71.28(3)(c)3.
3. For partners, the credit may be offset only against the tax imposed on the partner's distributive share of partnership income.
71.28(3)(c)4.
4. If a tax-option corporation becomes liable for tax for a taxable year that begins on or after January 1, 1998, the corporation may offset the credit against the tax due, with any remaining credit computed for a taxable year that begins on or after January 1, 1998, passing through to the shareholders.
71.28(3)(c)5.
5. If a corporation that is not a tax-option corporation has a carry-over credit from a taxable year that begins on or after January 1, 1998, and becomes a tax-option corporation before the credit carried over is used, the unused portion of the credit may be used by the tax-option corporation's shareholders on a prorated basis.
71.28(3)(c)6.
6. If the shareholders of a tax-option corporation have carry-over credits and the corporation becomes a corporation other than a tax-option corporation after October 14, 1997, and before the credits carried over are used, the unused portion of the credits may be used by the corporation that is not a tax-option corporation.
71.28(3)(c)7.
7. No credit may be claimed under this subsection for taxable years that begin after December 31, 2005. For credits that are claimed but unused under this subsection for taxable years that begin before January 1, 2006, up to 50 percent may be used in each of the following 2 taxable years if the taxpayer has $25,000 or less in unused credits as of January 1, 2006. For taxable years beginning after December 31, 2005, and before January 1, 2008, a taxpayer who has more than $25,000 in unused credits as of January 1, 2006, may deduct an amount in each year that is equal to 50 percent of the amount the taxpayer added back to income under
s. 71.26 (2) (a) at the time that the taxpayer first claimed the credit or, with regard to credits passed through from a partnership, limited liability company, or tax-option corporation, 50 percent of the amount that the entity added back to its income and was included in the partner's, member's, or shareholder's Wisconsin net income at the time that the credit was first claimed.
71.28(3g)(a)(a) Subject to the limitations under this subsection and
ss. 73.03 (35m) and
560.96, a business that is certified under
s. 560.96 (3) may claim as a credit against the taxes imposed under
s. 71.23 an amount equal to the sum of the following, as established under
s. 560.96 (3) (c):
71.28(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.
71.28(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:
71.28(3g)(a)2.a.
a. The purchase price of depreciable, tangible personal property.
71.28(3g)(a)2.b.
b. The amount expended to acquire, construct, rehabilitate, remodel, or repair real property in a technology zone.
71.28(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.
71.28(3g)(b)
(b) The department of revenue shall notify the department of commerce of all claims under this subsection.
71.28(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.
71.28(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.
71.28(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).
71.28(3g)(f)
(f) No credit may be allowed under this subsection unless the claimant includes with the claimant's return:
71.28(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).
71.28(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.
71.28(3n)
(3n) Dairy and livestock farm investment credit. 71.28(3n)(a)1.
1. "Claimant" means a person who files a claim under this subsection.
71.28(3n)(a)1m.
1m. "Dairy animals" includes heifers raised as replacement dairy animals.
71.28(3n)(a)1p.
1p. "Dairy farm" includes a facility used to raise heifers as replacement dairy animals.
71.28(3n)(a)2.
2. "Dairy farm modernization or expansion" means the construction, the improvement, or the acquisition of buildings or facilities, or acquiring equipment, for dairy animal housing, confinement, animal feeding, milk production, or waste management, including the following, if used exclusively related to dairy animals and if acquired and placed in service in this state during taxable years that begin after December 31, 2003, and before January 1, 2010:
71.28(3n)(a)4.
4. "Livestock" means cattle, not including dairy animals; swine; poultry, including farm-raised pheasants, but not including other farm-raised game birds or ratites; fish that are raised in aquaculture facilities; sheep; and goats.
71.28(3n)(a)5.
5. "Livestock farm modernization or expansion" means the construction, the improvement, or the acquisition of buildings or facilities, or the acquisition of equipment, for livestock housing, confinement, feeding, or waste management, including the following, if used exclusively related to livestock and if acquired and placed in service in this state during taxable years that begin after December 31, 2005, and before January 1, 2012:
71.28(3n)(a)6.a.a. For taxable years that begin after December 31, 2003, and before January 1, 2006, "used exclusively," related to dairy animals, means used to the exclusion of all other uses except for use not exceeding 5 percent of total use.
71.28(3n)(a)6.b.
b. For taxable years that begin after December 31, 2005, and before January 1, 2010, "used exclusively," related to livestock, dairy animals, or both, means used to the exclusion of all other uses except for use not exceeding 5 percent of total use.
71.28(3n)(a)6.c.
c. For taxable years that begin after December 31, 2009, and before January 1, 2012, "used exclusively," related to livestock, means used to the exclusion of all other uses except for use not exceeding 5 percent of total use.
71.28(3n)(b)1.1. 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. 71.23 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.
71.28(3n)(b)2.
2. Subject to the limitations provided in this subsection, for taxable years that begin after December 31, 2005, and before January 1, 2012, a claimant may claim as a credit against the tax imposed under
s. 71.23 an amount equal to 10 percent of the amount the claimant paid in the taxable year for livestock farm modernization or expansion related to the operation of the claimant's livestock farm.
71.28(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.
71.28(3n)(d)
(d) The aggregate amount of credits that a claimant may claim under this subsection is $50,000.
71.28(3n)(e)1.1. 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 expenses under
par. (b), except that the aggregate amount of credits that the entity may compute shall not exceed $50,000. 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.
71.28(3n)(e)2.
2. If 2 or more persons own and operate the dairy or livestock farm, 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 farm shall not exceed $50,000.
71.28(3t)
(3t) Manufacturing investment credit. 71.28(3t)(a)(a)
Definition. In this subsection, "claimant" means a person who files a claim under this subsection.
71.28(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. 71.23, up to the amount of the tax, an amount equal to the claimant's unused credits under
s. 71.28 (3).
71.28(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.
71.28(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. 71.28 (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.
71.28(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.
71.28(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.
71.28(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.
71.28(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.
71.28(3w)(a)5.
5. "State payroll" means the amount of payroll apportioned to this state, as determined under
s. 71.25 (8).
71.28(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.
71.28(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. 71.23 an amount calculated as follows:
71.28(3w)(b)1.a.
a. The claimant's zone payroll in the taxable year, minus the claimant's zone payroll in the base year.
71.28(3w)(b)1.b.
b. The claimant's state payroll in the taxable year, minus the claimant's state payroll in the base year.
71.28(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.
