SB602: Bill Text

SB602,5,4 (3) Carry-forward. If the credit under sub. (2) is not entirely offset against the fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 otherwise due, the unused balance may be carried forward and credited against those fees for the following 15 years to the extent that it is not offset by those fees otherwise due in all the years between the year in which the expense was made and the year in which the carry-forward credit is claimed.

SB602,5,14 (4) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4), or 560.798 (3) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this section for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset the fees under s. 76.60, 76.63, 76.65, 76.66, or 76.67 for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

SB602,5,20 (5) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4), or 560.798 (3) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

SB602,5,24 (6) Administration. Any insurer who claims a credit under sub. (2) shall include with the insurer's annual return under s. 76.64 a copy of its certification for tax benefits and a copy of its verification of expenses from the department of commerce.

SB602, s. 4 Section 4. 76.67 (2) of the statutes, as affected by 2005 Wisconsin Act 74, is amended to read:

SB602,6,12 76.67 (2) If any domestic insurer is licensed to transact insurance business in another state, this state may not require similar insurers domiciled in that other state to pay taxes greater in the aggregate than the aggregate amount of taxes that a domestic insurer is required to pay to that other state for the same year less the credits under ss. 76.635, 76.636, and 76.655, except that the amount imposed shall not be less than the total of the amounts due under ss. 76.65 (2) and 601.93 and, if the insurer is subject to s. 76.60, 0.375% of its gross premiums, as calculated under s. 76.62, less offsets allowed under s. 646.51 (7) or under ss. 76.635 , 76.636, and 76.655 against that total, and except that the amount imposed shall not be less than the amount due under s. 601.93.

SB602, s. 5 Section 5. 560.075 (1) of the statutes, as created by 2005 Wisconsin Act 25, is amended to read:

SB602,6,18 560.075 (1) In this section, "tax benefits" means the credits under ss. 71.07 (2dd), (2de), (2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (3g), and (3t), 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (3g), and (3t), and 71.47 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (3g), and (3t), and 76.636.

SB602, s. 6 Section 6. 560.70 (7) (a) of the statutes is amended to read:

SB602,6,22 560.70 (7) (a) Except as provided in pars. (b) and (c), "tax benefits" means the development zones credit under ss. 71.07 (2dx), 71.28 (1dx), and 71.47 (1dx), and 76.636.

SB602, s. 7 Section 7. 560.70 (7) (b) of the statutes is amended to read:

SB602,7,4 560.70 (7) (b) In s. 560.795, "tax benefits" means the development zones investment credit under ss. 71.07 (2di), 71.28 (1di), and 71.47 (1di) and the development zones credit under ss. 71.07 (2dx), 71.28 (1dx), and 71.47 (1dx), and 76.636. With respect to the development opportunity zones under s. 560.795 (1) (e) and (f), "tax benefits" also means the development zones capital investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm).

SB602, s. 8 Section 8. 560.70 (7) (c) of the statutes is amended to read:

SB602,7,9 560.70 (7) (c) In s. 560.798, "tax benefits" means the development zones capital investment credit under ss. 71.07 (2dm), 71.28 (1dm), and 71.47 (1dm) and the development zones credits under ss. 71.07 (2dx), 71.28 (1dx), and 71.47 (1dx), and 76.636.

SB602, s. 9 Section 9. 560.75 (8) of the statutes is amended to read:

SB602,7,12 560.75 (8) Annually verify information submitted to the department under s. 71.07 (2dx), 71.28 (1dx) or, 71.47 (1dx) , or 76.636.

SB602, s. 10 Section 10. 560.785 (1) (d) of the statutes is amended to read:

SB602,7,17 560.785 (1) (d) Except for a person claiming tax benefits only for environmental remediation under s. 71.07 (2dx) (b) 1., 71.28 (1dx) (b) 1. or, 71.47 (1dx) (b) 1., or 76.636, require at least 25% of the tax benefits claimed by a person to be based on creating or retaining full-time jobs.

SB602, s. 11 Section 11. 560.785 (1) (h) of the statutes is amended to read:

SB602,7,21 560.785 (1) (h) Provide that a person's eligibility to claim tax benefits for environmental remediation under s. 71.07 (2dx) (b) 1., 71.28 (1dx) (b) 1. or, 71.47 (1dx) (b) 1., or 76.636 is not based on creating or retaining jobs.

SB602, s. 12 Section 12. 560.795 (3) (d) of the statutes is amended to read:

SB602,7,25 560.795 (3) (d) The department annually shall verify information submitted to the department under s. 71.07 (2di), (2dm), or (2dx), 71.28 (1di), (1dm), or (1dx), or 71.47 (1di), (1dm), or (1dx), or 76.636.

SB602, s. 13 Section 13. 560.797 (4) (d) of the statutes is amended to read:

SB602,8,5 560.797 (4) (d) The department shall notify the department of revenue of all persons entitled to claim tax benefits under this section, except that the department shall notify the office of the commissioner of insurance of all persons entitled to claim the credit under s. 76.636.

SB602, s. 14 Section 14. 560.797 (4) (g) of the statutes is amended to read:

SB602,8,8 560.797 (4) (g) The department annually shall verify information submitted to the department under s. 71.07 (2dx), 71.28 (1dx) or , 71.47 (1dx), or 76.636.

SB602, s. 15 Section 15. 560.798 (4) (b) of the statutes is amended to read:

SB602,8,12 560.798 (4) (b) The department shall annually verify information submitted to the department under s. 71.07 (2dm) or (2dx), 71.28 (1dm) or (1dx), or 71.47 (1dm) or (1dx), or 76.636.

SB602, s. 16 Section 16. Initial applicability.

SB602,8,17 (1) This act first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31 this act first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

SB602,8,18 (End)