AB606, s. 6 14Section 6. 71.28 (5e) of the statutes is created to read:
AB606,4,1615 71.28 (5e) Agricultural biotechnology and livestock products credit. (a)
16Definitions. In this subsection:
AB606,4,2417 1. "Agricultural biotechnology" means the application of technologies,
18including recombinant deoxyribonucleic acid techniques, biochemistry, molecular
19and cellular biology, genetics, genetic engineering, biological cell fusion techniques,
20and new bioprocesses, that use living organisms or parts of organisms to produce or
21modify products, improve plants or animals used in agriculture, develop
22microorganisms for specific agricultural uses, identify targets for small molecule
23pharmaceutical development for agricultural use, or transform biological systems
24into useful agricultural processes and products.
AB606,4,2525 2. "Claimant" means a person who files a claim under this subsection.
AB606,5,5
1(b) Filing claims. Subject to the limitations provided in this subsection, a
2claimant may claim as a credit against the taxes imposed under s. 71.23, up to the
3amount of those taxes, an amount that is equal to the amount of the taxes imposed
4under ss. 71.52 and 71.53 that the claimant paid in the taxable year on the purchase
5of any of the following:
AB606,5,76 1. Electricity consumed in product research or product development for
7agricultural biotechnology in this state.
AB606,5,98 2. Vitamins, feed supplements, or hormones, if such products are used on farm
9livestock.
AB606,5,1710 (c) Limitations. Partnerships, limited liability companies, and tax-option
11corporations may not claim the credit under this subsection, but the eligibility for,
12and the amount of, the credit are based on their payment of amounts described under
13par. (b). A partnership, limited liability company, or tax-option corporation shall
14compute the amount of credit that each of its partners, members, or shareholders
15may claim and shall provide that information to each of them. Partners, members
16of limited liability companies, and shareholders of tax-option corporations may
17claim the credit in proportion to their ownership interests.
AB606,5,1918 (d) Administration. Subsection (4) (e) to (h), as it applies to the credit under
19sub. (4), applies to the credit under this subsection.
AB606, s. 7 20Section 7. 71.30 (3) (dq) of the statutes is created to read:
AB606,5,2221 71.30 (3) (dq) Agricultural biotechnology and livestock products credit under
22s. 71.28 (5e).
AB606, s. 8 23Section 8. 71.34 (1) (g) of the statutes is amended to read:
AB606,6,3
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), (3g),
3(3n), (3t), and (5b), and (5e) and passed through to shareholders.
AB606, s. 9 4Section 9. 71.45 (2) (a) 10. of the statutes is amended to read:
AB606,6,105 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
6computed under s. 71.47 (1dd) to (1dx), (3n), and (5b), and (5e) and not passed
7through by a partnership, limited liability company, or tax-option corporation that
8has added that amount to the partnership's, limited liability company's, or
9tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) and the amount of
10credit computed under s. 71.47 (1), (3), (3t), (4), and (5).
AB606, s. 10 11Section 10. 71.47 (5e) of the statutes is created to read:
AB606,6,1312 71.47 (5e) Agricultural biotechnology and livestock products credit. (a)
13Definitions. In this subsection:
AB606,6,2114 1. "Agricultural biotechnology" means the application of technologies,
15including recombinant deoxyribonucleic acid techniques, biochemistry, molecular
16and cellular biology, genetics, genetic engineering, biological cell fusion techniques,
17and new bioprocesses, that use living organisms or parts of organisms to produce or
18modify products, improve plants or animals used in agriculture, develop
19microorganisms for specific agricultural uses, identify targets for small molecule
20pharmaceutical development for agricultural use, or transform biological systems
21into useful agricultural processes and products.
AB606,6,2222 2. "Claimant" means a person who files a claim under this subsection.
AB606,7,223 (b) Filing claims. Subject to the limitations provided in this subsection, a
24claimant may claim as a credit against the taxes imposed under s. 71.43, up to the
25amount of those taxes, an amount that is equal to the amount of the taxes imposed

1under ss. 71.52 and 71.53 that the claimant paid in the taxable year on the purchase
2of any of the following:
AB606,7,43 1. Electricity consumed in product research or product development for
4agricultural biotechnology in this state.
AB606,7,65 2. Vitamins, feed supplements, or hormones, if such products are used on farm
6livestock.
AB606,7,147 (c) Limitations. Partnerships, limited liability companies, and tax-option
8corporations may not claim the credit under this subsection, but the eligibility for,
9and the amount of, the credit are based on their payment of amounts described under
10par. (b). A partnership, limited liability company, or tax-option corporation shall
11compute the amount of credit that each of its partners, members, or shareholders
12may claim and shall provide that information to each of them. Partners, members
13of limited liability companies, and shareholders of tax-option corporations may
14claim the credit in proportion to their ownership interests.
AB606,7,1615 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under
16s. 71.28 (4), applies to the credit under this subsection.
AB606, s. 11 17Section 11. 71.49 (1) (dq) of the statutes is created to read:
AB606,7,1918 71.49 (1) (dq) Agricultural biotechnology and livestock products credit under
19s. 71.47 (5e).
AB606, s. 12 20Section 12. 77.92 (4) of the statutes is amended to read:
AB606,8,1021 77.92 (4) "Net business income," with respect to a partnership, means taxable
22income as calculated under section 703 of the Internal Revenue Code; plus the items
23of income and gain under section 702 of the Internal Revenue Code, including taxable
24state and municipal bond interest and excluding nontaxable interest income or
25dividend income from federal government obligations; minus the items of loss and

1deduction under section 702 of the Internal Revenue Code, except items that are not
2deductible under s. 71.21; plus guaranteed payments to partners under section 707
3(c) of the Internal Revenue Code; plus the credits claimed under s. 71.07 (2dd), (2de),
4(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (3g), (3s), (3n), (3t), and (5b), and (5e); and
5plus or minus, as appropriate, transitional adjustments, depreciation differences,
6and basis differences under s. 71.05 (13), (15), (16), (17), and (19); but excluding
7income, gain, loss, and deductions from farming. "Net business income," with respect
8to a natural person, estate, or trust, means profit from a trade or business for federal
9income tax purposes and includes net income derived as an employee as defined in
10section 3121 (d) (3) of the Internal Revenue Code.
AB606, s. 13 11Section 13. Initial applicability.
AB606,8,1212 (1) This act first applies to taxable years beginning on January 1, 2006.
AB606,8,1313 (End)
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