Amendment ASA1-AB64

AB64-ASA1,608,2 71.05 (6) (b) 31. Any increase in value of a college savings account, as described in s. 16.641 224.50, except that the subtraction under this subdivision may not be claimed by any individual who has made a nonqualified withdrawal, as described in s. 16.641 224.50 (2) (e).

AB64-ASA1,1021 Section 1021 . 71.05 (6) (b) 32. (intro.) of the statutes is amended to read:

AB64-ASA1,608,10 71.05 (6) (b) 32. (intro.) An amount paid into a college savings account, as described in s. 16.641 224.50, in the taxable year in which the contribution is made or on or before the 15th day of the 4th month beginning after the close of a taxpayer's taxable year to which this subtraction relates, by the owner of the account or by any other individual, for the benefit of any beneficiary of an account, calculated as follows, except that each amount that is subtracted under this subdivision may be subtracted only once:

AB64-ASA1,1022 Section 1022 . 71.05 (6) (b) 32m. of the statutes is amended to read:

AB64-ASA1,608,18 71.05 (6) (b) 32m. Consistent with the limitations specified in subd. 32., for rollovers occurring after April 15, 2015, any principal amount rolled over to a college savings account, as described in s. 16.641 224.50, from another state's qualified tuition program, as described in 26 USC 529 (c) (3) (C) (i). Amounts eligible for the subtraction under this subdivision that are in excess of the annual limits specified under subd. 32. may be carried forward to future taxable years of the taxpayer without limitation, other than the limits specified in subd. 32. ae. and am.

AB64-ASA1,1023 Section 1023 . 71.05 (6) (b) 33. (intro.) of the statutes is amended to read:

AB64-ASA1,608,25 71.05 (6) (b) 33. (intro.) An amount paid into a college tuition and expenses program, as described in s. 16.64 224.48, by the owner of the account or by a parent, grandparent, great-grandparent, aunt, or uncle of the beneficiary, if the beneficiary of the account is one of the following: the claimant; the claimant's child; the claimant's grandchild; the claimant's great-grandchild; or the claimant's niece or nephew; calculated as follows:

AB64-ASA1,1023s Section 1023s. 71.05 (6) (b) 53. of the statutes is created to read:

AB64-ASA1,609,7 71.05 (6) (b) 53. The value of any Olympic, Paralympic, or Special Olympics medal won by an individual in an Olympic, Paralympic, or Special Olympics competition, and the amount of any payment such an individual receives from the U.S. Olympic Committee or from the Special Olympics Board of Directors, but only to the extent that the committee made the payment because the individual won an Olympic, Paralympic, or Special Olympics medal.

AB64-ASA1,1024 Section 1024 . 71.05 (8) (b) 1. of the statutes is amended to read:

AB64-ASA1,609,23 71.05 (8) (b) 1. A Except as provided in s. 71.80 (25), a Wisconsin net operating loss may be carried back against Wisconsin taxable income of the previous 2 years and then carried forward against Wisconsin taxable incomes of the next 20 taxable years, if the taxpayer was subject to taxation under this chapter in the taxable year in which the loss was sustained incurred, to the extent not offset against other income of the year of loss and to the extent not offset against Wisconsin modified taxable income of the 2 years preceding the loss and of any year between the loss year and the taxable year for which the loss carry-forward is claimed. In this paragraph, “Wisconsin modified taxable income" means Wisconsin taxable income with the following exceptions: a net operating loss deduction or offset for the loss year or any taxable year before or thereafter is not allowed, the deduction for long-term capital gains under subs. (6) (b) 9. and 9m. and (25) is not allowed, the amount deductible for losses from sales or exchanges of capital assets may not exceed the amount includable in income for gains from sales or exchanges of capital assets and “Wisconsin modified taxable income" may not be less than zero.

AB64-ASA1,1035m Section 1035m. 71.07 (2dy) (b) of the statutes is amended to read:

AB64-ASA1,610,5 71.07 (2dy) (b) Filing claims. Subject to the limitations under this subsection and ss. 238.301 to 238.306 or ss. 560.701 to 560.706, 2009 stats., for taxable years beginning after December 31, 2008, a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08, up to the amount of the tax, the amount authorized for the claimant under s. 238.303 or s. 560.703, 2009 stats.

AB64-ASA1,1035n Section 1035n. 71.07 (2dy) (d) 2. of the statutes is amended to read:

AB64-ASA1,610,16 71.07 (2dy) (d) 2. If a claimant's certification is revoked under s. 238.305 or s. 560.705, 2009 stats., or if a claimant becomes ineligible for tax benefits under s. 238.302 or s. 560.702, 2009 stats., the claimant may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the claimant becomes ineligible for tax benefits; or succeeding taxable years and the claimant may not carry over unused credits from previous years to offset the tax imposed under s. 71.02 or 71.08 for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the claimant becomes ineligible for tax benefits; or succeeding taxable years.

AB64-ASA1,1035p Section 1035p. 71.07 (3q) (b) (intro.) of the statutes is amended to read:

AB64-ASA1,610,21 71.07 (3q) (b) Filing claims. (intro.) Subject to the limitations provided in this subsection and s. 238.16 or s. 560.2055, 2009 stats., for taxable years beginning after December 31, 2009, a claimant may claim as a credit against the taxes imposed under ss. s. 71.02 and 71.08 any of the following:

AB64-ASA1,1035x Section 1035x. 71.07 (3q) (c) 3. of the statutes is amended to read:

AB64-ASA1,611,2 71.07 (3q) (c) 3. The maximum amount of credits that may be awarded under this subsection and ss. 71.28 (3q) and 71.47 (3q) for the period beginning on January 1, 2010, and ending on June 30, 2013, is $14,500,000, not including the amount of any credits reallocated under s. 238.15 (3) (d), 2015 stats., or s. 560.205 (3) (d), 2009 stats.

AB64-ASA1,1036 Section 1036 . 71.07 (3q) (d) 2. of the statutes is amended to read:

AB64-ASA1,611,12 71.07 (3q) (d) 2. If the allowable amount of the claim under par. (b) exceeds the tax otherwise due under ss. s. 71.02 and 71.08, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (bb), except that the amounts certified under this subdivision for taxable years beginning after December 31, 2009, and before January 1, 2012, shall be paid in taxable years beginning after December 31, 2011. Notwithstanding s. 71.82, no interest shall be paid on amounts certified under this subdivision.

AB64-ASA1,1036e Section 1036e. 71.07 (3s) (b) of the statutes is amended to read:

AB64-ASA1,611,22 71.07 (3s) (b) The tax imposed under s. 71.02 or 71.08 shall be reduced by an amount equal to the sales and use tax under ch. 77 paid by the person in such taxable year on fuel and electricity consumed in manufacturing tangible personal property in this state. Shareholders in a tax-option corporation and partners may claim the credit under this subsection, based on eligible sales and use taxes paid by the partnership or tax-option corporation, in proportion to the ownership interest of each partner or shareholder. The partnership or tax-option corporation shall calculate the amount of the credit which may be claimed by each partner or shareholder and shall provide that information to the partner or shareholder.

AB64-ASA1,1036f Section 1036f. 71.07 (3t) (b) of the statutes is amended to read:

AB64-ASA1,612,4 71.07 (3t) (b) Credit. Subject to the limitations provided in this subsection and in s. 560.28, 2009 stats., for taxable years beginning after December 31, 2007, a claimant may claim as a credit, amortized over 15 taxable years starting with the taxable year beginning after December 31, 2007, against the tax imposed under s. 71.02 and 71.08, up to the amount of the tax, an amount equal to the claimant's unused credits under s. 71.07 (3s).

AB64-ASA1,1036h Section 1036h. 71.07 (3w) (b) (intro.) of the statutes is amended to read:

AB64-ASA1,612,9 71.07 (3w) (b) Filing claims; payroll. (intro.) Subject to the limitations provided in this subsection and s. 238.399 or s. 560.799, 2009 stats., a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08 an amount calculated as follows:

AB64-ASA1,1036Lm Section 1036Lm. 71.07 (3w) (bm) 1. of the statutes is amended to read:

AB64-ASA1,612,21 71.07 (3w) (bm) 1. In addition to the credits under par. (b) and subds. 2., 3., and 4., and subject to the limitations provided in this subsection and s. 238.399 or s. 560.799, 2009 stats., a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08 an amount equal to a percentage, as determined under s. 238.399 or s. 560.799, 2009 stats., not to exceed 100 percent, of the amount the claimant paid in the taxable year to upgrade or improve the job-related skills of any of the claimant's full-time employees, to train any of the claimant's full-time employees on the use of job-related new technologies, or to provide job-related training to any full-time employee whose employment with the claimant represents the employee's first full-time job. This subdivision does not apply to employees who do not work in an enterprise zone.

AB64-ASA1,1037bc Section 1037bc. 71.07 (3w) (bm) 2. of the statutes is amended to read:

AB64-ASA1,613,11 71.07 (3w) (bm) 2. In addition to the credits under par. (b) and subds. 1., 3., and 4., and subject to the limitations provided in this subsection and s. 238.399 or s. 560.799, 2009 stats., a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08 an amount equal to the percentage, as determined under s. 238.399 or s. 560.799, 2009 stats., not to exceed 7 percent, of the claimant's zone payroll paid in the taxable year to all of the claimant's full-time employees whose annual wages are greater than the amount determined by multiplying 2,080 by 150 percent of the federal minimum wage in a tier I county or municipality, not including the wages paid to the employees determined under par. (b) 1., or greater than $30,000 in a tier II county or municipality, not including the wages paid to the employees determined under par. (b) 1., and who the claimant employed in the enterprise zone in the taxable year, if the total number of such employees is equal to or greater than the total number of such employees in the base year. A claimant may claim a credit under this subdivision for no more than 5 consecutive taxable years.

AB64-ASA1,1037bd Section 1037bd. 71.07 (3w) (bm) 3. of the statutes is amended to read:

AB64-ASA1,613,18 71.07 (3w) (bm) 3. In addition to the credits under par. (b) and subds. 1., 2., and 4., and subject to the limitations provided in this subsection and s. 238.399 or s. 560.799, 2009 stats., for taxable years beginning after December 31, 2008, a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08 up to 10 percent of the claimant's significant capital expenditures, as determined under s. 238.399 (5m) or s. 560.799 (5m), 2009 stats.

AB64-ASA1,1037be Section 1037be. 71.07 (3w) (bm) 4. of the statutes is amended to read:

AB64-ASA1,614,3 71.07 (3w) (bm) 4. In addition to the credits under par. (b) and subds. 1., 2., and 3., and subject to the limitations provided in this subsection and s. 238.399 or s. 560.799, 2009 stats., for taxable years beginning after December 31, 2009, a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08, up to 1 percent of the amount that the claimant paid in the taxable year to purchase tangible personal property, items, property, or goods under s. 77.52 (1) (b), (c), or (d), or services from Wisconsin vendors, as determined under s. 238.399 (5) (e) or s. 560.799 (5) (e), 2009 stats., except that the claimant may not claim the credit under this subdivision and subd. 3. for the same expenditures.

AB64-ASA1,1037d Section 1037d. 71.07 (3w) (c) 1. of the statutes is renumbered 71.07 (3w) (c) 1. a. and amended to read:

AB64-ASA1,614,12 71.07 (3w) (c) 1. a. If For claims filed before January 1, 2018, if the allowable amount of the claim under this subsection exceeds the taxes otherwise due on the claimant's income under s. 71.02, the amount of the claim that is not used to offset those taxes shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation under s. 20.835 (2) (co). Notwithstanding s. 71.82, no interest shall be paid on amounts certified under this subd. 1. a.

AB64-ASA1,1037e Section 1037e. 71.07 (3w) (c) 1. b. of the statutes is created to read:

AB64-ASA1,614,20 71.07 (3w) (c) 1. b. For claims filed after December 31, 2017, claims under this subsection shall be made to the Wisconsin Economic Development Corporation using policies and procedures established by the corporation board. The corporation shall certify valid claims to the department of administration for payment by check, share draft, or other draft drawn from the appropriation under s. 20.835 (2) (co). Notwithstanding s. 71.82, no interest shall be paid on amounts certified under this subd. 1. b.

AB64-ASA1,1037f Section 1037f. 71.07 (3w) (c) 2. of the statutes is amended to read:

AB64-ASA1,615,7 71.07 (3w) (c) 2. Partnerships For claims filed before January 1, 2018, partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts described under pars. (b) and (bm). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests. For claims filed after December 31, 2017, partnerships, limited liability companies, and tax-option corporations may claim the credit under this subsection as provided under subd. 1. b.

AB64-ASA1,1037g Section 1037g. 71.07 (3w) (c) 3. of the statutes is amended to read:

AB64-ASA1,615,12 71.07 (3w) (c) 3. No For claims filed before January 1, 2018, no credit may be allowed under this subsection unless the claimant includes with the claimant's return a copy of the claimant's certification for tax benefits under s. 238.399 (5) or (5m) or s. 560.799 (5) or (5m), 2009 stats.

AB64-ASA1,1037h Section 1037h. 71.07 (3w) (d) of the statutes is amended to read:

AB64-ASA1,615,19 71.07 (3w) (d) Administration. Section 71.28 (4) (g) and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection. Claimants shall include with their returns a copy of their certification for tax benefits, and a copy of the verification of their expenses, from the department of commerce or the Wisconsin Economic Development Corporation. This paragraph does not apply to claims filed after December 31, 2017.

AB64-ASA1,1037i Section 1037i. 71.07 (3wm) of the statutes is created to read:

AB64-ASA1,615,22 71.07 (3wm) Electronics and information technology manufacturing zone credit. (a) Definitions. In this subsection:

AB64-ASA1,615,24 1. “Claimant" means a person who is certified to claim tax benefits under s. 238.396 (3) and who files a claim under this subsection.

AB64-ASA1,616,4 2. “Full-time employee” means an individual who is employed in a job for which the annual pay is at least $30,000 and who is offered retirement, health, and other benefits that are equivalent to the retirement, health, and other benefits offered to an individual who is required to work at least 2,080 hours per year.

AB64-ASA1,616,6 3. “State payroll" means the amount of payroll apportioned to this state, as determined under s. 71.25 (8).

AB64-ASA1,616,8 4. “Wages" means wages under section 3306 (b) of the Internal Revenue Code, determined without regard to any dollar limitations.

AB64-ASA1,616,9 5. “Zone” means a zone designated under s. 238.396 (1m).

AB64-ASA1,616,15 6. “Zone payroll" means the amount of state payroll that is attributable to wages paid by the claimant to full-time employees for services that are performed in the zone or that are performed outside the zone, but within the state, and for the benefit of the operations within the zone, as determined by the Wisconsin Economic Development Corporation. “Zone payroll" does not include the amount of wages paid to any full-time employees that exceeds $100,000.

AB64-ASA1,616,17 (b) Filing claims; payroll. Subject to the limitations provided in this subsection and s. 238.396, a claimant may claim as a credit an amount calculated as follows:

AB64-ASA1,616,19 1. Determine the zone payroll for the taxable year for full-time employees employed by the claimant.

AB64-ASA1,616,20 2. Multiply the amount determined under subd. 1. by 17 percent.

AB64-ASA1,616,24 (bm) Filing supplemental claims. In addition to claiming the credit under par. (b), and subject to the limitations under this subsection and s. 238.396, a claimant may claim as a credit up to 15 percent of the claimant's significant capital expenditures in the zone in the taxable year, as determined under s. 238.396 (3m).

AB64-ASA1,617,6 (c) Limitations. Partnerships, limited liability companies, and tax-option corporations may claim the credit under this subsection as provided under par. (d). The Wisconsin Economic Development Corporation may recover credits claimed under this paragraph that are revoked or otherwise invalid from the partnership, limited liability company, or tax-option corporation or from the individual partner, member, or shareholder.

AB64-ASA1,617,12 (d) Administration. Claims under this subsection shall be made to the Wisconsin Economic Development Corporation using policies and procedures established by the corporation board. The corporation shall certify valid claims to the department of administration for payment by check, share draft, or other draft drawn from the appropriation under s. 20.835 (2) (cp). Notwithstanding s. 71.82, no interest shall be paid on amounts certified under this subdivision.

AB64-ASA1,1037t Section 1037t. 71.07 (3y) (b) (intro.) of the statutes is amended to read:

AB64-ASA1,617,17 71.07 (3y) (b) Filing claims. (intro.) Subject to the limitations provided in this subsection and s. 238.308, for taxable years beginning after December 31, 2015, a claimant may claim as a credit against the tax imposed under ss. 71.02 and 71.08 all of the following:

AB64-ASA1,1037u Section 1037u. 71.07 (3y) (c) 1. of the statutes is amended to read:

AB64-ASA1,618,4 71.07 (3y) (c) 1. Partnerships For claims filed before January 1, 2018, partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests. For claims filed after December 31, 2017, partnerships, limited liability companies, and tax-option corporations may claim the credit under this subsection as provided under par. (d) 2. b.

AB64-ASA1,1037v Section 1037v. 71.07 (3y) (c) 2. of the statutes is amended to read:

AB64-ASA1,618,8 71.07 (3y) (c) 2. No For claims filed before January 1, 2018, no credit may be allowed under this subsection unless the claimant includes with the claimant's return a copy of the claimant's certification for tax benefits under s. 238.308.

AB64-ASA1,1037w Section 1037w. 71.07 (3y) (d) 1. of the statutes is amended to read:

AB64-ASA1,618,12 71.07 (3y) (d) 1. Section 71.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection. This subdivision does not apply to claims filed after December 31, 2017.

AB64-ASA1,1038g Section 1038g. 71.07 (3y) (d) 2. of the statutes is renumbered 71.07 (3y) (d) 2. a. and amended to read:

AB64-ASA1,618,21 71.07 (3y) (d) 2. a. If For claims filed before January 1, 2018, if the allowable amount of the claim under par. (b) exceeds the tax otherwise due under ss. 71.02 and 71.08, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (bg). Notwithstanding s. 71.82, no interest shall be paid on amounts certified under this subd. 2. a.

AB64-ASA1,1038h Section 1038h. 71.07 (3y) (d) 2. b. of the statutes is created to read:

AB64-ASA1,619,4 71.07 (3y) (d) 2. b. For claims filed after December 31, 2017, claims under this subsection shall be made to the Wisconsin Economic Development Corporation using policies and procedures established by the corporation board. The corporation shall certify valid claims to the department of administration for payment by check, share draft, or other draft drawn from the appropriation under s. 20.835 (2) (bg). Notwithstanding s. 71.82, no interest shall be paid on amounts certified under this subd. 2. b.

AB64-ASA1,1038m Section 1038m. 71.07 (4k) (b) 4. a. of the statutes is amended to read:

AB64-ASA1,619,20 71.07 (4k) (b) 4. a. Except as provided in subds. 5. and 6., for taxable years beginning after December 31, 2014, an individual, a partner of a partnership, a shareholder of a tax-option corporation, or a member of a limited liability company may claim a credit against the tax imposed under s. 71.02 or 71.08, as allocated under par. (d), an amount equal to 5.75 percent of the amount by which the individual's, partnership's, tax-option corporation's, or limited liability company's qualified research expenses for the taxable year exceed 50 percent of the average qualified research expenses for the 3 taxable years immediately preceding the taxable year for which the claimant claims the credit. If the individual, partnership, tax-option corporation, or limited liability company had no qualified research expenses in any of the 3 taxable years immediately preceding the taxable year for which the claimant claims the credit, the claimant may claim an amount equal to 2.875 percent of the individual's, partnership's, tax-option corporation's, or limited liability company's qualified research expenses for the taxable year for which the claimant claims the credit.

AB64-ASA1,1038p Section 1038p. 71.07 (4k) (b) 5. a. of the statutes is amended to read:

AB64-ASA1,620,10 71.07 (4k) (b) 5. a. For taxable years beginning after December 31, 2014, an individual, a partner of a partnership, a shareholder of a tax-option corporation, or a member of a limited liability company may claim a credit against the tax imposed under s. 71.02 or 71.08, as allocated under par. (d), an amount equal to 11.5 percent of the amount by which the individual's, partnership's, tax-option corporation's, or limited liability company's qualified research expenses for the taxable year exceed 50 percent of the average qualified research expenses for the 3 taxable years immediately preceding the taxable year for which the claimant claims the credit. If the individual, partnership, tax-option corporation, or limited liability company had no qualified research expenses in any of the 3 taxable years immediately preceding the taxable year for which the claimant claims the credit, the claimant may claim an amount equal to 5.75 percent of the individual's, partnership's, tax-option corporation's, or limited liability company's qualified research expenses for the taxable year for which the claimant claims the credit.

AB64-ASA1,1038r Section 1038r. 71.07 (4k) (b) 6. a. of the statutes is amended to read:

AB64-ASA1,620,25 71.07 (4k) (b) 6. a. For taxable years beginning after December 31, 2014, an individual, a partner of a partnership, a shareholder of a tax-option corporation, or a member of a limited liability company may claim a credit against the tax imposed under s. 71.02 or 71.08, as allocated under par. (d), an amount equal to 11.5 percent of the amount by which the individual's, partnership's, tax-option corporation's, or limited liability company's qualified research expenses for the taxable year exceed 50 percent of the average qualified research expenses for the 3 taxable years immediately preceding the taxable year for which the claimant claims the credit. If the individual, partnership, tax-option corporation, or limited liability company had no qualified research expenses in any of the 3 taxable years immediately preceding the taxable year for which the claimant claims the credit, the claimant may claim an amount equal to 5.75 percent of the individual's, partnership's, tax-option corporation's, or limited liability company's qualified research expenses for the taxable year for which the claimant claims the credit.

AB64-ASA1,1038s Section 1038s. 71.07 (4k) (e) of the statutes is renumbered 71.07 (4k) (e) 1. and amended to read:

AB64-ASA1,621,5 71.07 (4k) (e) 1. Section For taxable years beginning before January 1, 2018, s. 71.28 (4) (b) to (h), as it applies to the credit under s. 71.28 (4), applies to the credits under this subsection.

AB64-ASA1,1038t Section 1038t. 71.07 (4k) (e) 2. of the statutes is created to read:

AB64-ASA1,621,11 71.07 (4k) (e) 2. For taxable years beginning after December 31, 2017, s. 71.28 (4) (b) to (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credits under this subsection. For taxable years beginning after December 31, 2017, if the allowable amount of the claim under par. (b) 4., 5., or 6. exceeds the tax otherwise due under s. 71.02 or 71.08, all of the following apply:

AB64-ASA1,621,16 a. The amount of the claim not used to offset the tax due, not to exceed 10 percent of the allowable amount of the claim under par. (b) 4., 5., or 6., shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (d).

AB64-ASA1,621,21 b. The amount of the claim not used to offset the tax due and not certified for payment under subd. 2. a. may be carried forward and credited against Wisconsin income taxes otherwise due for the following 15 taxable years to the extent not offset by these taxes otherwise due in all intervening years between the year in which the expense was incurred and the year in which the carry-forward credit is claimed.

AB64-ASA1,1039 Section 1039 . 71.07 (5) (b) of the statutes is amended to read:

AB64-ASA1,622,2 71.07 (5) (b) Subtract the standard deduction under s. 71.05 (22), notwithstanding the limitation by such fraction of that amount as Wisconsin adjusted gross income is of federal adjusted gross income described in s. 71.05 (22) (g) and (h), from the amount under par. (a).

AB64-ASA1,1040e Section 1040e. 71.07 (5b) (b) 1. of the statutes is amended to read:

AB64-ASA1,622,9 71.07 (5b) (b) 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. s. 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.

AB64-ASA1,1040g Section 1040g. 71.07 (5b) (d) 3. of the statutes is amended to read:

AB64-ASA1,622,15 71.07 (5b) (d) 3. Except as provided under s. 238.15 (3) (d) (intro.), for investments made after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.