AB283,5,2424 k. Digesters.
AB283,5,2525 L. Equipment used to produce energy.
AB283,6,5
1(b) Subject to the limitations provided in this subsection, for taxable years that
2begin after December 31, 2003, and end before January 1, 2010, a claimant may
3claim as a credit against the tax imposed under s. 71.23 an amount equal to 10% of
4the amount the claimant paid in the taxable year for dairy farm modernization or
5expansion related to the operation of the claimant's dairy farm.
AB283,6,86 (c) No credit may be allowed under this subsection for any amount that the
7claimant paid for expenses described under par. (b) that the claimant also claimed
8as a deduction under section 162 of the Internal Revenue Code.
AB283,6,109 (d) The aggregate amount of credits that a claimant may claim under this
10subsection is $50,000.
AB283,6,1811 (e) Partnerships, limited liability companies, and tax-option corporations may
12not claim the credit under this subsection, but the eligibility for, and the amount of,
13the credit are based on their payment of expenses under par. (b). A partnership,
14limited liability company, or tax-option corporation shall compute the amount of
15credit that each of its partners, members, or shareholders may claim and shall
16provide that information to each of them. Partners, members of limited liability
17companies, and shareholders of tax-option corporations may claim the credit in
18proportion to their ownership interest.
AB283,6,2019 (f) Subsection (4) (e), (f), (g), and (h), as it applies to the credit under sub. (4),
20applies to the credit under this subsection.
AB283, s. 8 21Section 8. 71.30 (3) (bm) of the statutes is created to read:
AB283,6,2222 71.30 (3) (bm) Dairy investment credit under s. 71.28 (3n).
AB283, s. 9 23Section 9. 71.34 (1) (g) of the statutes is amended to read:
AB283,7,3
171.34 (1) (g) An addition shall be made for credits computed by a tax-option
2corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (3), and
3(3g), and (3n) and passed through to shareholders.
AB283, s. 10 4Section 10. 71.45 (2) (a) 10. of the statutes is amended to read:
AB283,7,105 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
6computed under s. 71.47 (1dd) to (1dx) and (3n) and not passed through by a
7partnership, limited liability company, or tax-option corporation that has added that
8amount to the partnership's, limited liability company's, or tax-option corporation's
9income under s. 71.21 (4) or 71.34 (1) (g) and the amount of credit computed under
10s. 71.47 (1), (3), (4), and (5).
AB283, s. 11 11Section 11. 71.47 (3n) of the statutes is created to read:
AB283,7,1212 71.47 (3n) Dairy investment credit. (a) In this subsection:
AB283,7,1313 1. "Claimant" means a person who files a claim under this subsection.
AB283,7,1714 2. "Dairy farm modernization or expansion" means the construction, the
15improvement, or the acquisition of buildings or facilities, or the acquisition of
16equipment, for dairy animal housing, confinement, animal feeding, milk production,
17and waste management, including the following, if related to dairy animals:
AB283,7,1818 a. Freestall barns.
AB283,7,1919 b. Fences.
AB283,7,2020 c. Watering facilities.
AB283,7,2121 d. Feed storage and handling equipment.
AB283,7,2222 e. Milking parlors.
AB283,7,2323 f. Robotic equipment.
AB283,7,2424 g. Scales.
AB283,7,2525 h. Milk storage and cooling facilities.
AB283,8,1
1i. Bulk tanks.
AB283,8,22 j. Manure pumping and storage facilities.
AB283,8,33 k. Digesters.
AB283,8,44 L. Equipment used to produce energy.
AB283,8,95 (b) Subject to the limitations provided in this subsection, for taxable years that
6begin after December 31, 2003, and end before January 1, 2010, a claimant may
7claim as a credit against the tax imposed under s. 71.43 an amount equal to 10% of
8the amount the claimant paid in the taxable year for dairy farm modernization or
9expansion related to the operation of the claimant's dairy farm.
AB283,8,1210 (c) No credit may be allowed under this subsection for any amount that the
11claimant paid for expenses described under par. (b) that the claimant also claimed
12as a deduction under section 162 of the Internal Revenue Code.
AB283,8,1413 (d) The aggregate amount of credits that a claimant may claim under this
14subsection is $50,000.
AB283,8,2215 (e) Partnerships, limited liability companies, and tax-option corporations may
16not claim the credit under this subsection, but the eligibility for, and the amount of,
17the credit are based on their payment of expenses under par. (b). A partnership,
18limited liability company, or tax-option corporation shall compute the amount of
19credit that each of its partners, members, or shareholders may claim and shall
20provide that information to each of them. Partners, members of limited liability
21companies, and shareholders of tax-option corporations may claim the credit in
22proportion to their ownership interest.
AB283,8,2423 (f) Section 71.28 (4) (e), (f), (g), and (h), as it applies to the credit under s. 71.28
24(4), applies to the credit under this subsection.
AB283, s. 12 25Section 12. 71.49 (1) (bm) of the statutes is created to read:
AB283,9,1
171.49 (1) (bm) Dairy investment credit under 71.47 (3n).
AB283, s. 13 2Section 13. 77.92 (4) of the statutes is amended to read:
AB283,9,173 77.92 (4) "Net business income",," with respect to a partnership, means taxable
4income as calculated under section 703 of the Internal Revenue Code; plus the items
5of income and gain under section 702 of the Internal Revenue Code, including taxable
6state and municipal bond interest and excluding nontaxable interest income or
7dividend income from federal government obligations; minus the items of loss and
8deduction under section 702 of the Internal Revenue Code, except items that are not
9deductible under s. 71.21; plus guaranteed payments to partners under section 707
10(c) of the Internal Revenue Code; plus the credits claimed under s. 71.07 (2dd), (2de),
11(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), and (3g), (3n), and (3s); and plus or minus,
12as appropriate, transitional adjustments, depreciation differences, and basis
13differences under s. 71.05 (13), (15), (16), (17), and (19); but excluding income, gain,
14loss, and deductions from farming. "Net business income",," with respect to a natural
15person, estate, or trust, means profit from a trade or business for federal income tax
16purposes and includes net income derived as an employee as defined in section 3121
17(d) (3) of the Internal Revenue Code.
AB283,9,1818 (End)
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