SB265: Bill Text

SB265, s. 2 Section 2. 71.07 (9t) of the statutes is created to read:

SB265,2,5 71.07 (9t) Artistic endowment credit. (a) Definition. In this subsection, "claimant" means a person who files a claim under this subsection.

SB265,2,10 (b) Filing claims. For taxable years beginning after December 31, 2002, subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02, up to the amount of those taxes, an amount equal to 25% of the amount contributed to the artistic endowment fund under s. 25.78.

SB265,2,12 (c) Limitations and conditions. 1. The maximum credit that may be claimed under par. (b), in a taxable year, is one of the following amounts:

SB265,2,14 a. If the claimant is a single individual or a married individual who files a separate income tax return, $50.

SB265,2,16 b. If the claimant is married and the claimant and his or her spouse file a joint income tax return, $100.

SB265,3,2 2. Nonresidents of this state are not eligible for the credit under this subsection, except as provided under subd. 3.

SB265,3,12 3. For a claimant who is a part-year resident of this state and who is a single person or a married person filing a separate return, multiply the credit for which the claimant is eligible under subd. 1. by a fraction, the numerator of which is the individual's Wisconsin adjusted gross income and the denominator of which is the individual's federal adjusted gross income. If a claimant is married and files a joint return, and if the claimant's spouse is a nonresident or if the claimant or the claimant's spouse, or both, are part-year residents of this state, multiply the credit for which the claimant is eligible under subd. 1. by a fraction, the numerator of which is the couple's joint Wisconsin adjusted gross income and the denominator of which is the couple's joint federal adjusted gross income.

SB265,3,15 4. No new claim may be filed under this subsection for a taxable year that begins after December 31 of the year in which the department determines that the total amount of revenues received by the endowment fund equals $50,150,000.

SB265,3,17 5. No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).

SB265,3,19 (d) Administration. Subsection (9e) (d), to the extent that it applies to the credit under that subsection, applies to the credit under this subsection.

SB265, s. 3 Section 3. 71.10 (4) (dg) of the statutes is created to read:

SB265,3,21 71.10 (4) (dg) The artistic endowment credit under s. 71.07 (9t).

SB265, s. 4 Section 4. 71.26 (2) (a) of the statutes, as affected by 2001 Wisconsin Act 16, is amended to read:

SB265,4,13 71.26 (2) (a) Corporations in general. The "net income" of a corporation means the gross income as computed under the Internal Revenue Code as modified under sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit computed under s. 71.28 (1), (3), (4), (5), and (9t) plus the amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), and (3g) (1dx), and (3g) and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership's, limited liability company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) plus the amount of losses from the sale or other disposition of assets the gain from which would be wholly exempt income, as defined in sub. (3) (L), if the assets were sold or otherwise disposed of at a gain and minus deductions, as computed under the Internal Revenue Code as modified under sub. (3), plus or minus, as appropriate, an amount equal to the difference between the federal basis and Wisconsin basis of any asset sold, exchanged, abandoned, or otherwise disposed of in a taxable transaction during the taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).

SB265, s. 5 Section 5. 71.28 (9t) of the statutes is created to read:

SB265,4,16 71.28 (9t) Artistic endowment credit. (a) Definition. In this subsection, "claimant" means a person who files a claim under this subsection.

SB265,4,21 (b) Filing claims. For taxable years beginning after December 31, 2002, subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.23, up to the amount of those taxes, an amount equal to 25% of the amount contributed to the artistic endowment fund under s. 25.78, up to a maximum credit of $500 in a taxable year.

SB265,4,25 (c) Limitations and conditions. 1. No new claim may be filed under this subsection for a taxable year that begins after December 31 of the year in which the department determines that the total amount of revenues received by the endowment fund equals $50,150,000.

SB265,5,2 2. No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).

SB265,5,4 (d) Administration. Subsection (4) (e) and (g), as it applies to the credit under sub. (4), applies to the credit under this subsection.

SB265, s. 6 Section 6. 71.30 (3) (bm) of the statutes is created to read:

SB265,5,6 71.30 (3) (bm) Artistic endowment credit under s. 71.28 (9t).

SB265, s. 7 Section 7. 71.47 (9t) of the statutes is created to read:

SB265,5,9 71.47 (9t) Artistic endowment credit. (a) Definition. In this subsection, "claimant" means a person who files a claim under this subsection.

SB265,5,14 (b) Filing claims. For taxable years beginning after December 31, 2002, subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of those taxes, an amount equal to 25% of the amount contributed to the artistic endowment fund under s. 25.78, up to a maximum credit of $500 in a taxable year.

SB265,5,18 (c) Limitations and conditions. 1. No new claim may be filed under this subsection for a taxable year that begins after December 31 of the year in which the department determines that the total amount of revenues received by the endowment fund equals $50,150,000.

SB265,5,20 2. No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).

SB265,5,22 (d) Administration. Section 71.28 (4) (e) and (g), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

SB265, s. 8 Section 8. 71.49 (1) (bm) of the statutes is created to read:

SB265,5,24 71.49 (1) (bm) Artistic endowment credit under s. 71.47 (9t).

SB265, s. 9 Section 9. 73.03 (58) of the statutes is created to read:

SB265,6,6 73.03 (58) To include on the forms on which the artistic endowment credits are claimed, under ss. 71.07 (9t), 71.28 (9t), and 71.47 (9t), a statement that a taxpayer may contribute amounts to the artistic endowment fund under s. 25.78 that exceed the amount for which a credit may be claimed by reducing the taxpayer's refund or by increasing the taxpayer's payment for tax liability, with the proceeds to be deposited into the fund.

SB265,6,7 (End)