Amendment AA4-AB486

LRBa2323/1

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2015 - 2016 LEGISLATURE

ASSEMBLY AMENDMENT 4, TO ASSEMBLY BILL 486

February 16, 2016 - Offered by Representative Neylon.

AB486-AA4,1,1 At the locations indicated, amend the bill as follows:

AB486-AA4,1,2 1. Page 1, line 3: before that line insert:

AB486-AA4,1,3 " Section 1b. 16.295 (5) (c) 3. of the statutes is created to read:

AB486-AA4,1,5 16.295 (5) (c) 3. The total amount that may be invested under par. (b) 2. and 3. may not exceed $15,000,000.".

AB486-AA4,1,6 2. Page 1, line 5: after "(5)" insert "(b) 2. and 3.".

AB486-AA4,1,11 3. Page 2, line 2: after "76.638" insert ", except the amount of the credit that may be claimed is 50 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats. Funds invested under sub. (5) (b) 1. in venture capital funds may not be used as the basis for claiming the credits".

AB486-AA4,1,12 4. Page 2, line 2: after that line insert:

AB486-AA4,1,13 " Section 1d. 71.07 (5b) (b) of the statutes is amended to read:

AB486-AA4,2,9 71.07 (5b) (b) Filing claims. 1. For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009 stats., and except as provided in subd. 2., a claimant may claim as a credit against the tax imposed under ss. 71.02 and 71.08, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats., or 50 percent of claimant's investment paid under s. 16.295 (10) to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.

AB486-AA4,2,18 2. In the case of a partnership, limited liability company, or tax-option corporation, the computation of the 25 percent percentage limitation under subd. 1. shall be determined at the entity level rather than the claimant level and may be allocated among the claimants who make investments in the manner set forth in the entity's organizational documents. The entity shall provide to the department of revenue and to the department of commerce or the Wisconsin Economic Development Corporation the names and tax identification numbers of the claimants, the amounts of the credits allocated to the claimants, and the computation of the allocations.

AB486-AA4,1e Section 1e. 71.28 (5b) (b) of the statutes is amended to read:

AB486-AA4,3,3 71.28 (5b) (b) Filing claims. 1. For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009 stats., and except as provided in subd. 2., a claimant may claim as a credit against the tax imposed under s. 71.23, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats., or 50 percent of claimant's investment paid under s. 16.295 (10) to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.

AB486-AA4,3,12 2. In the case of a partnership, limited liability company, or tax-option corporation, the computation of the 25 percent percentage limitation under subd. 1. shall be determined at the entity level rather than the claimant level and may be allocated among the claimants who make investments in the manner set forth in the entity's organizational documents. The entity shall provide to the department of revenue and to the department of commerce or the Wisconsin Economic Development Corporation the names and tax identification numbers of the claimants, the amounts of the credits allocated to the claimants, and the computation of the allocations.

AB486-AA4,1f Section 1f. 71.47 (5b) (b) of the statutes is amended to read:

AB486-AA4,3,22 71.47 (5b) (b) Filing claims. 1. For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009 stats., and except as provided in subd. 2., a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats., or 50 percent of claimant's investment paid under s. 16.295 (10) to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.

AB486-AA4,4,6 2. In the case of a partnership, limited liability company, or tax-option corporation, the computation of the 25 percent percentage limitation under subd. 1. shall be determined at the entity level rather than the claimant level and may be allocated among the claimants who make investments in the manner set forth in the entity's organizational documents. The entity shall provide to the department of revenue and to the department of commerce or the Wisconsin Economic Development Corporation the names and tax identification numbers of the claimants, the amounts of the credits allocated to the claimants, and the computation of the allocations.

AB486-AA4,1g Section 1g. 76.638 (2) of the statutes is amended to read:

AB486-AA4,4,15 76.638 (2) Filing claims. For taxable years beginning after December 31, 2008, subject to the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009 stats., an insurer may claim as a credit against the fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67, 25 percent of the insurer's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 or s. 560.205 (1), 2009 stats., or 50 percent of insurer's investment paid under s. 16.295 (10) to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.".

AB486-AA4,4,16 (End)