LRBs0122/1
JK&ARG:cjs:rs
2007 - 2008 LEGISLATURE
ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 2007 ASSEMBLY BILL 371
December 6, 2007 - Offered by Representative Albers.
AB371-ASA1,1,7
1An Act to renumber and amend 86.195 (2) (c);
to amend 71.05 (6) (a) 15., 71.21
2(4), 71.26 (2) (a), 71.34 (1) (g), 71.45 (2) (a) 10., 77.92 (4) and 86.195 (1) (ar); and
3to create 71.07 (5j), 71.10 (4) (cn), 71.28 (5j), 71.30 (3) (dq), 71.47 (5j), 71.49 (1)
4(dq), 86.195 (2) (c) 2. and 110.23 of the statutes;
relating to: highway specific
5information signs and creating income and franchise tax credits for certain
6electric motor vehicles and for motor vehicles that use biodiesel or gasoline and
7ethanol mixtures as fuel.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB371-ASA1, s. 1
8Section
1. 71.05 (6) (a) 15. of the statutes is amended to read:
AB371-ASA1,2,29
71.05
(6) (a) 15. The amount of the credits computed under s. 71.07 (2dd), (2de),
10(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (3g), (3n), (3s), (3t), (3w), (5b), (5d),
and 11(5e), (5f),
and (5h)
, and (5j) and not passed through by a partnership, limited liability
1company, or tax-option corporation that has added that amount to the partnership's,
2company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g).
AB371-ASA1,2,54
71.07
(5j) Flexible fuel and electric motor vehicles credit. (a)
Definitions. 5In this subsection:
AB371-ASA1,2,66
1. "Biodiesel fuel" has the meaning given in s. 168.14 (2m) (a).
AB371-ASA1,2,77
2. "Claimant" means a person who files a claim under this subsection.
AB371-ASA1,2,108
3. "Eligible vehicle" means any of the following, as determined by the
9department of transportation under s. 110.23, that is assembled in this state and sold
10or leased to the claimant as a new motor vehicle licensed for highway use:
AB371-ASA1,2,1211
a. A motor vehicle that is capable of using both gasoline and a mixture of
12gasoline and at least 85 percent ethanol as a fuel to propel the motor vehicle.
AB371-ASA1,2,1313
b. A hybrid-electric vehicle, as defined in s. 16.045 (1) (e).
AB371-ASA1,2,1514
c. A vehicle that satisfies the requirements of the neighborhood electric vehicle
15test program conducted by the federal department of energy.
AB371-ASA1,2,1616
d. A plug-in hybrid-electric vehicle.
AB371-ASA1,2,1817
e. A motor vehicle that is capable of using biodiesel fuel as a fuel to propel the
18motor vehicle.
AB371-ASA1,2,2119
(b)
Filing claims. Subject to the limitations provided under this subsection, a
20claimant may claim as a credit against the taxes imposed under s. 71.02, up to the
21amount of the tax:
AB371-ASA1,2,2322
1. One of the following amounts, if, in the taxable year, the claimant purchased
23or leased an eligible vehicle:
AB371-ASA1,2,2524
a. If the purchase price of the eligible vehicle is $18,000 or more, $500 for a
25purchased eligible vehicle and $100 for a leased eligible vehicle.
AB371-ASA1,3,2
1b. If the purchase price of the eligible vehicle is at least $17,000, but less than
2$18,000, $450 for a purchased eligible vehicle and $90 for a leased eligible vehicle.
AB371-ASA1,3,43
c. If the purchase price of the eligible vehicle is at least $16,000, but less than
4$17,000, $400 for a purchased eligible vehicle and $80 for a leased eligible vehicle.
AB371-ASA1,3,65
d. If the purchase price of the eligible vehicle is at least $15,000, but less than
6$16,000, $350 for a purchased eligible vehicle and $70 for a leased eligible vehicle.
AB371-ASA1,3,87
e. If the purchase price of the eligible vehicle is at least $14,000, but less than
8$15,000, $300 for a purchased eligible vehicle and $60 for a leased eligible vehicle.
AB371-ASA1,3,109
f. If the purchase price of the eligible vehicle is at least $13,000, but less than
10$14,000, $250 for a purchased eligible vehicle and $50 for a leased eligible vehicle.
AB371-ASA1,3,1211
g. If the purchase price of the eligible vehicle is at least $12,000, but less than
12$13,000, $200 for a purchased eligible vehicle and $40 for a leased eligible vehicle.
AB371-ASA1,3,1413
h. If the purchase price of the eligible vehicle is at least $11,000, but less than
14$12,000, $150 for a purchased eligible vehicle and $30 for a leased eligible vehicle.
AB371-ASA1,3,1615
i. If the purchase price of the eligible vehicle is at least $10,000, but less than
16$11,000, $100 for a purchased eligible vehicle and $20 for a leased eligible vehicle.
AB371-ASA1,3,1917
2. Fifty dollars, if the claimant purchased in the taxable year an engine
18modification kit to convert a motor vehicle that the claimant owns into an eligible
19vehicle.
AB371-ASA1,3,2520
(c)
Limitations. 1. For purposes of determining the amount of the credit under
21par. (b) 1. for a leased eligible vehicle, the purchase price is the purchase price of the
22eligible vehicle on the first day of the lease period. A claimant who claims a credit
23under par. (b) 1. for a leased eligible vehicle may claim the credit for each year of the
24lease period that corresponds with a taxable year for which the claimant may claim
25a credit under this subsection.
AB371-ASA1,4,3
12. The credit under par. (b) 1. may be claimed only by the first person who takes
2title of the eligible vehicle, other than for resale, or, in the case of a leased vehicle,
3the first person who leases the vehicle.
AB371-ASA1,4,74
3. No credit may be claimed under par. (b) 2. unless the claimant submits with
5the claimant's return any document prescribed by the department that verifies that
6the engine modification kit described in par. (b) 2. was installed in the claimant's
7motor vehicle by a certified technician.
AB371-ASA1,4,158
4. No claimant may claim the credit under this subsection for vehicles described
9under par. (a) 3. a. and e. unless the claimant submits with the claimant's return any
10documentation prescribed by the department that indicates that the claimant paid
11at least $500 on the purchase of biodiesel fuel or motor vehicle fuel sold as 85 percent
12ethanol during the period beginning on the date that the claimant purchased the
13motor vehicle or on the first day of the lease period and ending on December 31 of the
14calendar year following the calendar year in which the claimant purchased or began
15leasing the motor vehicle.
AB371-ASA1,4,2316
5. Partnerships, limited liability companies, and tax-option corporations may
17not claim the credit under this subsection, but the eligibility for, and the amount of,
18the credit are based on their payment of amounts described under par. (b). A
19partnership, limited liability company, or tax-option corporation shall compute the
20amount of credit that each of its partners, members, or shareholders may claim and
21shall provide that information to each of them. Partners, members of limited liability
22companies, and shareholders of tax-option corporations may claim the credit in
23proportion to their ownership interests.
AB371-ASA1,4,2524
(d)
Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
25s. 71.28 (4), applies to the credit under this subsection.
AB371-ASA1,5,5
1(e)
Sunset. No credit may be claimed under this subsection for taxable years
2beginning after December 31, 2009, except the the joint committee on finance may,
3by a two-thirds vote of the members present and voting, extend the credit under this
4subsection so that credits may be claimed for taxable years beginning after December
531, 2009, and before January 1, 2011.
AB371-ASA1,5,77
71.10
(4) (cn) Flexible fuel and electric motor vehicles credit under s. 71.07 (5j).
AB371-ASA1,5,119
71.21
(4) Credits computed by a partnership under s. 71.07 (2dd), (2de), (2di),
10(2dj), (2dL), (2dm), (2ds), (2dx), (3g), (3n), (3s), (3t), (3w), (5b), (5e), (5f), (5g),
and (5h)
,
11and (5j) and passed through to partners shall be added to the partnership's income.
AB371-ASA1,6,513
71.26
(2) (a)
Corporations in general. The "net income" of a corporation means
14the gross income as computed under the Internal Revenue Code as modified under
15sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit
16computed under s. 71.28 (1), (3), (4), and (5) minus, as provided under s. 71.28 (3) (c)
177., the amount of the credit under s. 71.28 (3) that the taxpayer added to income
18under this paragraph at the time that the taxpayer first claimed the credit plus the
19amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm),
20(1ds), (1dx), (3g), (3n), (3t), (3w), (5b), (5e), (5f), (5g),
and (5h)
, and (5j) and not passed
21through by a partnership, limited liability company, or tax-option corporation that
22has added that amount to the partnership's, limited liability company's, or
23tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) plus the amount
24of losses from the sale or other disposition of assets the gain from which would be
25wholly exempt income, as defined in sub. (3) (L), if the assets were sold or otherwise
1disposed of at a gain and minus deductions, as computed under the Internal Revenue
2Code as modified under sub. (3), plus or minus, as appropriate, an amount equal to
3the difference between the federal basis and Wisconsin basis of any asset sold,
4exchanged, abandoned, or otherwise disposed of in a taxable transaction during the
5taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).
AB371-ASA1,6,87
71.28
(5j) Flexible fuel and electric motor vehicles credit. (a)
Definitions. 8In this subsection:
AB371-ASA1,6,99
1. "Biodiesel fuel" has the meaning given in s. 168.14 (2m) (a).
AB371-ASA1,6,1010
2. "Claimant" means a person who files a claim under this subsection.
AB371-ASA1,6,1311
3. "Eligible vehicle" means any of the following, as determined by the
12department of transportation under s. 110.23, that is assembled in this state and sold
13or leased to the claimant as a new motor vehicle licensed for highway use:
AB371-ASA1,6,1514
a. A motor vehicle that is capable of using both gasoline and a mixture of
15gasoline and at least 85 percent ethanol as a fuel to propel the motor vehicle.
AB371-ASA1,6,1616
b. A hybrid-electric vehicle, as defined in s. 16.045 (1) (e).
