SB40-CSA1,940,159
71.22
(5m) (b) Notwithstanding subs. (4) and (4m), section 101 of P.L.
109-222,
10related to extending the increased expense deduction under section
179 of the
11Internal Revenue Code, applies to property used in farming that is acquired and
12placed in service in taxable years beginning on or after January 1, 2008, and used
13by a person who is actively engaged in farming. For purposes of this paragraph,
14"actively engaged in farming" has the meaning given in
7 CFR 1400.201, and
15"farming" has the meaning given in section
464 (e) (1) of the Internal Revenue Code.
SB40-CSA1,941,717
71.24
(7) Extensions. In the case of a corporation required to file a return,
18when sufficient reason is shown, the department of revenue
may on written request 19shall allow an
automatic extension of
30 days 7 months or until the original due date
20of the corporation's
corresponding federal return, whichever is later
, if the
21corporation has not received an extension on its federal return. Any extension of time
22granted by law or by the internal revenue service for the filing of corresponding
23federal returns shall extend the time for filing under this subchapter to 30 days after
24the federal due date if
a copy of any extension requested of the internal revenue
25service is filed with the corporation reports the extension in the manner specified by
1the department on the return.
Termination of an automatic extension by the internal
2revenue service, or its refusal to grant such automatic extension, shall similarly
3require that any returns due under this subchapter are due on or before 30 days after
4the date for termination fixed by the internal revenue service. Except for payments
5of estimated taxes, income or franchise taxes payable upon the filing of the tax return
6shall not become delinquent during such extension period, but shall be subject to
7interest at the rate of 12% per year during such period.
SB40-CSA1,941,109
71.26
(1) (am)
Veterans service organizations. Income of a veterans service
10organization that is chartered under federal law.
SB40-CSA1,941,1512
71.26
(1) (b)
Political units. Income received by the United States, the state
13and all counties, cities, villages, towns, school districts, technical college districts,
14joint local water authorities created under s. 66.0823,
family long-term care districts
15under s. 46.2895 or other political units of this state.
SB40-CSA1,941,1917
71.26
(1) (g) For taxable years beginning after December 31, 2006, the amount
18of any incentive payment received by an individual under s. 23.33 (5r) in the taxable
19year to which the claim relates.
SB40-CSA1,941,2421
71.26
(1m) (i) Those issued under s. 231.03 (6), on or after the effective date of
22this paragraph .... [revisor inserts date], if the proceeds from the obligations that are
23issued are used by a health facility, as defined in s. 231.01 (5), to fund the acquisition
24of information technology hardware or software.
SB40-CSA1,942,18
171.26
(2) (a)
Corporations in general. The "net income" of a corporation means
2the gross income as computed under the Internal Revenue Code as modified under
3sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit
4computed under s. 71.28 (1), (3), (4), and (5) minus, as provided under s. 71.28 (3) (c)
57., the amount of the credit under s. 71.28 (3) that the taxpayer added to income
6under this paragraph at the time that the taxpayer first claimed the credit plus the
7amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm),
8(1ds), (1dx), (3g),
(3h), (3n),
(3p), (3t), (3w),
(5b), (5e), (5f), (5g),
and (5h)
, (5i), (5j), and
9(5k) and not passed through by a partnership, limited liability company, or
10tax-option corporation that has added that amount to the partnership's, limited
11liability company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1)
12(g) plus the amount of losses from the sale or other disposition of assets the gain from
13which would be wholly exempt income, as defined in sub. (3) (L), if the assets were
14sold or otherwise disposed of at a gain and minus deductions, as computed under the
15Internal Revenue Code as modified under sub. (3), plus or minus, as appropriate, an
16amount equal to the difference between the federal basis and Wisconsin basis of any
17asset sold, exchanged, abandoned, or otherwise disposed of in a taxable transaction
18during the taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).
SB40-CSA1,942,2220
71.26
(3) (s) Sections 951 to 964 (relating to controlled foreign corporations) are
21excluded
, and, for taxable years beginning on or after January 1, 2006, sections 951
22to 965 (relating to controlled foreign corporations) are excluded.
SB40-CSA1,943,1124
71.28
(1dx) (a) 5. "Member of a targeted group" means a person who resides
25in an area designated by the federal government as an economic revitalization area,
1a person who is employed in an unsubsidized job but meets the eligibility
2requirements under s. 49.145 (2) and (3) for a Wisconsin Works employment position,
3a person who is employed in a trial job, as defined in s. 49.141 (1) (n),
or in a real work,
4real pay project position under s. 49.147 (3m), a person who is eligible for child care
5assistance under s. 49.155, a person who is a vocational rehabilitation referral, an
6economically disadvantaged youth, an economically disadvantaged veteran, a
7supplemental security income recipient, a general assistance recipient, an
8economically disadvantaged ex-convict, a qualified summer youth employee, as
9defined in
26 USC 51 (d) (7), a dislocated worker, as defined in
29 USC 2801 (9), or
10a food stamp recipient, if the person has been certified in the manner under sub. (1dj)
11(am) 3. by a designated local agency, as defined in sub. (1dj) (am) 2.
SB40-CSA1,943,1713
71.28
(1dx) (b) 2. The amount determined by multiplying the amount
14determined under s. 560.785 (1) (b) by the number of full-time jobs created in a
15development zone and filled by a member of a targeted group and by then subtracting
16the subsidies paid under s. 49.147 (3) (a)
or the subsidies and reimbursements paid
17under s. 49.147 (3m) (c) for those jobs.
SB40-CSA1,943,2319
71.28
(1dx) (b) 3. The amount determined by multiplying the amount
20determined under s. 560.785 (1) (c) by the number of full-time jobs created in a
21development zone and not filled by a member of a targeted group and by then
22subtracting the subsidies paid under s. 49.147 (3) (a)
or the subsidies and
23reimbursements paid under s. 49.147 (3m) (c) for those jobs.
SB40-CSA1,944,7
171.28
(1dx) (b) 4. The amount determined by multiplying the amount
2determined under s. 560.785 (1) (bm) by the number of full-time jobs retained, as
3provided in the rules under s. 560.785, excluding jobs for which a credit has been
4claimed under sub. (1dj), in an enterprise development zone under s. 560.797 and for
5which significant capital investment was made and by then subtracting the
6subsidies paid under s. 49.147 (3) (a)
or the subsidies and reimbursements paid
7under s. 49.147 (3m) (c) for those jobs.
SB40-CSA1,944,149
71.28
(1dx) (b) 5. The amount determined by multiplying the amount
10determined under s. 560.785 (1) (c) by the number of full-time jobs retained, as
11provided in the rules under s. 560.785, excluding jobs for which a credit has been
12claimed under sub. (1dj), in a development zone and not filled by a member of a
13targeted group and by then subtracting the subsidies paid under s. 49.147 (3) (a)
or
14the subsidies and reimbursements paid under s. 49.147 (3m) (c) for those jobs.
SB40-CSA1,944,1716
71.28
(3h) Biodiesel fuel production credit. (a)
Definitions. In this
17subsection:
SB40-CSA1,944,1818
1. "Biodiesel fuel" has the meaning given in s. 168.14 (2m) (a).
SB40-CSA1,944,2019
2. "Claimant" means a person who is engaged in the business of producing
20biodiesel fuel in this state and who files a claim under this subsection.
SB40-CSA1,945,221
(b)
Filing claims. Subject to the limitations provided in this subsection, for
22taxable years beginning after December 31, 2009, and before January 1, 2013, for a
23claimant who produces at least 2,500,000 gallons of biodiesel fuel in this state in the
24taxable year, a claimant may claim as a credit against the tax imposed under s. 71.23,
25up to the amount of the tax, an amount that is equal to the number of gallons of
1biodiesel fuel produced by the claimant in this state in the taxable year multiplied
2by 10 cents.
SB40-CSA1,945,43
(c)
Limitations. 1. The maximum amount of the credit that a claimant may
4claim under this subsection in a taxable year is $1,000,000.
SB40-CSA1,945,125
2. Partnerships, limited liability companies, and tax-option corporations may
6not claim the credit under this subsection, but the eligibility for, and the amount of,
7the credit are based on their biodiesel fuel production, as described under par. (b).
8A partnership, limited liability company, or tax-option corporation shall compute
9the amount of credit that each of its partners, members, or shareholders may claim
10and shall provide that information to each of them. Partners, members of limited
11liability companies, and shareholders of tax-option corporations may claim the
12credit in proportion to their ownership interests.
SB40-CSA1,945,1413
(d)
Administration. Subsection (4) (e) to (h) as it applies to the credit under sub.
14(4), applies to the credit under this subsection.
SB40-CSA1,945,1716
71.28
(3p) Dairy manufacturing facility investment credit. (a)
Definitions.
17In this subsection:
SB40-CSA1,945,1818
1. "Claimant" means a person who files a claim under this subsection.
SB40-CSA1,945,2019
2. "Dairy manufacturing" means processing milk into dairy products or
20processing dairy products for sale commercially.
SB40-CSA1,945,2521
3. "Dairy manufacturing modernization or expansion" means constructing,
22improving, or acquiring buildings or facilities, or acquiring equipment, for dairy
23manufacturing, including the following, if used exclusively for dairy manufacturing
24and if acquired and placed in service in this state during taxable years that begin
25after December 31, 2006, and before January 1, 2015:
SB40-CSA1,946,1
1a. Building construction, including storage and warehouse facilities.
SB40-CSA1,946,22
b. Building additions.
SB40-CSA1,946,33
c. Upgrades to utilities, including water, electric, heat, and waste facilities.
SB40-CSA1,946,44
d. Milk intake and storage equipment.
SB40-CSA1,946,75
e. Processing and manufacturing equipment, including pipes, motors, pumps,
6valves, pasteurizers, homogenizers, vats, evaporators, dryers, concentrators, and
7churns.
SB40-CSA1,946,98
f. Packaging and handling equipment, including sealing, bagging, boxing,
9labeling, conveying, and product movement equipment.
SB40-CSA1,946,1010
g. Warehouse equipment, including storage racks.
SB40-CSA1,946,1311
h. Waste treatment and waste management equipment, including tanks,
12blowers, separators, dryers, digesters, and equipment that uses waste to produce
13energy, fuel, or industrial products.
SB40-CSA1,946,1614
i. Computer software and hardware used for managing the claimant's dairy
15manufacturing operation, including software and hardware related to logistics,
16inventory management, and production plant controls.
SB40-CSA1,946,1817
4. "Used exclusively" means used to the exclusion of all other uses except for
18use not exceeding 5 percent of total use.
SB40-CSA1,946,2419
(b)
Filing claims. Subject to the limitations provided in this subsection and s.
20560.207, for taxable years beginning after December 31, 2006, and before January
211, 2015, a claimant may claim as a credit against the taxes imposed under s. 71.23,
22up to the amount of the tax, an amount equal to 10 percent of the amount the
23claimant paid in the taxable year for dairy manufacturing modernization or
24expansion related to the claimant's dairy manufacturing operation.
SB40-CSA1,947,3
1(c)
Limitations. 1. No credit may be allowed under this subsection for any
2amount that the claimant paid for expenses described under par. (b) that the
3claimant also claimed as a deduction under section
162 of the Internal Revenue Code.
SB40-CSA1,947,54
2. The aggregate amount of credits that a claimant may claim under this
5subsection is $200,000.
SB40-CSA1,947,86
2m. a. The maximum amount of the credits that may be claimed under this
7subsection and ss. 71.07 (3p) and 71.47 (3p) in fiscal year 2007-08 is $600,000, as
8allocated under s. 560.207.
SB40-CSA1,947,119
b. The maximum amount of the credits that may be claimed under this
10subsection and ss. 71.07 (3p) and 71.47 (3p) in fiscal year 2008-09, and in each fiscal
11year thereafter, is $700,000, as allocated under s. 560.207.
SB40-CSA1,947,2012
3. Partnerships, limited liability companies, and tax-option corporations may
13not claim the credit under this subsection, but the eligibility for, and the amount of,
14the credit are based on their payment of expenses under par. (b), except that the
15aggregate amount of credits that the entity may compute shall not exceed $200,000.
16A partnership, limited liability company, or tax-option corporation shall compute
17the amount of credit that each of its partners, members, or shareholders may claim
18and shall provide that information to each of them. Partners, members of limited
19liability companies, and shareholders of tax-option corporations may claim the
20credit in proportion to their ownership interest.
SB40-CSA1,947,2421
4. If 2 or more persons own and operate the dairy manufacturing operation,
22each person may claim a credit under par. (b) in proportion to his or her ownership
23interest, except that the aggregate amount of the credits claimed by all persons who
24own and operate the dairy manufacturing operation shall not exceed $200,000.
SB40-CSA1,948,2
1(d)
Administration. 1. Subsection (4) (e), (g), and (h), as it applies to the credit
2under sub. (4), applies to the credit under this subsection.
SB40-CSA1,948,73
2. If the allowable amount of the claim under par. (b) exceeds the tax otherwise
4due under s. 71.23 or no tax is due under s. 71.23, the amount of the claim not used
5to offset the tax due shall be certified by the department of revenue to the department
6of administration for payment by check, share draft, or other draft drawn from the
7appropriation account under s. 20.835 (2) (bn).
SB40-CSA1,948,109
71.28
(3w) (a) 5m. "Wages" means wages under section
3306 (b) of the Internal
10Revenue Code, determined without regard to any dollar limitations.
SB40-CSA1,948,1612
71.28
(3w) (a) 6. "Zone payroll" means the amount of state payroll that is
13attributable to
compensation wages paid to
individuals full-time employees for
14services that are performed in
a an enterprise zone. "Zone payroll" does not include
15the amount of
compensation wages paid to any
individuals full-time employees that
16exceeds $100,000.
SB40-CSA1, s. 2042
17Section
2042. 71.28 (3w) (b) 1. a. of the statutes is amended to read:
SB40-CSA1,948,2318
71.28
(3w) (b) 1. a. The
claimant's zone payroll in the taxable year, minus the
19claimant's zone payroll number of full-time employees whose annual wages are
20greater than $30,000 and who the claimant employed in the enterprise zone in the
21taxable year, minus the number of full-time employees whose annual wages were
22greater than $30,000 and who the claimant employed in the area that comprises the
23enterprise zone in the base year.
SB40-CSA1, s. 2043
24Section
2043. 71.28 (3w) (b) 1. b. of the statutes is amended to read:
SB40-CSA1,949,5
171.28
(3w) (b) 1. b. The
claimant's state payroll in the taxable year, minus the
2claimant's state payroll number of full-time employees whose annual wages are
3greater than $30,000 and who the claimant employed in the state in the taxable year,
4minus the number of full-time employees whose annual wages were greater than
5$30,000 and who the claimant employed in the state in the base year.
SB40-CSA1,949,127
71.28
(3w) (b) 2.
Subtract the number of Determine the claimant's average
8zone payroll by dividing total wages for full-time employees
that whose annual
9wages are greater than $30,000 and who the claimant employed in
the area that
10comprises the enterprise zone in the
base taxable year
from by the number of
11full-time employees
that whose annual wages are greater than $30,000 and who the
12claimant employed in the enterprise zone in the taxable year.
SB40-CSA1,949,1514
71.28
(3w) (b) 3.
Multiply Subtract $30,000 from the amount determined under
15subd. 2.
, but not an amount less than zero, by $30,000.
SB40-CSA1,949,1817
71.28
(3w) (b) 4.
Subtract Multiply the amount determined under subd. 3.
from 18by the amount determined under subd. 1.
SB40-CSA1, s. 2047
19Section
2047. 71.28 (3w) (bm) (intro.) and 4. of the statutes are g consolidated,
20renumbered 71.28 (3w) (bm) and amended to read:
SB40-CSA1,950,521
71.28
(3w) (bm)
Filing supplemental claims. In addition to the credit under
22par. (b) and subject to the limitations provided in this subsection and s. 560.799, a
23claimant may claim as a credit against the tax imposed under s. 71.23 an amount
24equal to
all of the following: 4. The the amount the claimant paid in the taxable year
25to upgrade or improve the
job-related skills of any of the claimant's full-time
1employees, to train any of the claimant's full-time employees on the use of
2job-related new technologies, or to
train provide job-related training to any
3full-time employee whose employment with the claimant represents the employee's
4first full-time job. This subdivision does not apply to employees who do not work in
5 a an enterprise zone.
SB40-CSA1,950,118
71.28
(3w) (d)
Administration. Subsection (4) (g) and (h), as it applies to the
9credit under sub. (4), applies to the credit under this subsection.
Claimants shall
10include with their returns a copy of their certification for tax benefits, and a copy of
11the verification of their expenses, from the department of commerce.
SB40-CSA1,950,1513
71.28
(5b) (c) 1.
The Except as provided in s. 73.03 (63), the maximum amount
14of the credits that may be claimed under this subsection and ss. 71.07 (5b) and 71.47
15(5b) for all taxable years combined is
$35,000,000
$52,500,000.
SB40-CSA1, s. 2051
16Section
2051. 71.28 (5b) (d) of the statutes is renumbered 71.28 (5b) (d) 1.
SB40-CSA1,950,2318
71.28
(5b) (d) 2. The Wisconsin adjusted basis of any investment for which a
19credit is claimed under par. (b) shall be reduced by the amount of the credit that is
20offset against Wisconsin income taxes. The Wisconsin basis of a partner's interest
21in a partnership, a member's interest in a limited liability company, or stock in a
22tax-option corporation shall be adjusted to reflect adjustments made under this
23subdivision.
SB40-CSA1,951,8
171.28
(5h) (a) 4. "Previously owned property" means real property that the
2claimant or a related person owned during the 2 years prior to doing business in this
3state as a film production company and for which the claimant may not deduct a loss
4from the sale of the property to, or an exchange of the property with, the related
5person under section
267 of the Internal Revenue Code
, except that section 267 of the
6Internal Revenue Code is modified so that if the claimant owns any part of the
7property, rather than 50 percent ownership, the claimant is subject to section 267 of
8the Internal Revenue Code for purposes of this subsection.
SB40-CSA1,951,1410
71.28
(5h) (c) 2. A claimant may claim the credit under par. (b) 2. for an amount
11expended to construct, rehabilitate, remodel, or repair real property, if the claimant
12began the physical work of construction, rehabilitation, remodeling, or repair, or any
13demolition or destruction in preparation for the physical work, after December 31,
142007,
or if and the completed project is placed in service after December 31, 2007.
SB40-CSA1,951,1916
71.28
(5h) (c) 3. A claimant may claim the credit under par. (b) 2. for an amount
17expended to acquire real property, if the property is not previously owned property
18and if the claimant acquires the property after December 31, 2007,
or if and the
19completed project is placed in service after December 31, 2007.
SB40-CSA1,951,2221
71.28
(5i) Electronic medical records credit. (a)
Definitions. In this
22subsection, "claimant" means a person who files a claim under this subsection.