LRBa2258/1
JK:amn
2015 - 2016 LEGISLATURE
ASSEMBLY AMENDMENT 3,
TO ASSEMBLY BILL 486
February 16, 2016 - Offered by Representatives Stuck, Barca, Shankland and
Jorgensen.
AB486-AA3,1,3
21. Page 1, line 2: after "funds" insert ", allowing refunds for the early stage seed
3and angel investment tax credits, and making an appropriation".
AB486-AA3,1,5
5"
Section
1. 20.835 (2) (ba) of the statutes is created to read:
AB486-AA3,1,86
20.835
(2) (ba)
Early stage seed and angel investment credits. A sum sufficient
7to make the payments under ss. 71.07 (5b) (d) 4. and (5d) (d) 5., 71.28 (5b) (d) 4., and
871.47 (5b) (d) 4.
AB486-AA3,2
9Section
2. 71.07 (5b) (d) 1. of the statutes is amended to read:
AB486-AA3,1,1210
71.07
(5b) (d) 1.
Section
For taxable years beginning before January 1, 2015,
11s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
12under this subsection.
AB486-AA3,3
13Section
3. 71.07 (5b) (d) 1m. of the statutes is created to read:
AB486-AA3,2,3
171.07
(5b) (d) 1m. For taxable years beginning after December 31, 2014, s.
271.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
3credit under this subsection.
AB486-AA3,4
4Section
4. 71.07 (5b) (d) 4. of the statutes is created to read:
AB486-AA3,2,105
71.07
(5b) (d) 4. For taxable years beginning after December 31, 2014, if the
6allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
771.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified
8by the department of revenue to the department of administration for payment by
9check, share draft, or other draft drawn from the appropriation account under s.
1020.835 (2) (ba).
AB486-AA3,5
11Section
5. 71.07 (5d) (b) 2. of the statutes is amended to read:
AB486-AA3,2,1612
71.07
(5d) (b) 2. For taxable years beginning after December 31, 2007,
and
13before January 1, 2015, for the taxable year certified by the department of commerce
14or the Wisconsin Economic Development Corporation, an amount equal to 25 percent
15of the claimant's bona fide angel investment made directly in a qualified new
16business venture.
AB486-AA3,6
17Section
6. 71.07 (5d) (b) 3. of the statutes is created to read:
AB486-AA3,2,2118
71.07
(5d) (b) 3. For taxable years beginning after December 31, 2014, for the
19taxable year certified by the Wisconsin Economic Development Corporation, an
20amount equal to 25 percent of the claimant's bona fide angel investment made
21directly in a qualified new business venture.
AB486-AA3,7
22Section
7. 71.07 (5d) (d) 2. of the statutes is amended to read:
AB486-AA3,2,2523
71.07
(5d) (d) 2.
Section
For taxable years beginning before January 1, 2015,
24s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
25under this subsection.
AB486-AA3,8
1Section
8. 71.07 (5d) (d) 2m. of the statutes is created to read:
AB486-AA3,3,42
71.07
(5d) (d) 2m. For taxable years beginning after December 31, 2014, s.
371.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
4credit under this subsection.
AB486-AA3,9
5Section
9. 71.07 (5d) (d) 5. of the statutes is created to read:
AB486-AA3,3,116
71.07
(5d) (d) 5. For taxable years beginning after December 31, 2014, if the
7allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
871.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified
9by the department of revenue to the department of administration for payment by
10check, share draft, or other draft drawn from the appropriation account under s.
1120.835 (2) (ba).
AB486-AA3,10
12Section
10. 71.10 (4) (gwb) of the statutes is amended to read:
AB486-AA3,3,1413
71.10
(4) (gwb) Early stage seed investment credit under s. 71.07 (5b)
, except
14as provided under par. (i).
AB486-AA3,11
15Section
11. 71.10 (4) (gx) of the statutes is amended to read:
AB486-AA3,3,1716
71.10
(4) (gx) Angel investment credit under s. 71.07 (5d)
, except as provided
17under par. (i).
AB486-AA3,4,920
71.10
(4) (i) The total of claim of right credit under s. 71.07 (1), farmland
21preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and
22beyond under s. 71.613, homestead credit under subch. VIII, farmland tax relief
23credit under s. 71.07 (3m), dairy manufacturing facility investment credit under s.
2471.07 (3p), jobs tax credit under s. 71.07 (3q), meat processing facility investment
25credit under s. 71.07 (3r), woody biomass harvesting and processing credit under s.
171.07 (3rm), food processing plant and food warehouse investment credit under s.
271.07 (3rn), business development credit under s. 71.07 (3y),
early stage seed
3investment credit under s. 71.07 (5b) (d) 4., angel investment credit under s. 71.07
4(5d) (d) 5., film production services credit under s. 71.07 (5f), film production
5company investment credit under s. 71.07 (5h), veterans and surviving spouses
6property tax credit under s. 71.07 (6e), enterprise zone jobs credit under s. 71.07 (3w),
7beginning farmer and farm asset owner tax credit under s. 71.07 (8r), earned income
8tax credit under s. 71.07 (9e), estimated tax payments under s. 71.09, and taxes
9withheld under subch. X.
AB486-AA3,13
10Section
13. 71.28 (5b) (d) 1. of the statutes is amended to read:
AB486-AA3,4,1311
71.28
(5b) (d) 1.
Subsection
For taxable years beginning before January 1,
122015, sub. (4) (e) to (h), as it applies to the credit under sub. (4), applies to the credit
13under this subsection.
AB486-AA3,14
14Section
14. 71.28 (5b) (d) 1m. of the statutes is created to read:
AB486-AA3,4,1715
71.28
(5b) (d) 1m. For taxable years beginning after December 31, 2014, sub.
16(4) (e), (g), and (h), as it applies to the credit under sub. (4), applies to the credit under
17this subsection.
AB486-AA3,15
18Section
15. 71.28 (5b) (d) 4. of the statutes is created to read:
AB486-AA3,4,2419
71.28
(5b) (d) 4. For taxable years beginning after December 31, 2014, if the
20allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
2171.23, the amount of the claim not used to offset the tax due shall be certified by the
22department of revenue to the department of administration for payment by check,
23share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
24(ba).
AB486-AA3,16
25Section
16. 71.30 (3) (eop) of the statutes is amended to read:
AB486-AA3,5,2
171.30
(3) (eop) Early stage seed investment credit under s. 71.28 (5b)
, except
2as provided under par. (f).
AB486-AA3,5,155
71.30
(3) (f) The total of farmland preservation credit under subch. IX,
6farmland tax relief credit under s. 71.28 (2m), dairy manufacturing facility
7investment credit under s. 71.28 (3p), jobs credit under s. 71.28 (3q), meat processing
8facility investment credit under s. 71.28 (3r), woody biomass harvesting and
9processing credit under s. 71.28 (3rm), food processing plant and food warehouse
10investment credit under s. 71.28 (3rn), enterprise zone jobs credit under s. 71.28
11(3w), business development credit under s. 71.28 (3y),
early stage seed investment
12credit under s. 71.28 (5b) (d) 4., film production services credit under s. 71.28 (5f), film
13production company investment credit under s. 71.28 (5h), beginning farmer and
14farm asset owner tax credit under s. 71.28 (8r), and estimated tax payments under
15s. 71.29.
AB486-AA3,18
16Section
18. 71.47 (5b) (d) 1. of the statutes is amended to read:
AB486-AA3,5,1917
71.47
(5b) (d) 1.
Section
For taxable years beginning before January 1, 2015,
18s. 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit
19under this subsection.
AB486-AA3,19
20Section
19. 71.47 (5b) (d) 1m. of the statutes is created to read:
AB486-AA3,5,2321
71.47
(5b) (d) 1m. For taxable years beginning after December 31, 2014, s.
2271.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the
23credit under this subsection.
AB486-AA3,20
24Section
20. 71.47 (5b) (d) 4. of the statutes is created to read:
AB486-AA3,6,6
171.47
(5b) (d) 4. For taxable years beginning after December 31, 2014, if the
2allowable amount of the claim under par. (b) exceeds the tax otherwise due under s.
371.43, the amount of the claim not used to offset the tax due shall be certified by the
4department of revenue to the department of administration for payment by check,
5share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
6(ba).
AB486-AA3,21
7Section
21. 71.49 (1) (eop) of the statutes is amended to read:
AB486-AA3,6,98
71.49
(1) (eop) Early stage seed investment credit under s. 71.47 (5b)
, except
9as provided under par. (f).
