71.47(3g)(a)1.
1. The amount of real and personal property taxes imposed under
s. 70.01 that the business paid in the taxable year.
71.47(3g)(a)2.
2. Ten percent of the following amounts of capital investments that are made by the business in the technology zone in the year to which the claim relates:
71.47(3g)(a)2.a.
a. The purchase price of depreciable, tangible personal property.
71.47(3g)(a)2.b.
b. The amount expended to acquire, construct, rehabilitate, remodel, or repair real property in a technology zone.
71.47(3g)(a)3.
3. Fifteen percent of the amount that is spent for the first 12 months of wages for each job that is created in a technology zone after certification.
71.47(3g)(b)
(b) The department of revenue shall notify the department of commerce of all claims under this subsection.
71.47(3g)(d)
(d) 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. (a). 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.
71.47(3g)(e)1.1. No amount described under
par. (a) 2. may be used in the calculation of a credit under this subsection if that amount is used in the calculation of any other credit under this chapter.
71.47(3g)(e)2.
2. The investments that relate to the amount described under
par. (a) 2. for which a claimant makes a claim under this subsection must be retained for use in the technology zone for the period during which the claimant's business is certified under
s. 560.96 (3).
71.47(3g)(f)
(f) No credit may be allowed under this subsection unless the claimant includes with the claimant's return:
71.47(3g)(f)1.
1. A copy of a verification from the department of commerce that the claimant's business is certified under
s. 560.96 (3) and that the business and the department of commerce have entered into an agreement under
s. 560.96 (3) (d).
71.47(3g)(f)2.
2. A statement from the department of commerce verifying the purchase price of the investment described under
par. (a) 2. and verifying that the investment fulfills the requirement under
par. (e) 2.
71.47(3n)(a)1.
1. "Claimant" means a person who files a claim under this subsection.
71.47(3n)(a)1m.
1m. "Dairy animals" includes heifers raised as replacement dairy animals.
71.47(3n)(a)1p.
1p. "Dairy farm" includes a facility used to raise heifers as replacement dairy animals.
71.47(3n)(a)2.
2. "Dairy farm modernization or expansion" means the construction, the improvement, or the acquisition of buildings or facilities, or the acquisition of equipment, for dairy animal housing, confinement, animal feeding, milk production, or waste management, including the following, if used exclusively related to dairy animals:
71.47(3n)(b)
(b) Subject to the limitations provided in this subsection, for taxable years that begin after December 31, 2003, and before January 1, 2010, a claimant may claim as a credit against the tax imposed under
s. 71.43 an amount equal to 10% of the amount the claimant paid in the taxable year for dairy farm modernization or expansion related to the operation of the claimant's dairy farm.
71.47(3n)(c)
(c) 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.
71.47(3n)(d)
(d) The aggregate amount of credits that a claimant may claim under this subsection is $50,000.
71.47(3n)(e)
(e) 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). 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.
71.47(3t)
(3t) Manufacturing investment credit. 71.47(3t)(a)(a)
Definition. In this subsection, "claimant" means a person who files a claim under this subsection.
71.47(3t)(b)
(b)
Credit. Subject to the limitations provided in this subsection and in
s. 560.28, for taxable years beginning after December 31, 2007, a claimant may claim as a credit, amortized over 15 taxable years starting with the taxable year beginning after December 31, 2007, against the tax imposed under
s. 71.43, up to the amount of the tax, an amount equal to the claimant's unused credits under
s. 71.47 (3).
71.47(3t)(c)1.1. No credit may be claimed under this subsection unless the claimant submits with the claimant's return a copy of the claimant's certification by the department of commerce under
s. 560.28, except that, with regard to credits claimed by partners of a partnership, members of a limited liability company, or shareholders of a tax-option corporation, the entity shall provide a copy of its certification under
s. 560.28 to the partner, member, or shareholder to submit with his or her return.
71.47(3t)(c)2.
2. 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 amount of their unused credits under
s. 71.47 (3). 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.
71.47(3t)(d)2.
2. The amount of any unused credit under this subsection in any taxable year may be carried forward to subsequent taxable years, up to 15 taxable years.
71.47(4)(a)(a)
Credit. Any corporation may credit against taxes otherwise due under this chapter an amount equal to 5% of the amount obtained by subtracting from the corporation's qualified research expenses, as defined in section
41 of the internal revenue code, except that "qualified research expenses" includes only expenses incurred by the claimant, incurred for research conducted in this state for the taxable year, except that a taxpayer may elect the alternative computation under section
41 (c) (4) of the Internal Revenue Code and that election applies until the department permits its revocation and except that "qualified research expenses" does not include compensation used in computing the credit under
subs. (1dj) and
(1dx), the corporation's base amount, as defined in section
41 (c) of the internal revenue code, except that gross receipts used in calculating the base amount means gross receipts from sales attributable to Wisconsin under
s. 71.25 (9) (b) 1. and
2. and
(d). Section
41 (h) of the internal revenue code does not apply to the credit under this paragraph.
71.47(4)(am)
(am)
Development zone additional research credit. In addition to the credit under
par. (a), any corporation may credit against taxes otherwise due under this chapter an amount equal to 5% of the amount obtained by subtracting from the corporation's qualified research expenses, as defined in section
41 of the internal revenue code, except that "qualified research expenses" include only expenses incurred by the claimant in a development zone under
subch. VI of ch. 560, except that a taxpayer may elect the alternative computation under section
41 (c) (4) of the Internal Revenue Code and that election applies until the department permits its revocation and except that "qualified research expenses" do not include compensation used in computing the credit under
sub. (1dj) nor research expenses incurred before the claimant is certified for tax benefits under
s. 560.765 (3), the corporation's base amount, as defined in section
41 (c) of the internal revenue code, in a development zone, except that gross receipts used in calculating the base amount means gross receipts from sales attributable to Wisconsin under
s. 71.25 (9) (b) 1. and
2. and
(d) and research expenses used in calculating the base amount include research expenses incurred before the claimant is certified for tax benefits under
s. 560.765 (3), in a development zone, if the claimant submits with the claimant's return a copy of the claimant's certification for tax benefits under
s. 560.765 (3) and a statement from the department of commerce verifying the claimant's qualified research expenses for research conducted exclusively in a development zone. The rules under
s. 73.03 (35) apply to the credit under this paragraph. The rules under
sub. (1di) (f) and
(g) as they apply to the credit under that subsection apply to claims under this paragraph. Section
41 (h) of the internal revenue code does not apply to the credit under this paragraph. No credit may be claimed under this paragraph for taxable years that begin on January 1, 1998, or thereafter. Credits under this paragraph for taxable years that begin before January 1, 1998, may be carried forward to taxable years that begin on January 1, 1998, or thereafter.
71.47(4)(b)
(b)
Adjustments. For taxable year 1985 and subsequent years, adjustments for acquisitions and dispositions of a major portion of a trade or business shall be made under section
41 of the internal revenue code as limited by this subsection.
71.47(4)(c)
(c)
Annualization. In the case of any short taxable year, qualified research expenses shall be annualized as prescribed by the department of revenue.
71.47(4)(d)
(d)
Proration. If a portion of qualified research expenses is incurred partly within and partly outside this state and the amount incurred in this state cannot be accurately determined, a portion of the qualified expenses shall be reasonably allocated to this state. Expenses incurred entirely outside this state for the benefit of research in this state are not allocable to this state under this paragraph.
71.47(4)(e)
(e)
Change of business or ownership. In the case of a change in ownership or business of a corporation, section
383 of the internal revenue code, as limited by this subsection, applies to the carry over of unused credits.
71.47(4)(f)
(f)
Carry-over. If a credit computed under this subsection is not entirely offset against Wisconsin income or franchise taxes otherwise due, the unused balance may be carried forward and credited against Wisconsin income or franchise taxes otherwise due for the following 15 taxable years to the extent not offset by these taxes otherwise due in all intervening years between the year in which the expense was incurred and the year in which the carry-forward credit is claimed.
71.47(4)(g)
(g)
Administration. The department of revenue has full power to administer the credits provided in this subsection and may take any action, conduct any proceeding and proceed as it is authorized in respect to income and franchise taxes imposed in this chapter. The income and franchise tax provisions in this chapter relating to assessments, refunds, appeals, collection, interest and penalties apply to the credits under this subsection.
71.47(4)(h)
(h)
Timely claim. No credit may be allowed under this subsection unless it is claimed within the period specified in
s. 71.75 (2).
71.47(4)(i)
(i)
Nonclaimants. The credits under this subsection may not be claimed by a partnership, except a publicly traded partnership treated as a corporation under
s. 71.22 (1), limited liability company, except a limited liability company treated as a corporation under
s. 71.22 (1), or tax-option corporation or by partners, including partners of a publicly traded partnership, members of a limited liability company or shareholders of a tax-option corporation.
71.47(5)
(5) Research facilities credit. 71.47(5)(a)(a)
Credit. For taxable year 1986 and subsequent years, any corporation may credit against taxes otherwise due under this chapter an amount equal to 5% of the amount paid or incurred by that corporation during the taxable year to construct and equip new facilities or expand existing facilities used in this state for qualified research, as defined in section
41 of the internal revenue code. Eligible amounts include only amounts paid or incurred for tangible, depreciable property but do not include amounts paid or incurred for replacement property.
71.47(5)(b)
(b)
Calculation and administration. Subsection (4) (b) to
(i) as it relates to the credit under that subsection applies to the credit under this subsection.
71.47(5b)
(5b) Early stage seed investment credit. 71.47(5b)(a)1.
1. "Claimant" means a person who files a claim under this subsection.
71.47(5b)(b)
(b)
Filing claims. For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and
s. 560.205, a claimant may claim as a credit against the tax imposed under
s. 71.43, up to the amount of those taxes, 25 percent of the claimant's initial investment paid in the taxable year to a fund manager that the fund manager invests in a business certified under
s. 560.205 (1).
71.47(5b)(c)1.1. The maximum amount of the credits that may be claimed under this subsection and
ss. 71.07 (5b) and
71.28 (5b) for all taxable years combined is $35,000,000.
71.47(5b)(c)2.
2. 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 interest or as specially allocated in their organizational documents.
71.47(6)
(6) Supplement to federal historic rehabilitation credit. 71.47(6)(a)(a) Any person may credit against taxes otherwise due under this chapter, up to the amount of those taxes, an amount equal to 5% of the costs of qualified rehabilitation expenditures, as defined in section
47 (c) (2) of the internal revenue code, for certified historic structures on property located in this state if the physical work of construction or destruction in preparation for construction begins after December 31, 1988, and the rehabilitated property is placed in service after June 30, 1989.
71.47(6)(c)
(c) No person may claim the credit under this subsection unless the claimant includes with the claimant's return evidence that the rehabilitation was approved by the secretary of the interior under
36 CFR 67.6 before the physical work of construction, or destruction in preparation for construction, began.
71.47(6)(d)
(d) The Wisconsin adjusted basis of the building shall be reduced by the amount of any credit awarded under this subsection. The Wisconsin adjusted basis of a partner's interest in a partnership, a member's interest in a limited liability company or of stock in a tax-option corporation shall be adjusted to take into account adjustments made under this paragraph.
71.47(6)(e)
(e) The provisions of
sub. (4) (e),
(f),
(g) and
(h), as they apply to the credit under that subsection, apply to the credit under this subsection.
71.47(6)(f)
(f) A partnership, limited liability company or tax-option corporation may not claim the credit under this subsection. The individual partners, members of a limited liability company or shareholders in a tax-option corporation may claim the credit under this subsection based on eligible costs incurred by the partnership, limited liability company or tax-option corporation, in proportion to the ownership interest of each partner, member or shareholder. The partnership, limited liability company or tax-option corporation shall calculate the amount of the credit which may be claimed by each partner, member or shareholder and shall provide that information to the partner, member or shareholder.
71.47 History
History: 1987 a. 312,
411,
422;
1989 a. 31,
44,
56,
100,
336,
359;
1991 a. 39,
292,
315;
1993 a. 16,
112;
1995 a. 27 ss.
3407m to
3412m,
9116 (5);
1995 a. 209,
227,
417;
1997 a. 27,
41,
237,
299;
1999 a. 5,
9;
2001 a. 16;
2003 a. 72,
99,
135,
255,
267,
326.
71.48
71.48
Payments of estimated taxes. Sections 71.29 and
71.84 (2) shall apply to insurers subject to taxation under this chapter.
71.48 History
History: 1987 a. 312.
71.49
71.49
General provisions. 71.49(1)(1)
Computation order. Notwithstanding any other provisions in this chapter, corporations computing liability for the tax under
s. 71.43 (1) or
(2) shall make computations in the following order:
