2009 - 2010 LEGISLATURE
ASSEMBLY AMENDMENT 39,
TO 2009 SENATE BILL 62
February 18, 2009 - Offered by Representative Kleefisch.
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3"
Section 114d. 71.21 (3) of the statutes is amended to read:
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71.21
(3) The credits under s. 71.28 (4)
, (4m), and (5) may not be claimed by a
5partnership or by partners, including partners of a publicly traded partnership.".
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Section 131d. 71.26 (2) (a) 2. of the statutes is amended to read:
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71.26
(2) (a) 2. Plus the amount of credit computed under s. 71.28 (1), (3), (4),
9(4m), and (5).".
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Section 134d. 71.26 (3) (n) of the statutes is amended to read:
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71.26
(3) (n) Sections 381, 382 and 383 (relating to carry-overs in certain
13corporate acquisitions) are modified so that they apply to losses under sub. (4) and
1credits under s. 71.28 (1di), (1dL), (1dm), (1dx), (3), (4),
(4m), and (5) instead of to
2federal credits and federal net operating losses.".
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4"
Section 151d. 71.28 (4m) of the statutes is created to read:
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71.28
(4m) Super research and development credit. (a)
Definition. In this
6subsection, "qualified research expenses" means qualified research expenses as
7defined in section
41 of the Internal Revenue Code, except that "qualified research
8expenses" includes only expenses incurred by the claimant for research conducted
9in this state for the taxable year and except that "qualified research expenses" do not
10include compensation used in computing the credits under subs. (1dj) and (1dx).
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(b)
Credit. Subject to the limitations provided under this subsection, for
12taxable years beginning on or after July 1, 2009, a corporation may claim as a credit
13against the tax imposed under s. 71.23, up to the amount of those taxes, an amount
14equal to the amount of qualified research expenses paid or incurred by the
15corporation in the taxable year that exceeds the amount calculated as follows:
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1. Determine the average amount of the qualified research expenses paid or
17incurred by the corporation in the 3 taxable years immediately preceding the taxable
18year for which a credit is claimed under this subsection.
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2. Multiply the amount determined under subd. 1. by 1.25.
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(c)
Limitations. Subsection (4) (b) to (d) and (i), as it applies to the credit under
21sub. (4), applies to the credit under this subsection.
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(d)
Administration. 1. Subsection (4) (e), (g), and (h), as it applies to the credit
23under sub. (4), applies to the credit under this subsection.
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12. If a credit computed under this subsection is not entirely offset against
2Wisconsin income or franchise taxes otherwise due, the unused balance may be
3carried forward and credited against Wisconsin income or franchise taxes otherwise
4due for the following 5 taxable years to the extent not offset by these taxes otherwise
5due in all intervening years between the year in which the expense was incurred and
6the year in which the carry-forward credit is claimed.".
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Section 158d. 71.30 (3) (db) of the statutes is created to read:
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71.30
(3) (db) Super research and development credit under s. 71.28 (4m).".
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Section 171d. 71.365 (3) of the statutes is amended to read:
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71.365
(3) Credits not allowed. The credits under s. 71.28 (4)
, (4m), and (5)
13may not be claimed by a tax-option corporation or shareholders of a tax-option
14corporation.".
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Section 195d. 71.47 (4m) of the statutes is created to read:
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71.47
(4m) Super research and development credit. (a)
Definition. In this
19subsection, "qualified research expenses" means qualified research expenses as
20defined in section
41 of the Internal Revenue Code, except that "qualified research
21expenses" includes only expenses incurred by the claimant for research conducted
22in this state for the taxable year and except that "qualified research expenses" do not
23include compensation used in computing the credits under subs. (1dj) and (1dx).
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1(b)
Credit. Subject to the limitations provided under this subsection, for
2taxable years beginning on or after January 1, 2009, a corporation may claim as a
3credit against the tax imposed under s. 71.43, up to the amount of those taxes, an
4amount equal to the amount of qualified research expenses paid or incurred by the
5corporation in the taxable year that exceeds the amount calculated as follows:
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1. Determine the average amount of the qualified research expenses paid or
7incurred by the corporation in the 3 taxable years immediately preceding the taxable
8year for which a credit is claimed under this subsection.
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2. Multiply the amount determined under subd. 1. by 1.25.
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(c)
Limitations. Section 71.28 (4) (b) to (d) and (i), as it applies to the credit
11under s. 71.28 (4), applies to the credit under this subsection.
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(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 credit under this subsection.
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2. If a credit computed under this subsection is not entirely offset against
15Wisconsin income or franchise taxes otherwise due, the unused balance may be
16carried forward and credited against Wisconsin income or franchise taxes otherwise
17due for the following 5 taxable years to the extent not offset by these taxes otherwise
18due in all intervening years between the year in which the expense was incurred and
19the year in which the carry-forward credit is claimed.".
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21"
Section 200d. 71.49 (1) (db) of the statutes is created to read:
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71.49
(1) (db) Super research and development credit under s. 71.47 (4m).".
