AB641,6,76
3. Subsection (4) (e) and (f), to the extent that it applies to the credit under that
7subsection, applies to the credit under this subsection.
AB641,6,98
(d)
Administration. Subsection (4) (g), to the extent that it applies to the credit
9under that subsection, applies to the credit under this subsection.
AB641, s. 7
10Section
7. 71.30 (3) (dm) of the statutes is created to read:
AB641,6,1211
71.30
(3) (dm) The Wisconsin Health and Educational Facilities Authority
12information technology bond credit under s. 71.28 (6e).
AB641, s. 8
13Section
8. 71.34 (1) (g) of the statutes is amended to read:
AB641,6,1614
71.34
(1) (g) An addition shall be made for credits computed by a tax-option
15corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (3), (3g),
16(3n), (3t),
and (5b)
, and (6e) and passed through to shareholders.
AB641, s. 9
17Section
9. 71.47 (6e) of the statutes is created to read:
AB641,6,1918
71.47
(6e) WHEFA information technology bond tax credit. (a)
Definitions. 19In this subsection:
AB641,6,2420
1. "Bond" means a bond or note issued by the Wisconsin Health and
21Educational Facilities Authority under s. 231.03 (6), on or after the effective date of
22this subdivision .... [revisor inserts date], the proceeds from which are used by a
23health facility, as defined in s. 231.01 (5), to fund the acquisition of information
24technology hardware or software.
AB641,7,2
12. "Claimant" means a corporation that owns a bond and that files a claim
2under this subsection.
AB641,7,63
(b)
Filing claims. Subject to the limitations provided in this subsection, a
4claimant may claim as a credit against the tax imposed under s. 71.43, up to the
5amount of those taxes, 7.9 percent of the interest received from a bond in the taxable
6year to which the claim under this subsection relates.
AB641,7,87
(c)
Limitations. 1. No credit may be allowed under this subsection unless it
8is claimed within the time period under s. 71.75 (2).
AB641,7,169
2. Partnerships, limited liability companies, and tax-option corporations may
10not claim the credit under this subsection, but the eligibility for, and the amount of,
11the credit are based on their receipt of interest under par. (b). A partnership, limited
12liability company, or tax-option corporation shall compute the amount of credit that
13each of its partners, members, or shareholders may claim and shall provide that
14information to each of them. Partners, members of limited liability companies, and
15shareholders of tax-option corporations may claim the credit in proportion to their
16ownership interest.
AB641,7,1817
3. Section 71.28 (4) (e) and (f), to the extent that it applies to the credit under
18that section, applies to the credit under this subsection.
AB641,7,2019
(d)
Administration. Section 71.28 (4) (g), to the extent that it applies to the
20credit under that section, applies to the credit under this subsection.
AB641, s. 10
21Section
10. 71.49 (1) (dm) of the statutes is created to read:
AB641,7,2322
71.49
(1) (dm) The Wisconsin Health and Educational Facilities Authority
23information technology bond credit under s. 71.47 (6e).
AB641, s. 11
24Section
11. 77.92 (4) of the statutes is amended to read:
AB641,8,15
177.92
(4) "Net business income," with respect to a partnership, means taxable
2income as calculated under section
703 of the Internal Revenue Code; plus the items
3of income and gain under section
702 of the Internal Revenue Code, including taxable
4state and municipal bond interest and excluding nontaxable interest income or
5dividend income from federal government obligations; minus the items of loss and
6deduction under section
702 of the Internal Revenue Code, except items that are not
7deductible under s. 71.21; plus guaranteed payments to partners under section
707 8(c) of the Internal Revenue Code; plus the credits claimed under s. 71.07 (2dd), (2de),
9(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (3g), (3s), (3n), (3t),
and (5b)
, and (6f); and
10plus or minus, as appropriate, transitional adjustments, depreciation differences,
11and basis differences under s. 71.05 (13), (15), (16), (17), and (19); but excluding
12income, gain, loss, and deductions from farming. "Net business income," with respect
13to a natural person, estate, or trust, means profit from a trade or business for federal
14income tax purposes and includes net income derived as an employee as defined in
15section
3121 (d) (3) of the Internal Revenue Code.
AB641, s. 12
16Section
12. 231.01 (4m) (intro.) of the statutes is amended to read:
AB641,8,1717
231.01
(4m) (intro.) "Educational facility" means
a any of the following:
AB641,8,21
18(a) A facility used for education by a private institution that is described in
19section
501 (c) (3) of the Internal Revenue Code
, as defined in s. 71.22 (4), and that
20is exempt from federal taxation under section
501 (a) of the Internal Revenue Code,
21and that satisfies any of the following:
AB641, s. 13
22Section
13. 231.01 (4m) (a) and (b) of the statutes are renumbered 231.01 (4m)
23(a) 1. and 2.
AB641, s. 14
24Section
14. 231.01 (4m) (b) of the statutes is created to read:
AB641,9,3
1231.01
(4m) (b) An institution, place, building, or other structure used by the
2Wisconsin Association of Independent Colleges and Universities solely for providing
3one or more supporting services to one or more institutions specified in par. (a).
AB641, s. 15
4Section
15. 231.01 (5w) of the statutes is amended to read:
AB641,9,115
231.01
(5w) "Participating educational institution" means
the Wisconsin
6Association of Independent Colleges and Universities or a corporation, agency
, or
7association
which that is authorized by state law to provide or operate an educational
8facility
and which, if the Wisconsin Association of Independent Colleges and
9Universities or the corporation, agency, or association undertakes the financing and
10construction or acquisition of a project or undertakes the refunding or refinancing
11of obligations or of a mortgage or of advances as provided in this chapter.
AB641,9,2013
(1) The treatment of sections 71.05 (6) (a) 15., 71.07 (6f), 71.10 (4) (cf), 71.21 (4),
1471.26 (2) (a), 71.28 (6e), 71.30 (3) (dm), 71.34 (1) (g), 71.47 (6e), 71.49 (1) (dm), and
1577.92 (4) of the statutes first applies to taxable years beginning on January 1 of the
16year in which this subsection takes effect, except that if this subsection takes effect
17after July 31 the treatment of sections 71.05 (6) (a) 15., 71.07 (6f), 71.10 (4) (cf), 71.21
18(4), 71.26 (2) (a), 71.28 (6e), 71.30 (3) (dm), 71.34 (1) (g), 71.47 (6e), 71.49 (1) (dm), and
1977.92 (4) of the statutes first applies to taxable years beginning on January 1 of the
20year following the year in which this subsection takes effect.