LRB-4224/1
JK:jld:ph
2011 - 2012 LEGISLATURE
March 5, 2012 - Introduced by Senator Vinehout, cosponsored by Representative
Danou. Referred to Committee on Agriculture, Forestry, and Higher
Education.
SB543,1,2
1An Act to renumber 71.10 (4) (gbm) of the statutes;
relating to: changing the
2computation order for the dairy and livestock farm investment credit.
Analysis by the Legislative Reference Bureau
Under current law, an individual taxpayer may claim the income taxes paid to
another state as a credit against the taxpayer's Wisconsin income tax liability. In
order to calculate the taxpayer's tax liability, the taxpayer first claims all of the
taxpayer's nonrefundable state income tax credits and then the credit for taxes paid
to another state. If the amount of the credit for taxes paid to another state exceeds
the taxpayer's tax liability, the taxpayer does not receive a refund of the excess
amount and may not carry-forward the unused amount to subsequent taxable years.
This bill changes the computation order of tax credits for an individual taxpayer
so that the dairy and livestock farm investment credit is claimed after the credit for
taxes paid to another state. If the amount of the calculated credits exceeds the
taxpayer's tax liability, the taxpayer does not receive a refund of the excess, but may
carry-forward the unused amount to subsequent taxable years.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB543, s. 1
3Section
1. 71.10 (4) (gbm) of the statutes is renumbered 71.10 (4) (hb).
SB543,2,22
(1) This act first applies to taxable years beginning on January 1, 2012.
