71.07(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.
71.07(3w)(a)1.
1. "Base year" means the taxable year beginning during the calendar year prior to the calendar year in which the enterprise zone in which the claimant is located takes effect.
71.07(3w)(a)2.
2. "Claimant" means a person who is certified to claim tax benefits under
s. 560.799 (5) and who files a claim under this subsection.
71.07(3w)(a)3.
3. "Full-time employee" means an individual who is employed in a regular, nonseasonal job and who, as a condition of employment, is required to work at least 2,080 hours per year, including paid leave and holidays.
71.07(3w)(a)5.
5. "State payroll" means the amount of payroll apportioned to this state, as determined under
s. 71.04 (6).
71.07(3w)(a)6.
6. "Zone payroll" means the amount of state payroll that is attributable to compensation paid to individuals for services that are performed in a enterprise zone. "Zone payroll" does not include the amount of compensation paid to any individual that exceeds $100,000.
71.07(3w)(b)
(b)
Filing claims; payroll. Subject to the limitations provided in this subsection and
s. 560.799, a claimant may claim as a credit against the tax imposed under
s. 71.02 or
71.08 an amount calculated as follows:
71.07(3w)(b)1.a.
a. The claimant's zone payroll in the taxable year, minus the claimant's zone payroll in the base year.
71.07(3w)(b)1.b.
b. The claimant's state payroll in the taxable year, minus the claimant's state payroll in the base year.
71.07(3w)(b)2.
2. Subtract the number of full-time employees that the claimant employed in the area that comprises the enterprise zone in the base year from the number of full-time employees that the claimant employed in the enterprise zone in the taxable year.
71.07(3w)(b)3.
3. Multiply the amount determined under
subd. 2., but not an amount less than zero, by $30,000.
71.07(3w)(b)4.
4. Subtract the amount determined under
subd. 3. from the amount determined under
subd. 1.
71.07(3w)(bm)
(bm)
Filing supplemental claims. In addition to the credit under
par. (b) and subject to the limitations provided in this subsection and
s. 560.799, a claimant may claim as a credit against the tax imposed under
s. 71.02 or
71.08 an amount equal to all of the following:
71.07(3w)(bm)3.
3. If all of the claimant's payroll is zone payroll and all of the claimant's business-related property is located in a enterprise zone, the amount obtained by multiplying 20 percent of the sum of the claimant's zone payroll in the taxable year and the adjusted basis of the claimant's property at the time that the property is first placed in service in the enterprise zone by 6.5 percent.
71.07(3w)(bm)4.
4. The amount the claimant paid in the taxable year to upgrade or improve the skills of any of the claimant's full-time employees, to train any of the claimant's full-time employees on the use of new technologies, or to train any full-time employee whose employment with the claimant represents the employee's first full-time job. This subdivision does not apply to employees who do not work in a enterprise zone.
71.07(3w)(c)1.1. If the allowable amount of the claim under this subsection exceeds the taxes otherwise due on the claimant's income under
s. 71.02, the amount of the claim that is not used to offset those taxes 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 under
s. 20.835 (2) (cm) [
s. 20.835 (2) (co)].
71.07 Note
NOTE: The correct cross-reference is shown in brackets. Corrective legislation is pending.
71.07(3w)(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 described under
pars. (b) and
(bm). 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.
71.07(3w)(c)3.
3. 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. 560.799 (5).
71.07(3w)(c)4.
4. No claimant may claim a credit under this subsection if the basis for which the credit is claimed is also the basis for which another credit is claimed under this subchapter.
71.07(4)
(4) Homestead credit. The homestead credit under
subch. VIII may be claimed by individuals against taxes otherwise due.
71.07(5)
(5) Itemized deductions credit. Single persons, married persons filing separately and married persons filing jointly may claim as a credit against, but not to exceed the amount of, Wisconsin net income taxes due an amount calculated as follows:
71.07(5)(a)
(a) Add the amounts allowed as itemized deductions under the internal revenue code except:
71.07(5)(a)1.
1. Interest paid to purchase or hold securities issued by the federal government or by any of its instrumentalities the interest on which is exempt from taxation under
s. 71.05 (6) (b) 1.
71.07(5)(a)3.
3. Casualty and theft deductions under section
165 (c) (3) of the internal revenue code.
71.07(5)(a)4.
4. Expenses to move from this state under section
217 of the internal revenue code.
71.07(5)(a)5.
5. Interest incurred to purchase or refinance a residence that is not a principal residence and is not in this state, and interest incurred to purchase or refinance a residence that is a boat.
71.07(5)(a)6.
6. The amount claimed for repayment of income previously taxed under this chapter if that amount is used in calculating the credit under
sub. (1).
71.07(5)(a)7.
7. Miscellaneous itemized deductions under the Internal Revenue Code, without regard to whether such deductions are subject to the 2% floor as described in section
67 of the Internal Revenue Code.
71.07(5)(a)8.
8. Any employment-related educational expense that is claimed as an itemized deduction under the Internal Revenue Code to the extent that such an amount is also claimed as a subtract modification under
s. 71.05 (6) (b) 28.
71.07(5)(a)15.
15. The amount claimed as a deduction for medical care insurance under section
213 of the Internal Revenue Code that is exempt from taxation under
s. 71.05 (6) (b) 17. to
20.,
35.,
36.,
37., and
38. and the amount claimed as a deduction for a long-term care insurance policy under section
213 (d) (1) (D) of the Internal Revenue Code, as defined in section
7702B (b) of the Internal Revenue Code that is exempt from taxation under
s. 71.05 (6) (b) 26.
71.07(5)(d)
(d) With respect to persons who change their domicile into or from this state during the taxable year and nonresident persons, the credit under this subsection shall be limited to the fraction of the amount so determined that Wisconsin adjusted gross income is of federal adjusted gross income. In this paragraph, for married persons filing separately "adjusted gross income" means the separate adjusted gross income of each spouse and for married persons filing jointly "adjusted gross income" means the total adjusted gross income of both spouses. If a person and that person's spouse are not both domiciled in this state during the entire taxable year, their credit under this subsection on a joint return shall be limited to the fraction of the amount so determined that their joint Wisconsin adjusted gross income is of their joint federal adjusted gross income.
71.07(5b)
(5b) Early stage seed investment credit. 71.07(5b)(a)1.
1. "Claimant" means a person who files a claim under this subsection.
71.07(5b)(b)1.1. For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and
s. 560.205, and except as provided in
subd. 2., a claimant may claim as a credit against the tax imposed under
ss. 71.02 and
71.08, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under
s. 560.205 (1).
71.07(5b)(b)2.
2. In the case of a partnership, limited liability company, or tax-option corporation, the computation of the 25 percent limitation under
subd. 1. shall be determined at the entity level rather than the claimant level and may be allocated among the claimants who make investments in the manner set forth in the entity's organizational documents. The entity shall provide to the department of revenue and to the department of commerce the names and tax identification numbers of the claimants, the amounts of the credits allocated to the claimants, and the computation of the allocations.
71.07(5b)(c)1.1. The maximum amount of the credits that may be claimed under this subsection and
ss. 71.28 (5b) and
71.47 (5b) for all taxable years combined is $35,000,000.
71.07(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.
71.07(5d)(a)1.
1. "Bona fide angel investment" means a purchase of an equity interest, or any other expenditure, as determined by rule under
s. 560.205, that is made by any of the following:
71.07(5d)(a)1.a.
a. A person who reviews new businesses or proposed new businesses for potential investment of the person's money.
71.07(5d)(a)2.
2. "Claimant" means an individual who files a claim under this subsection.
71.07(5d)(a)2m.
2m. "Person" means a partnership or limited liability company that is a nonoperating entity, as determined by the department of commerce, a natural person, or fiduciary.
71.07(5d)(b)
(b)
Filing claims. 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, 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.
71.07(5d)(c)1.1. The maximum amount of the credits that may be claimed under this subsection for all taxable years combined is $30,000,000.
71.07(5d)(c)2.
2. The maximum amount of a claimant's investment that may be used as the basis for a credit under this subsection is $500,000 for each investment made directly in a business certified under
s. 560.205 (1).
71.07(5d)(c)3m.
3m. Partnerships and limited liability companies 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 or limited liability company shall compute the amount of credit that each of its partners or members may claim and shall provide that information to each of them. Partners and members of limited liability companies may claim the credit in proportion to their ownership interest or as specially allocated in their organizational documents.
71.07(5d)(d)1.1. If an investment for which a claimant claims a credit under
par. (b) is held by the claimant for less than one year, 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.
71.07(5d)(d)3.
3. Subsection (9e) (d), to the extent that it applies to the credit under that subsection, applies to the credit under this subsection.
71.07(5e)(a)1.
1. "Claimant" means a person who files a claim under this subsection.
71.07(5e)(a)2.
2. "Internet equipment used in the broadband market" means equipment that is capable of transmitting data packets or Internet signals at speeds of at least 200 kilobits per second in either direction.
71.07(5e)(b)
(b)
Filing claims. Subject to the limitations provided in this subsection and subject to
2005 Wisconsin Act 479, section 17, beginning in the first taxable year following the taxable year in which the claimant claims an exemption under
s. 77.54 (48), a claimant may claim as a credit against the taxes imposed under
ss. 71.02 and
71.08, up to the amount of those taxes, in each taxable year for 2 years, the amount certified by the department of commerce that the claimant claimed as an exemption under
s. 77.54 (48).
71.07(5e)(c)1.1. No credit may be allowed under this subsection unless the claimant satisfies the requirements under
s. 77.54 (48).
71.07(5e)(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 use of sales and use tax exemptions certified by the department of commerce as described 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.
71.07(5e)(c)3.
3. The total amount of the credits and exemptions that may be claimed by all claimants under this subsection and
ss. 71.28 (5e),
71.47 (5e), and
77.54 (48) is $7,500,000, as determined by the department of commerce.
71.07(5f)
(5f) Film production services credit. 71.07(5f)(a)1.
1. "Accredited production" means a film, video, electronic game, broadcast advertisement, or television production, as approved by the department of commerce, for which the aggregate salary and wages included in the cost of the production for the period ending 12 months after the month in which the principal filming or taping of the production begins exceeds $100,000 for a production that is 30 minutes or longer or $50,000 for a production that is less than 30 minutes. "Accredited production" does not include any of the following, regardless of the production costs:
71.07(5f)(a)1.a.
a. News, current events, or public programming or a program that includes weather or market reports.
