AB75-ASA1, s. 1544
1Section 1544. 71.05 (24) of the statutes is created to read:
AB75-ASA1,777,32 71.05 (24) Income tax deferral; long-term capital assets. (a) In this
3subsection:
AB75-ASA1,777,64 1. "Claimant" means an individual; an individual partner or member of a
5partnership, limited liability company, or limited liability partnership; or an
6individual shareholder of a tax-option corporation.
AB75-ASA1,777,77 2. "Financial institution" has the meaning given in s. 69.30 (1) (b).
AB75-ASA1,777,108 3. "Long-term capital gain" means the gain realized from the sale of any capital
9asset held more than one year that is treated as a long-term gain under the Internal
10Revenue Code.
AB75-ASA1,777,1211 4. "Qualified new business venture" means a business certified by the
12department of commerce under s. 560.208.
AB75-ASA1,777,1513 (b) For taxable years beginning after December 31, 2010, a claimant may
14subtract from federal adjusted gross income any amount, up to $10,000,000, of a
15long-term capital gain if the claimant does all of the following:
AB75-ASA1,777,1616 1. Deposits the gain into a segregated account in a financial institution.
AB75-ASA1,777,1917 2. Within 180 days after the sale of the asset that generated the gain, invests
18all of the proceeds in the account described under subd. 1. in a qualified new business
19venture.
AB75-ASA1,777,2520 3. After making the investment as described under subd. 2., notifies the
21department, on a form prepared by the department, that the claimant will not
22declare on the claimant's income tax return the gain described under subd. 1. because
23the claimant has reinvested the capital gain as described under subd. 2. The form
24shall be sent to the department along with the claimant's income tax return for the
25year to which the claim relates.
AB75-ASA1,778,3
1(c) The basis of the investment described in par. (b) 2. shall be calculated by
2subtracting the gain described in par. (b) 1. from the amount of the investment
3described in par. (b) 2.
AB75-ASA1,778,64 (d) If a claimant defers the payment of income taxes on a capital gain under this
5subsection, the claimant may not use the gain described under par. (b) 1. to net
6capital gains and losses, as described under sub. (10) (c).
AB75-ASA1, s. 1545 7Section 1545. 71.06 (1p) (d) of the statutes is amended to read:
AB75-ASA1,778,98 71.06 (1p) (d) On all taxable income exceeding $112,500 but not exceeding
9$225,000
, 6.75%.
AB75-ASA1, s. 1546 10Section 1546. 71.06 (1p) (e) of the statutes is created to read:
AB75-ASA1,778,1111 71.06 (1p) (e) On all taxable income exceeding $225,000, 7.75 percent.
AB75-ASA1, s. 1547 12Section 1547. 71.06 (2) (g) 4. of the statutes is amended to read:
AB75-ASA1,778,1413 71.06 (2) (g) 4. On all taxable income exceeding $150,000 but not exceeding
14$300,000
, 6.75%.
AB75-ASA1, s. 1548 15Section 1548. 71.06 (2) (g) 5. of the statutes is created to read:
AB75-ASA1,778,1616 71.06 (2) (g) 5. On all taxable income exceeding $300,000, 7.75 percent.
AB75-ASA1, s. 1549 17Section 1549. 71.06 (2) (h) 4. of the statutes is amended to read:
AB75-ASA1,778,1918 71.06 (2) (h) 4. On all taxable income exceeding $75,000 but not exceeding
19$150,000
, 6.75%.
AB75-ASA1, s. 1550 20Section 1550. 71.06 (2) (h) 5. of the statutes is created to read:
AB75-ASA1,778,21 2171.06 (2) (h) 5. On all taxable income exceeding $150,000, 7.75 percent.
AB75-ASA1, s. 1551 22Section 1551. 71.06 (2e) of the statutes is renumbered 71.06 (2e) (a) and
23amended to read:
AB75-ASA1,779,2324 71.06 (2e) (a) For taxable years beginning after December 31, 1998, and before
25January 1, 2000, the maximum dollar amount in each tax bracket, and the

1corresponding minimum dollar amount in the next bracket, under subs. (1m) and (2)
2(c) and (d), and for taxable years beginning after December 31, 1999, the maximum
3dollar amount in each tax bracket, and the corresponding minimum dollar amount
4in the next bracket, under subs. (1n), (1p) (a) to (c), and (2) (e), (f), (g) 1. to 3., and (h)
51. to 3., shall be increased each year by a percentage equal to the percentage change
6between the U.S. consumer price index for all urban consumers, U.S. city average,
7for the month of August of the previous year and the U.S. consumer price index for
8all urban consumers, U.S. city average, for the month of August 1997, as determined
9by the federal department of labor, except that for taxable years beginning after
10December 31, 2000, and before January 1, 2002, the dollar amount in the top bracket
11under subs. (1p) (c) and (d), (2) (g) 3. and 4. and (h) 3. and 4. shall be increased by a
12percentage equal to the percentage change between the U.S. consumer price index
13for all urban consumers, U.S. city average, for the month of August of the previous
14year and the U.S. consumer price index for all urban consumers, U.S. city average,
15for the month of August 1999, as determined by the federal department of labor,
16except that for taxable years beginning after December 31, 2011, the adjustment may
17occur only if the resulting amount is greater than the corresponding amount that was
18calculated for the previous year
. Each amount that is revised under this subsection
19paragraph shall be rounded to the nearest multiple of $10 if the revised amount is
20not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount
21shall be increased to the next higher multiple of $10. The department of revenue
22shall annually adjust the changes in dollar amounts required under this subsection
23paragraph and incorporate the changes into the income tax forms and instructions.
AB75-ASA1, s. 1552 24Section 1552. 71.06 (2e) (b) of the statutes is created to read:
AB75-ASA1,780,17
171.06 (2e) (b) For taxable years beginning after December 31, 2009, the
2maximum dollar amount in each tax bracket, and the corresponding minimum dollar
3amount in the next bracket, under subs. (1p) (d) and (2) (g) 4. and (h) 4., and the dollar
4amount in the top bracket under subs. (1p) (e) and (2) (g) 5. and (h) 5., shall be
5increased each year by a percentage equal to the percentage change between the U.S.
6consumer price index for all urban consumers, U.S. city average, for the month of
7August of the previous year and the U.S. consumer price index for all urban
8consumers, U.S. city average, for the month of August 2008, as determined by the
9federal department of labor, except that for taxable years beginning after December
1031, 2011, the adjustment may occur only if the resulting amount is greater than the
11corresponding amount that was calculated for the previous year. Each amount that
12is revised under this paragraph shall be rounded to the nearest multiple of $10 if the
13revised amount is not a multiple of $10 or, if the revised amount is a multiple of $5,
14such an amount shall be increased to the next higher multiple of $10. The
15department of revenue shall annually adjust the changes in dollar amounts required
16under this paragraph and incorporate the changes into the income tax forms and
17instructions.
AB75-ASA1, s. 1554 18Section 1554. 71.07 (2fd) of the statutes is repealed.
AB75-ASA1, s. 1555 19Section 1555. 71.07 (3m) (a) 1. (intro.) of the statutes is amended to read:
AB75-ASA1,780,2220 71.07 (3m) (a) 1. (intro.) "Claimant" means an owner of farmland, as defined
21in s. 91.01 (9), 2007 stats., of farmland domiciled in this state during the entire year
22for which a credit under this subsection is claimed, except as follows:
AB75-ASA1, s. 1556 23Section 1556. 71.07 (3m) (a) 3. of the statutes is amended to read:
AB75-ASA1,781,824 71.07 (3m) (a) 3. "Farmland" means 35 or more acres of real property, exclusive
25of improvements, in this state, in agricultural use, as defined in s. 91.01 (1), 2007

1stats.,
and owned by the claimant or any member of the claimant's household during
2the taxable year for which a credit under this subsection is claimed if the farm of
3which the farmland is a part, during that year, produced not less than $6,000 in gross
4farm profits resulting from agricultural use, as defined in s. 91.01 (1), 2007 stats., or
5if the farm of which the farmland is a part, during that year and the 2 years
6immediately preceding that year, produced not less than $18,000 in such profits, or
7if at least 35 acres of the farmland, during all or part of that year, was enrolled in the
8conservation reserve program under 16 USC 3831 to 3836.
AB75-ASA1, s. 1557 9Section 1557. 71.07 (3m) (a) 4. of the statutes is amended to read:
AB75-ASA1,781,1510 71.07 (3m) (a) 4. "Gross farm profits" means gross receipts, excluding rent,
11from agricultural use, as defined in s. 91.01 (1), 2007 stats., including the fair market
12value at the time of disposition of payments in kind for placing land in federal
13programs or payments from the federal dairy termination program under 7 USC
141446
(d), less the cost or other basis of livestock or other items purchased for resale
15which are sold or otherwise disposed of during the taxable year.
AB75-ASA1, s. 1558 16Section 1558. 71.07 (3m) (e) of the statutes is created to read:
AB75-ASA1,781,1817 71.07 (3m) (e) Sunset. No new claim may be filed under this subsection for a
18taxable year that begins after December 31, 2009.
AB75-ASA1, s. 1569 19Section 1569. 71.07 (3q) of the statutes is created to read:
AB75-ASA1,781,2020 71.07 (3q) Jobs tax credit. (a) Definitions. In this subsection:
AB75-ASA1,781,2221 1. "Claimant" means a person certified to receive tax benefits under s. 560.2055
22(2).
AB75-ASA1,781,2423 2. "Eligible employee" means an eligible employee under s. 560.2055 (1) (b) who
24satisfies the wage requirements under s. 560.2055 (3) (a) or (b).
AB75-ASA1,782,3
1(b) Filing claims. Subject to the limitations provided in this subsection and s.
2560.2055, for taxable years beginning after December 31, 2011, a claimant may claim
3as a credit against the taxes imposed under s. 71.02 any of the following.
AB75-ASA1,782,64 1. The amount of wages that the claimant paid to an eligible employee in the
5taxable year, not to exceed 10 percent of such wages, as determined by the
6department of commerce under s. 560.2055.
AB75-ASA1,782,97 2. The amount of the costs incurred by the claimant in the taxable year, as
8determined under s. 560.2055, to undertake the training activities described under
9s. 560.2055 (3) (c).
AB75-ASA1,782,1710 (c) Limitations. 1. Partnerships, limited liability companies, and tax-option
11corporations may not claim the credit under this subsection, but the eligibility for,
12and the amount of, the credit are based on their payment of amounts under par. (b).
13A partnership, limited liability company, or tax-option corporation shall compute
14the amount of credit that each of its partners, members, or shareholders may claim
15and shall provide that information to each of them. Partners, members of limited
16liability companies, and shareholders of tax-option corporations may claim the
17credit in proportion to their ownership interests.
AB75-ASA1,782,2018 2. No credit may be allowed under this subsection unless the claimant includes
19with the claimant's return a copy of the claimant's certification for tax benefits under
20s. 560.2055 (2).
AB75-ASA1,782,2221 (d) Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the
22credit under s. 71.28 (4), applies to the credit under this subsection.
AB75-ASA1,783,223 2. If the allowable amount of the claim under par. (b) exceeds the tax otherwise
24due under s. 71.02, the amount of the claim not used to offset the tax due shall be
25certified by the department of revenue to the department of administration for

1payment by check, share draft, or other draft drawn from the appropriation account
2under s. 20.835 (2) (bb).
AB75-ASA1, s. 1571 3Section 1571. 71.07 (3s) (a) 1. of the statutes is amended to read:
AB75-ASA1,783,54 71.07 (3s) (a) 1. "Manufacturing" has the meaning given in s. 77.54 (6m), 2007
5stats
.
AB75-ASA1, s. 1572 6Section 1572. 71.07 (5) (a) 3. of the statutes is amended to read:
AB75-ASA1,783,97 71.07 (5) (a) 3. Casualty and theft deductions under section 165 (c) (3) of the
8internal revenue code, except for casualty losses that are directly related to a
9presidentially declared disaster under 26 USC 7508A
.
AB75-ASA1, s. 1575 10Section 1575. 71.07 (5b) (d) 3. of the statutes is created to read:
AB75-ASA1,783,1511 71.07 (5b) (d) 3. For calendar years beginning after December 31, 2007, if an
12investment for which a claimant claims a credit under par. (b) is held by the claimant
13for less than 3 years, the claimant shall pay to the department, in the manner
14prescribed by the department, the amount of the credit that the claimant received
15related to the investment.
AB75-ASA1, s. 1579 16Section 1579. 71.07 (5d) (d) 1. of the statutes is amended to read:
AB75-ASA1,783,2117 71.07 (5d) (d) 1. If For calendar years beginning after December 31, 2007, if an
18investment for which a claimant claims a credit under par. (b) is held by the claimant
19for less than one year 3 years, the claimant shall pay to the department, in the
20manner prescribed by the department, the amount of the credit that the claimant
21received related to the investment.
AB75-ASA1, s. 1579x 22Section 1579x. 71.07 (5f) of the statutes is repealed and recreated to read:
AB75-ASA1,783,2323 71.07 (5f) Film production services credit. (a) Definitions. In this subsection:
AB75-ASA1,784,924 1. "Accredited production" means a film, video, broadcast advertisement, or
25television production, as approved by the department of commerce, for which the

1aggregate salary and wages included in the cost of the production for the period
2ending 12 months after the month in which the principal filming or taping of the
3production begins exceeds $100,000 for a production that is 30 minutes or longer or
4$50,000 for a production that is less than 30 minutes. "Accredited production" also
5means an electronic game, as approved by the department of commerce, for which
6the aggregate salary and wages included in the cost of the production for the period
7ending 36 months after the month in which the principal programming, filming, or
8taping of the production begins exceeds $100,000. "Accredited production" does not
9include any of the following, regardless of the production costs:
AB75-ASA1,784,1110 a. News, current events, or public programming or a program that includes
11weather or market reports.
AB75-ASA1,784,1212 b. A talk show.
AB75-ASA1,784,1313 c. A production with respect to a questionnaire or contest.
AB75-ASA1,784,1414 d. A sports event or sports activity.
AB75-ASA1,784,1515 e. A gala presentation or awards show.
AB75-ASA1,784,1616 f. A finished production that solicits funds.
AB75-ASA1,784,1917 g. A production for which the production company is required under 18 USC
182257
to maintain records with respect to a performer portrayed in a single media or
19multimedia program.
AB75-ASA1,784,2120 h. A production produced primarily for industrial, corporate, or institutional
21purposes.
AB75-ASA1,784,2222 2. "Claimant" means a person who files a claim under this subsection.
AB75-ASA1,785,623 3. "Production expenditures" means any expenditures that are incurred in this
24state and directly used to produce an accredited production, including expenditures
25for set construction and operation, wardrobes, make-up, clothing accessories,

1photography, sound recording, sound synchronization, sound mixing, lighting,
2editing, film processing, film transferring, special effects, visual effects, renting or
3leasing facilities or equipment, renting or leasing motor vehicles, food, lodging, and
4any other similar expenditure as determined by the department of commerce.
5"Production expenditures" do not include salary, wages, or labor-related contract
6payments.
AB75-ASA1,785,97 (b) Filing claims. Subject to the limitations provided in this subsection, for
8taxable years beginning after December 31, 2008, a claimant may claim as a credit
9against the tax imposed under s. 71.02 or 71.08 any of the following amounts:
AB75-ASA1,785,1910 1. An amount equal to 25 percent of the salary, wages, or labor-related contract
11payments paid by the claimant in the taxable year to individuals, including actors,
12who were residents of this state at the time that they were paid and who worked on
13an accredited production in this state, not including the salary, wages, or contract
14payments paid to any individual who was paid more than $250,000. A claimant may
15claim an additional amount equal to 3 percent of any salary, wages, or contract
16payments described in this subdivision if the individual who received the salary,
17wages, or contract payments was also living in an economically distressed area of this
18state, as determined by the department of commerce under s. 560.706 (2) (e), at the
19time that the individual was paid.
AB75-ASA1,786,220 2. An amount equal to 20 percent of the salary, wages, or labor-related contract
21payments paid by the claimant in the taxable year to individuals who were not
22residents of this state at the time that they were paid and who worked on an
23accredited production in this state, not including the salary, wages, or contract
24payments paid to any individual who was paid more than $250,000 or paid as

1above-the-line expenses to individuals such as nontechnical crew members,
2producers, writers, casting directors, and actors.
AB75-ASA1,786,43 3. An amount equal to 25 percent of the production expenditures paid by the
4claimant in the taxable year to produce an accredited production.
AB75-ASA1,786,75 (c) Limitations. 1. A claimant may not claim a credit under this subsection if
6less than 35 percent of the total budget for the accredited production is spent in this
7state.
AB75-ASA1,786,118 2. The total amount of the credits that a claimant may claim under par. (b) 2.
9in a taxable year shall not exceed an amount equal to the first $20,000 of salary,
10wages, or labor-related contract payments paid to each individual described in par.
11(b) 2. in the taxable year.
AB75-ASA1,786,1412 3. No credit may be claimed under par. (b) 3. for the purchase of tangible
13personal property or items, property, or goods under s. 77.52 (1) (b), (c), or (d) the sale
14of which is not sourced to this state, as provided under s. 77.522.
AB75-ASA1,786,1615 4. The maximum amount of all credits that a claimant may claim under this
16subsection for each accredited production is $10,000,000.
AB75-ASA1,786,2117 5. The maximum amount of the credits that may be claimed under this
18subsection and sub. (5h) and ss. 71.28 (5f) and (5h) and 71.47 (5f) and (5h) in fiscal
19year 2009-10 is $1,500,000. The maximum amount of the credits that may be
20claimed under this subsection and sub. (5h) and ss. 71.28 (5f) and (5h) and 71.47 (5f)
21and (5h) in fiscal year 2010-11 is $1,500,000.
AB75-ASA1,787,322 6. No credit may be allowed under this subsection unless the claimant files an
23application with the department of commerce, at the time and in the manner
24prescribed by the department of commerce, and the department of commerce
25approves the application. The claimant shall submit a fee with the application in an

1amount equal to 2 percent of the claimant's budgeted production expenditures or to
2$5,000, whichever is less. The claimant shall submit a copy of the approved
3application with the claimant's return.
AB75-ASA1,787,114 7. Partnerships, limited liability companies, and tax-option corporations may
5not claim the credit under this subsection, but the eligibility for, and the amount of,
6the credit are based on their payment of amounts under par. (b). A partnership,
7limited liability company, or tax-option corporation shall compute the amount of
8credit that each of its partners, members, or shareholders may claim and shall
9provide that information to each of them. Partners, members of limited liability
10companies, and shareholders of tax-option corporations may claim the credit in
11proportion to their ownership interest.
AB75-ASA1,787,1312 (d) Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the
13credit under s. 71.28 (4), applies to the credits under this subsection.
AB75-ASA1,787,1814 2. If the allowable amount of the claim under par. (b) exceeds the tax otherwise
15due under s. 71.02 or 71.08 or no tax is due under s. 71.02 or 71.08, the amount of the
16claim not used to offset the tax due shall be certified by the department of revenue
17to the department of administration for payment by check, share draft, or other draft
18drawn from the appropriation account under s. 20.835 (2) (bm).
AB75-ASA1, s. 1580x 19Section 1580x. 71.07 (5h) (a) 2. of the statutes is amended to read:
AB75-ASA1,787,2320 71.07 (5h) (a) 2. "Film production company" means an entity that exclusively
21creates films, videos, electronic games, broadcast advertisement, or television
22productions, not including the productions described under s. 71.07
accredited
23productions, as defined in sub.
(5f) (a) 1. a. to h.
AB75-ASA1, s. 1580yb 24Section 1580yb. 71.07 (5h) (b) (intro.) of the statutes is amended to read:
AB75-ASA1,788,7
171.07 (5h) (b) Filing claims. (intro.) Subject to the limitations provided in this
2subsection, for taxable years beginning after December 31, 2007 2008, a claimant
3may claim as a credit against the tax imposed under s. 71.02, up to the amount of the
4taxes, for the first 3 taxable years that the claimant is doing business in this state
5as a film production company,
or 71.08 an amount that is equal to 15 percent of the
6following that the claimant paid in the taxable year to establish or operate a film
7production company in this state:
AB75-ASA1, s. 1580yc 8Section 1580yc. 71.07 (5h) (b) 1. of the statutes is amended to read:
AB75-ASA1,788,129 71.07 (5h) (b) 1. The purchase price of depreciable, tangible personal property
10and items, property, and goods under s. 77.52 (1) (b), (c), and (d), if the sale of the
11tangible personal property, items, property, or goods is sourced to this state under s.
1277.522
.
AB75-ASA1, s. 1580ye 13Section 1580ye. 71.07 (5h) (c) 1. of the statutes is amended to read:
Loading...
Loading...