-SA2,305,12 71.84 (2) (a) Except as provided in s. 71.29 (7), in the case of any underpayment of estimated tax under s. 71.255, 71.29 or 71.48 there shall be added to the aggregate tax for the taxable year interest at the rate of 12% per year on the amount of the underpayment for the period of the underpayment. For corporations, except as provided in par. (b), "period of the underpayment" means the time period from the due date of the instalment until either the 15th day of the 3rd month beginning after the end of the taxable year or the date of payment, whichever is earlier. If 90% of the tax shown on the return is not paid by the 15th day of the 3rd month following the close of the taxable year, the difference between that amount and the estimated taxes paid, along with any interest due, shall accrue delinquent interest under s. 71.91 (1) (a).".

SB55-SSA1-SA2,305,13 959. Page 832, line 6: delete "(b)".

SB55-SSA1-SA2,305,14 960. Page 832, line 8: delete lines 8 to 11 and substitute:

SB55-SSA1-SA2,305,16 "72.01 (11m) "Federal credit" means the federal estate tax credit in effect on December 31, 2000.".

SB55-SSA1-SA2,305,17 961. Page 832, line 13: delete lines 13 to 16 and substitute:

SB55-SSA1-SA2,305,19 "72.01 (11n) "Federal estate tax" means the federal estate tax in effect on December 31, 2000.".

SB55-SSA1-SA2,305,21 962. Page 833, line 13: delete the material beginning with "and" and ending with "2002," on line 14.

SB55-SSA1-SA2,305,22 963. Page 836, line 5: delete lines 5 to 9.

SB55-SSA1-SA2,305,23 964. Page 836, line 24: after that line insert:

SB55-SSA1-SA2,305,24 " Section 2205n. 73.03 (57) of the statutes is created to read:

SB55-SSA1-SA2,306,6 73.03 (57) To create, and update, a manual on the tax incremental finance program under s. 66.1105. The manual shall contain the rules relating to the program, common problems faced by cities and villages under the program, possible side effects on the use of tax incremental financing, and any other information the department determines is appropriate. The department may consult with, and solicit the views of, any interested person while preparing or updating the manual.".

SB55-SSA1-SA2,306,7 965. Page 836, line 24: after that line insert:

SB55-SSA1-SA2,306,8 " Section 2205n. 73.03 (57) of the statutes is created to read:

SB55-SSA1-SA2,306,14 73.03 (57) To include on the forms on which the artistic endowment credits are claimed, under ss. 71.07 (9t), 71.28 (9t), and 71.47 (9t), a statement that a taxpayer may contribute amounts to the artistic endowment fund under s. 25.78 that exceed the amount for which a credit may be claimed by reducing the taxpayer's refund or by increasing the taxpayer's payment for tax liability, with the proceeds to be deposited into the fund.".

SB55-SSA1-SA2,306,15 966. Page 838, line 18: after that line insert:

SB55-SSA1-SA2,306,16 " Section 2226d. 74.48 of the statutes is repealed.

SB55-SSA1-SA2, s. 2226e Section 2226e. 74.485 of the statutes is created to read:

SB55-SSA1-SA2,306,19 74.485 Penalty for converting agricultural land. (1) Definitions. In this section, "agricultural land" has the meaning given in s. 70.32 (2) (c) 1.

SB55-SSA1-SA2,307,5 (2) Penalty. Except as provided in sub. (4), a person who owns land that has been assessed as agricultural land under s. 70.32 (2r) and who converts the land's use so that the land is not eligible to be assessed as agricultural land under s. 70.32 (2r), as determined by the county treasurer, shall pay a penalty to the county in which the land is located in an amount equal to the number of acres converted multiplied by the amount of the difference between the average fair market value of an acre of agricultural land sold in the county in the year before the year that the person converts the land, as determined under sub. (3), and the average equalized value of an acre of agricultural land in the county in the year before the year that the person converts the land, as determined under sub. (3), multiplied by the following:

SB55-SSA1-SA2,307,6 (a) Five percent, if the converted land is more than 30 acres.

SB55-SSA1-SA2,307,8 (b) Seven and one-half percent, if the converted land is 30 acres or less but at least 10 acres.

SB55-SSA1-SA2,307,9 (c) Ten percent, if the converted land is less than 10 acres.

SB55-SSA1-SA2,307,15 (3) Value determination. Annually, the department of revenue shall determine the average equalized value of an acre of agricultural land in each county in the previous year, as provided under s. 70.57, and the average fair market value of an acre of agricultural land sold in each county in the previous year based on the sales in each county in the previous year of parcels of agricultural land that are 38 acres or more to buyers who intend to use the land as agricultural land.

SB55-SSA1-SA2,307,20 (4) Exceptions and deferral. (a) A person who owns land that has been assessed as agricultural land under s. 70.32 (2r) and who converts the land's use so that the land is not eligible to be assessed as agricultural land under s. 70.32 (2r) is not subject to a penalty under sub. (2) if the amount of the penalty determined under sub. (2) represents less than $25 for each acre of converted land.

SB55-SSA1-SA2,308,5 (b) If a person owes a penalty under sub. (2), the treasurer of the county in which the person's land is located may defer payment of the penalty to the succeeding taxable year if the person demonstrates to the treasurer that the person's land will be used as agricultural land in the succeeding taxable year. A person who receives a deferral under this paragraph is not subject to the penalty under sub. (2) related to the deferral, if the person's land is used as agricultural land in the succeeding taxable year. If the land of a person who receives a deferral under this paragraph is not used as agricultural land in the succeeding taxable year, the person shall pay the penalty with interest at the rate of 1% a month, or fraction of a month, from the date that the treasurer granted a deferral to the date that the penalty is paid.