AB840: Bill Text

AB840,4,22 71.07 (9m) (g) A person who has incurred qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for certified historic structures located in this state, as described in par. (a), but who is not a resident of this state and who is not required to file a return under this chapter, may enter into an agreement with another person, with the department of revenue's approval and in the manner prescribed by the department, so that the other person may claim the credit under this subsection, if the other person is subject to the taxes imposed under s. 71.02.

AB840, s. 9 Section 9. 71.07 (9r) (a) of the statutes is renumbered 71.07 (9r) (a) 1. and amended to read:

AB840,5,11 71.07 (9r) (a) 1. For taxable years beginning on or after August 1, 1988, and before January 1, 2003, any natural person may credit against taxes otherwise due under s. 71.02 an amount equal to 25% of the costs of preservation or rehabilitation of historic property located in this state, including architectural fees and costs incurred in preparing nomination forms for listing in the national register of historic places in Wisconsin or the state register of historic places, if the nomination is made within 5 years prior to submission of a preservation or rehabilitation plan under par. (b) 3. b., and if the physical work of construction or destruction in preparation for construction begins after December 31, 1988, and before January 1, 2003, except that the credit may not exceed $10,000, or $5,000 for married persons filing separately, for any preservation or rehabilitation project.

AB840, s. 10 Section 10. 71.07 (9r) (a) 2. of the statutes is created to read:

AB840,5,22 71.07 (9r) (a) 2. For taxable years beginning after December 31, 2002, any natural person may credit against taxes otherwise due under s. 71.02 an amount equal to 30% of the costs of preservation or rehabilitation of historic property located in this state, including architectural fees and costs incurred in preparing nomination forms for listing in the national register of historic places in Wisconsin or the state register of historic places, if the nomination is made within 5 years prior to submission of a preservation or rehabilitation plan under par. (b) 3. b., and if the physical work of construction or destruction in preparation for construction begins after December 31, 2002, except that the credit may not exceed $10,000, or $5,000 for married persons filing separately, for any preservation or rehabilitation project.

AB840, s. 11 Section 11. 71.08 (1) (intro.) of the statutes is amended to read:

AB840,6,7 71.08 (1) Imposition. (intro.) If the tax imposed on a natural person, married couple filing jointly, trust or estate under s. 71.02, not considering the credits under ss. 71.07 (1), (2dd), (2de), (2di), (2dj), (2dL), (2dr), (2ds), (2dx), (2fd), (3m), (3s), (6) and, (9e), and (9r), 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1dx), (1fd), (2m) and (3) and 71.47 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1dx), (1fd), (2m) and (3) and subchs. VIII and IX and payments to other states under s. 71.07 (7), is less than the tax under this section, there is imposed on that natural person, married couple filing jointly, trust or estate, instead of the tax under s. 71.02, an alternative minimum tax computed as follows:

AB840, s. 12 Section 12. 71.28 (6) (a) of the statutes is renumbered 71.28 (6) (a) 1. and amended to read:

AB840,6,17 71.28 (6) (a) 1. Any person may credit against taxes otherwise due under this chapter, up to the amount of those taxes, an amount equal to 5% of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the internal revenue code Internal Revenue Code, for certified historic structures on property located in this state, if the physical work of construction or destruction in preparation for construction begins after December 31, 1988, and before January 1, 2003, and the rehabilitated property is placed in service after June 30, 1989, and before July 1, 2003.

AB840, s. 13 Section 13. 71.28 (6) (a) 2. of the statutes is created to read:

AB840,6,25 71.28 (6) (a) 2. Any person may credit against taxes otherwise due under this chapter, up to the amount of those taxes, an amount equal to 20% of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for certified historic structures on property located in this state, if the physical work of construction or destruction in preparation for construction begins after December 31, 2002, and the rehabilitated property is placed in service after June 30, 2003.

AB840, s. 14 Section 14. 71.28 (6) (c) of the statutes is amended to read:

AB840,7,7 71.28 (6) (c) No Except as provided in par. (cm), no person may claim the credit under this subsection unless the claimant includes with the claimant's return evidence that the rehabilitation was approved recommended by the state historic preservation officer for approval by the secretary of the interior under 36 CFR 67.6 before the physical work of construction, or destruction in preparation for construction, began.

AB840, s. 15 Section 15. 71.28 (6) (cm) of the statutes is created to read:

AB840,7,17 71.28 (6) (cm) A person whose qualified rehabilitation expenditures do not satisfy the adjusted basis requirement under section 47 (c) (1) of the Internal Revenue Code, but who otherwise would be eligible to claim the rehabilitation credit under section 47 of the Internal Revenue Code, may claim the credit under par. (a), if the person's qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, are at least $10,000; if the rehabilitation is approved by the state historical society before the physical work of construction, or destruction in preparation for construction, begins; and if the person includes evidence of such approval with the person's return.

AB840, s. 16 Section 16. 71.28 (6) (g) of the statutes is created to read:

AB840,8,2 71.28 (6) (g) A person who has incurred qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for certified historic structures located in this state, as described in par. (a), but who is not a resident of this state and who is not required to file a return under this chapter, may enter into an agreement with another person, with the department of revenue's approval and in the manner prescribed by the department, so that the other person may claim the credit under this subsection, if the other person is subject to the taxes imposed under s. 71.23.

AB840, s. 17 Section 17. 71.47 (6) (a) of the statutes is renumbered 71.47 (6) (a) 1. and amended to read:

AB840,8,12 71.47 (6) (a) 1. Any person may credit against taxes otherwise due under this chapter, up to the amount of those taxes, an amount equal to 5% of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the internal revenue code Internal Revenue Code, for certified historic structures on property located in this state, if the physical work of construction or destruction in preparation for construction begins after December 31, 1988, and before January 1, 2003, and the rehabilitated property is placed in service after June 30, 1989, and before July 1 2003.

AB840, s. 18 Section 18. 71.47 (6) (a) 2. of the statutes is created to read:

AB840,8,20 71.47 (6) (a) 2. Any person may credit against taxes otherwise due under this chapter, up to the amount of those taxes, an amount equal to 20% of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for certified historic structures on property located in this state, if the physical work of construction or destruction in preparation for construction begins after December 31, 2002, and the rehabilitated property is placed in service after June 30, 2003.

AB840, s. 19 Section 19. 71.47 (6) (c) of the statutes is amended to read:

AB840,9,2 71.47 (6) (c) No Except as provided in par. (cm), no person may claim the credit under this subsection unless the claimant includes with the claimant's return evidence that the rehabilitation was approved recommended by the state historic preservation officer for approval by the secretary of the interior under 36 CFR 67.6 before the physical work of construction, or destruction in preparation for construction, began.

AB840, s. 20 Section 20. 71.47 (6) (cm) of the statutes is created to read:

AB840,9,12 71.47 (6) (cm) A person whose qualified rehabilitation expenditures do not satisfy the adjusted basis requirement under section 47 (c) (1) of the Internal Revenue Code, but who otherwise would be eligible to claim the rehabilitation credit under section 47 of the Internal Revenue Code, may claim the credit under par. (a), if the person's qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, are at least $10,000; if the rehabilitation is approved by the state historical society before the physical work of construction, or destruction in preparation for construction, begins; and if the person includes evidence of such approval with the person's return.

AB840, s. 21 Section 21. 71.47 (6) (g) of the statutes is created to read:

AB840,9,21 71.47 (6) (g) A person who has incurred qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for certified historic structures located in this state, as described in par. (a), but who is not a resident of this state and who is not required to file a return under this chapter, may enter into an agreement with another person, with the department of revenue's approval and in the manner prescribed by the department, so that the other person may claim the credit under this subsection, if the other person is subject to the taxes imposed under s. 71.43.

AB840, s. 22 Section 22. Initial applicability.

AB840,9,23 (1) This act first applies to taxable years beginning on January 1, 2003.

AB840,9,24 (End)