AB75: Bill Text

AB75, s. 1565 Section 1565. 71.07 (3p) (c) 5. of the statutes is created to read:

AB75,803,22 71.07 (3p) (c) 5. A claimant who is a member of a dairy cooperative may claim the credit, based on amounts described under par. (b) that are paid by the dairy cooperative, for taxable years beginning after December 31, 2008, and before January 1, 2017.

AB75, s. 1566 Section 1566. 71.07 (3p) (c) 6. of the statutes is created to read:

AB75,804,3 71.07 (3p) (c) 6. No credit may be allowed under this subsection unless the claimant submits with the claimant's return a copy of the claimant's credit certification and allocation under s. 560.207.

AB75, s. 1567 Section 1567. 71.07 (3p) (d) 2. of the statutes is amended to read:

AB75,804,10 71.07 (3p) (d) 2. If Except as provided in subd. 3., if the allowable amount of the claim under par. (b) exceeds the tax otherwise due under s. 71.02 or 71.08 or no tax is due under s. 71.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (bn).

AB75, s. 1568 Section 1568. 71.07 (3p) (d) 3. of the statutes is created to read:

AB75,804,17 71.07 (3p) (d) 3. With regard to claims that are based on amounts described under par. (b) that are paid by a dairy cooperative, if the allowable amount of the claim under par. (b) exceeds the tax otherwise due under s. 71.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (bp).

AB75, s. 1569 Section 1569. 71.07 (3q) of the statutes is created to read:

AB75,804,19 71.07 (3q) Jobs tax credit. (a) Definitions. In this subsection:

AB75,804,21 1. "Claimant" means a person certified to receive tax benefits under s. 560.2055 (2).

AB75,804,23 2. "Eligible employee" means an eligible employee under s. 560.2055 (1) (b) who satisfies the wage requirements under s. 560.2055 (3) (a) or (b).

AB75,805,3 (b) Filing claims. Subject to the limitations provided in this subsection and s. 560.2055, for taxable years beginning after December 31, 2011, a claimant may claim as a credit against the taxes imposed under s. 71.02 any of the following.

AB75,805,6 1. The amount of wages that the claimant paid to an eligible employee in the taxable year, not to exceed 10 percent of such wages, as determined by the department of commerce under s. 560.2055.

AB75,805,9 2. The amount of the costs incurred by the claimant in the taxable year, as determined under s. 560.2055, to undertake the training activities described under s. 560.2055 (3) (c).

AB75,805,17 (c) Limitations. 1. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.

AB75,805,20 2. No credit may be allowed under this subsection unless the claimant includes with the claimant's return a copy of the claimant's certification for tax benefits under s. 560.2055 (2).

AB75,805,22 (d) Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

AB75,806,2 2. If the allowable amount of the claim under par. (b) exceeds the tax otherwise due under s. 71.02, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (bb).

AB75, s. 1570 Section 1570. 71.07 (3r) of the statutes is created to read:

AB75,806,5 71.07 (3r) Meat processing facility investment credit. (a) Definitions. In this subsection:

AB75,806,6 1. "Claimant" means a person who files a claim under this subsection.

AB75,806,8 2. "Meat processing" means processing livestock into meat products or processing meat products for sale commercially.

AB75,806,13 3. "Meat processing modernization or expansion" means constructing, improving, or acquiring buildings or facilities, or acquiring equipment, for meat processing, including the following, if used exclusively for meat processing and if acquired and placed in service in this state during taxable years that begin after December 31, 2008, and before January 1, 2017:

AB75,806,15 a. Building construction, including livestock handling, product intake, storage, and warehouse facilities.

AB75,806,16 b. Building additions.

AB75,806,18 c. Upgrades to utilities, including water, electric, heat, refrigeration, freezing, and waste facilities.

AB75,806,19 d. Livestock intake and storage equipment.

AB75,806,22 e. Processing and manufacturing equipment, including cutting equipment, mixers, grinders, sausage stuffers, meat smokers, curing equipment, cooking equipment, pipes, motors, pumps, and valves.

AB75,806,24 f. Packaging and handling equipment, including sealing, bagging, boxing, labeling, conveying, and product movement equipment.

AB75,806,25 g. Warehouse equipment, including storage and curing racks.

AB75,807,3 h. Waste treatment and waste management equipment, including tanks, blowers, separators, dryers, digesters, and equipment that uses waste to produce energy, fuel, or industrial products.

AB75,807,7 i. Computer software and hardware used for managing the claimant's meat processing operation, including software and hardware related to logistics, inventory management, production plant controls, and temperature monitoring controls.

AB75,807,9 4. "Used exclusively" means used to the exclusion of all other uses except for use not exceeding 5 percent of total use.

AB75,807,15 (b) Filing claims. Subject to the limitations provided in this subsection and s. 560.209, for taxable years beginning after December 31, 2008, and before January 1, 2017, a claimant may claim as a credit against the taxes imposed under s. 71.02 or 71.08, up to the amount of the tax, an amount equal to 10 percent of the amount the claimant paid in the taxable year for meat processing modernization or expansion related to the claimant's meat processing operation.

AB75,807,18 (c) Limitations. 1. No credit may be allowed under this subsection for any amount that the claimant paid for expenses described under par. (b) that the claimant also claimed as a deduction under section 162 of the Internal Revenue Code.

AB75,807,20 2. The aggregate amount of credits that a claimant may claim under this subsection is $200,000.

AB75,807,23 3. a. The maximum amount of the credits that may be allocated under this subsection and ss. 71.28 (3r) and 71.47 (3r) in fiscal year 2009-10 is $300,000, as allocated under s. 560.209.

AB75,808,3 b. The maximum amount of the credits that may be allocated under this subsection and ss. 71.28 (3r) and 71.47 (3r) in fiscal year 2010-11, and in each fiscal year thereafter, is $700,000, as allocated under s. 560.209.

AB75,808,12 4. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of expenses under par. (b), except that the aggregate amount of credits that the entity may compute shall not exceed $200,000. A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interest.

AB75,808,16 5. If 2 or more persons own and operate the meat processing operation, each person may claim a credit under par. (b) in proportion to his or her ownership interest, except that the aggregate amount of the credits claimed by all persons who own and operate the meat processing operation shall not exceed $200,000.

AB75,808,19 6. No credit may be allowed under this subsection unless the claimant submits with the claimant's return a copy of the claimant's credit certification and allocation under s. 560.209.

AB75,808,21 (d) Administration. 1. Section 71.28 (4) (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

AB75,809,2 2. If the allowable amount of the claim under par. (b) exceeds the tax otherwise due under s. 71.02 or 71.08, the amount of the claim not used to offset the tax due shall be certified by the department of revenue to the department of administration for payment by check, share draft, or other draft drawn from the appropriation account under s. 20.835 (2) (bd).

AB75, s. 1571 Section 1571. 71.07 (3s) (a) 1. of the statutes is amended to read:

AB75,809,5 71.07 (3s) (a) 1. "Manufacturing" has the meaning given in s. 77.54 (6m), 2007 stats.

AB75, s. 1572 Section 1572. 71.07 (5) (a) 3. of the statutes is amended to read:

AB75,809,9 71.07 (5) (a) 3. Casualty and theft deductions under section 165 (c) (3) of the internal revenue code, except for casualty losses that are directly related to a presidentially declared disaster under 26 USC 7508A.

AB75, s. 1573 Section 1573. 71.07 (5b) (c) 1. of the statutes is repealed.

AB75, s. 1574 Section 1574. 71.07 (5b) (c) 2. of the statutes is renumbered 71.07 (5b) (c).

AB75, s. 1575 Section 1575. 71.07 (5b) (d) 3. of the statutes is created to read:

AB75,809,17 71.07 (5b) (d) 3. For calendar years beginning after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.

AB75, s. 1576 Section 1576. 71.07 (5d) (b) of the statutes is renumbered 71.07 (5d) (b) (intro.) and amended to read:

AB75,809,22 71.07 (5d) (b) Filing claims. (intro.) Subject to the limitations provided in this subsection and in s. 560.205, a claimant may claim as a credit against the tax imposed under s. 71.02 or 71.08, up to the amount of those taxes, the following:

AB75,810,2 1. For taxable years beginning before January 1, 2008, in each taxable year for 2 consecutive years, beginning with the taxable year as certified by the department of commerce, an amount equal to 12.5 percent of the claimant's bona fide angel investment made directly in a qualified new business venture.

AB75, s. 1577 Section 1577. 71.07 (5d) (b) 2. of the statutes is created to read:

AB75,810,7 71.07 (5d) (b) 2. For taxable years beginning after December 31, 2007, for the taxable year certified by the department of commerce, an amount equal to 25 percent of the claimant's bona fide angel investment made directly in a qualified new business venture.

AB75, s. 1578 Section 1578. 71.07 (5d) (c) 2. of the statutes is amended to read:

AB75,810,12 71.07 (5d) (c) 2. The For taxable years beginning before January 1, 2008, the maximum amount of a claimant's investment that may be used as the basis for a credit under this subsection is $2,000,000 for each investment made directly in a business certified under s. 560.205 (1).

AB75, s. 1579 Section 1579. 71.07 (5d) (d) 1. of the statutes is amended to read:

AB75,810,18 71.07 (5d) (d) 1. If For calendar years beginning after December 31, 2007, if an investment for which a claimant claims a credit under par. (b) is held by the claimant for less than one year 3 years, the claimant shall pay to the department, in the manner prescribed by the department, the amount of the credit that the claimant received related to the investment.

AB75, s. 1580 Section 1580. 71.07 (5f) (e) of the statutes is created to read:

AB75,810,23 71.07 (5f) (e) Sunset. No credit may be claimed under this subsection for taxable years beginning after December 31, 2008. Credits under par. (b) 1. for taxable years beginning before January 1, 2009, may be carried forward to taxable years beginning after December 31, 2008.

AB75, s. 1581 Section 1581. 71.07 (5h) (e) of the statutes is created to read:

AB75,811,4 71.07 (5h) (e) Sunset. No credit may be claimed under this subsection for taxable years beginning after December 31, 2008. Credits under this subsection for taxable years beginning before January 1, 2009, may be carried forward to taxable years beginning after December 31, 2008.

AB75, s. 1582 Section 1582. 71.07 (5i) (b) of the statutes is amended to read:

AB75,811,12 71.07 (5i) (b) Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2009 2011, a claimant may claim as a credit against the taxes imposed under s. ss. 71.02 and 71.08, up to the amount of those taxes, an amount equal to 50 percent of the amount the claimant paid in the taxable year for information technology hardware or software that is used to maintain medical records in electronic form, if the claimant is a health care provider, as defined in s. 146.81 (1).

AB75, s. 1583 Section 1583. 71.07 (5j) (b) of the statutes is amended to read:

AB75,811,20 71.07 (5j) (b) Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2007, and before January 1, 2018, a claimant may claim as a credit against the taxes imposed under s. ss. 71.02 and 71.08, up to the amount of the taxes, an amount that is equal to 25 percent of the amount that the claimant paid in the taxable year to install or retrofit pumps located in this state that dispense motor vehicle fuel consisting of at least 85 percent ethanol or at least 20 percent biodiesel fuel.

AB75, s. 1584 Section 1584. 71.07 (8r) of the statutes is created to read:

AB75,811,23 71.07 (8r) Beginning farmer and farm asset owner tax credit. (a) Definitions. In this subsection:

AB75,811,25 1. "Agricultural assets" means machinery, equipment, facilities, or livestock that is used in farming.

AB75,812,2 2. "Beginning farmer" means a person who meets the conditions specified in s. 93.53 (2).

AB75,812,4 3. "Claimant" means a beginning farmer who files a claim under this subsection or an established farmer who files a claim under this subsection.

AB75,812,8 4. "Educational institution" means the Wisconsin Technical College System, the University of Wisconsin-Extension, the University of Wisconsin-Madison, or any other institution that is approved by the department of agriculture, trade and consumer protection under s. 93.53 (6) (a).

AB75,812,10 5. "Established farmer" means a person who meets the conditions specified in s. 93.53 (3).

AB75,812,12 6. "Farming" has the meaning given in section 464 (e) (1) of the Internal Revenue Code.

AB75,812,14 7. "Financial management program" means a course in farm financial management that is offered by an educational institution.

AB75,812,17 8. "Lease amount" is the amount of the cash payment paid by a beginning farmer to an established farmer each year for leasing the established farmer's agricultural assets.

AB75,813,2 (b) Filing claims. 1. For taxable years beginning after December 31, 2010, and subject to the limitations provided in this subsection, a beginning farmer may claim as a credit against the tax imposed under s. 71.02 or 71.08, on a one-time basis, the amount paid by the beginning farmer to enroll in a financial management program in the year to which the claim relates. If the allowable amount of the claim exceeds the income taxes otherwise due on the beginning farmer's income, the amount of the claim not used as an offset against those taxes shall be certified by the department of revenue to the department of administration for payment to the claimant by check, share draft, or other draft from the appropriation under s. 20.835 (2) (en).

AB75,813,11 2. For taxable years beginning after December 31, 2010, and subject to the limitations provided in this subsection, an established farmer may claim as a credit against the tax imposed under s. 71.02 or 71.08 15 percent of the lease amount received by the established farmer in the year to which the claim relates. If the allowable amount of the claim exceeds the income taxes otherwise due on the established farmer's income, the amount of the claim not used as an offset against those taxes shall be certified by the department of revenue to the department of administration for payment to the claimant by check, share draft, or other draft from the appropriation under s. 20.835 (2) (en).

AB75,813,14 (c) Limitations. 1. An established farmer may only claim the credit under this subsection for the first 3 years of any lease of the established farmer's agricultural assets to a beginning farmer.

AB75,813,16 2. No credit may be allowed under this subsection unless it is claimed within the time period under s. 71.75 (2).

AB75,813,18 3. Along with a claimant's income tax return, a claimant shall submit to the department certificate of eligibility provided under s. 93.53 (5) (b) or (c).

AB75,813,20 4. No credit may be claimed under this subsection by a part-year resident or a nonresident of this state.

AB75,813,25 5. The right to file a claim under this subsection is personal to the claimant and does not survive the claimant's death. When a claimant dies after having filed a timely claim the amount thereof shall be disbursed under s. 71.75 (10). The right to file a claim under this subsection may be exercised on behalf of a living claimant by the claimant's legal guardian or attorney-in-fact.

AB75,814,2 6. The maximum credit that a beginning farmer may claim under this subsection is $500.

AB75,814,10 7. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on the amounts received by the entities under par. (b) 2. A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.

AB75,814,12 (d) Administration. Subsection (9e) (d), to the extent that it applies to the credit under that subsection, applies to the credit under this subsection.