71.28(5f)(b)3.
3. An amount equal to the taxes imposed under
ss. 77.52 and
77.53 that the claimant paid in the taxable year on the purchase of tangible personal property and taxable services that are used directly in producing an accredited production in this state, including all stages from the final script stage to the distribution of the finished production.
71.28(5f)(c)1.1. No amount of the salary or wages paid under
par. (b) 1. may be the basis for a credit under this subsection unless the salary or wages are paid for services rendered after December 31, 2007, and directly incurred to produce the accredited production.
71.28(5f)(c)2.
2. The total amount of the credit that may be claimed by a claimant under
par. (b) 1. shall not exceed an amount equal to the first $25,000 of salary or wages paid to each of the claimant's employees, as described in
par. (b), in the taxable year, not including the salary or wages paid to the claimant's 2 highest paid employees, as described in
par. (b), in the taxable year.
71.28(5f)(c)3.
3. No credit may be allowed under this subsection unless the claimant files an application with the department of commerce, at the time and in the manner prescribed by the department of commerce, and the department of commerce approves the application. The claimant shall submit a copy of the approved application with the claimant's return.
71.28(5f)(c)4.
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 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.
71.28(5f)(d)1.1. Subsection (4) (e),
(g), and
(h), as it applies to the credit under
sub. (4), applies to the credits under this subsection.
Subsection (4) (f), as it applies to the credit under
sub. (4), applies to the credits under
par. (b) 1. and
3.
71.28(5f)(d)2.
2. If the allowable amount of the claim under
par. (b) 2. exceeds the tax otherwise due under
s. 71.23 or no tax is due under
s. 71.23, 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) (bm).
71.28(5g)
(5g) Health Insurance Risk-Sharing Plan assessments credit. 71.28(5g)(a)(a)
Definitions. In this subsection, "claimant" means an insurer, as defined in
s. 149.10 (5), who files a claim under this subsection.
71.28(5g)(b)
(b)
Filing claims. Subject to the limitations provided under this subsection, for taxable years beginning after December 31, 2005, a claimant may claim as a credit against the taxes imposed under
s. 71.23 an amount that is equal to the amount of assessment under
s. 149.13 that the claimant paid in the claimant's taxable year, multiplied by the percentage determined under
par. (c) 1.
71.28(5g)(c)1.1. The department of revenue, in consultation with the office of the commissioner of insurance, shall determine the percentage under
par. (b) for each claimant for each taxable year. The percentage shall be equal to $5,000,000 divided by the aggregate assessment under
s. 149.13. The office of the commissioner of insurance shall provide to each claimant that participates in the cost of administering the plan the aggregate assessment at the time that it notifies the claimant of the claimant's assessment. The aggregate amount of the credit under this subsection and
ss. 71.07 (5g),
71.47 (5g), and
76.655 for all claimants participating in the cost of administering the plan under
ch. 149 shall not exceed $5,000,000 in each fiscal year.
71.28(5g)(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
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.
71.28(5g)(c)3.
3. The amount of any credits that a claimant is awarded under this subsection for taxable years beginning after December 31, 2005, and before January 1, 2008, may first be claimed against the tax imposed under this subchapter for taxable years beginning after December 31, 2007, and in the manner determined by the department of revenue.
71.28(5g)(d)
(d)
Administration. Subsection (4) (e) to
(h), as it applies to the credit under
sub. (4), applies to the credit under this subsection.
71.28(5h)
(5h) Film production company investment credit. 71.28(5h)(a)1.
1. "Claimant" means a person who files a claim under this subsection and who does business in this state as a film production company.
71.28(5h)(a)2.
2. "Film production company" means an entity that creates films, videos, electronic games, broadcast advertisement, or television productions, not including the productions described under
s. 71.28 (5f) (a) 1. a. to
h.
71.28(5h)(a)3.
3. "Physical work" does not include preliminary activities such as planning, designing, securing financing, researching, developing specifications, or stabilizing property to prevent deterioration.
71.28(5h)(a)4.
4. "Previously owned property" means real property that the claimant or a related person owned during the 2 years prior to doing business in this state as a film production company and for which the claimant may not deduct a loss from the sale of the property to, or an exchange of the property with, the related person under section
267 of the Internal Revenue Code.
71.28(5h)(b)
(b)
Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2007, a claimant may claim as a credit against the tax imposed under
s. 71.23, up to the amount of the taxes, for the first 3 taxable years that the claimant is doing business in this state as a film production company, an amount that is equal to 15 percent of the following that the claimant paid in the taxable year to establish a film production company in this state:
71.28(5h)(b)1.
1. The purchase price of depreciable, tangible personal property.
71.28(5h)(b)2.
2. The amount expended to acquire, construct, rehabilitate, remodel, or repair real property.
71.28(5h)(c)1.1. A claimant may claim the credit under
par. (b) 1., if the tangible personal property is purchased after December 31, 2007, and the personal property is used for at least 50 percent of its use in the claimant's business as a film production company.
71.28(5h)(c)2.
2. A claimant may claim the credit under
par. (b) 2. for an amount expended to construct, rehabilitate, remodel, or repair real property, if the claimant began the physical work of construction, rehabilitation, remodeling, or repair, or any demolition or destruction in preparation for the physical work, after December 31, 2007, or if the completed project is placed in service after December 31, 2007.
71.28(5h)(c)3.
3. A claimant may claim the credit under
par. (b) 2. for an amount expended to acquire real property, if the property is not previously owned property and if the claimant acquires the property after December 31, 2007, or if the completed project is placed in service after December 31, 2007.
71.28(5h)(c)4.
4. No claim may be allowed under this subsection unless the department of commerce certifies, in writing, that the credits claimed under this subsection are for expenses related to establishing a film production company in this state and the claimant submits a copy of the certification with the claimant's return.
71.28(5h)(c)5.
5. 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.
71.28(5h)(d)
(d)
Administration. Subsection (4) (e) to
(h), as it applies to the credit under
sub. (4), applies to the credits under this subsection.
71.28(6)
(6) Supplement to federal historic rehabilitation credit. 71.28(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.
71.28(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.
71.28(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, of 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.
71.28(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.
71.28(6)(f)
(f) A partnership, limited liability company or tax-option corporation may not claim the credit under this section. 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.
71.28 History
History: 1987 a. 312;
1987 a. 411 ss.
88,
130 to
139;
1987 a. 422;
1989 a. 31,
44,
56,
100,
336,
359;
1991 a. 39,
292;
1993 a. 16,
112,
232,
491;
1995 a. 2;
1995 a. 27 ss.
3399r to
3404c,
9116 (5);
1995 a. 209,
227;
1997 a. 27,
41,
237,
299;
1999 a. 5,
9;
2001 a. 16;
2003 a. 72,
99,
135,
255,
267,
326;
2005 a. 25,
74,
97,
361,
387,
452,
479,
483,
487; s. 13.93 (2) (c).
71.29
71.29
Payments of estimated taxes. 71.29(1)
(1)
Definitions. In this section:
71.29(1)(a)
(a) "Return" means a return that would show the tax properly due.
71.29(1)(b)
(b) "Tax shown on the return" and "tax for the taxable year" mean the net taxes imposed under
s. 71.23 (1) or
(2) after reduction for credits against those taxes but before reduction for amounts paid as estimated tax under this section plus the surcharge imposed under
s. 77.93 before reduction for amounts paid as estimated tax under this section for that surcharge.
71.29(1)(c)
(c) "Virtually exempt entity" means any entity, other than a corporation, that is subject to a tax under this chapter on unrelated business taxable income as defined under section
512 of the internal revenue code.
71.29(2)
(2) Who shall pay. Every corporation subject to tax under
s. 71.23 (1) or
(2) and every virtually exempt entity subject to tax under
s. 71.125 or
71.23 (1) or
(2) shall pay an estimated tax.
71.29(3)
(3) Refund carry-forward. If a corporation or virtually exempt entity claims a refund on any tax return and, concurrent with or subsequent to filing the return upon which that refund is claimed, is required to pay an estimated tax, and at the time of paying that tax the refund has not been paid, the corporation or virtually exempt entity may deduct the amount of that refund from the first installment of estimated taxes and may deduct any excess from the succeeding installments.
71.29(3m)
(3m) Refunds. The department of revenue may refund estimated taxes after the completion of the taxable year to which the estimated taxes relate if the refund is at least 10% of the taxes estimated for that taxable year and is at least $500. A refund under this subsection may be subject to
s. 71.84 (2) (c).
71.29(4)
(4) Prepayments. Any installment of the estimated tax under this section may be paid before the due date.
71.29(5)
(5) Short year. Application of this section to taxable years of less than 12 full months shall be made under the department of revenue's rules.
71.29(6)
(6) Overpayments. If the amount of an installment payment of estimated tax exceeds the amount determined to be the correct amount of that payment, the overpayment shall be credited against the next unpaid installment.
71.29(7)
(7) Exception to interest. No interest is required under
s. 71.84 (2) (a) or
(b) for a corporation or virtually exempt entity if any of the following conditions apply:
71.29(7)(a)
(a) The tax shown on the return or, if no return is filed, the tax is less than $500.
71.29(7)(b)
(b) The preceding taxable year was 12 months, the corporation or virtually exempt entity had no liability under
s. 71.125 or
71.23 (1) or
(2) for that year and the corporation or virtually exempt entity has a Wisconsin net income of less than $250,000 for the current taxable year.
71.29(8)
(8) Installment due dates. Taxpayers shall make estimated payments in 4 installments, on or before the 15th day of each of the following months:
71.29(9)
(9) Installment amounts; income of less than $250,000. 71.29(9)(a)(a) For corporations or virtually exempt entities that have Wisconsin net incomes of less than $250,000, except as provided in
pars. (b) and
(c), the amount of each installment required under
sub. (8) is 25% of the lower of the following amounts:
71.29(9)(a)1.
1. Ninety percent of the tax shown on the return for the taxable year or, if no return is filed, 90% of the tax for the taxable year.
71.29(9)(a)2.
2. The tax shown on the return for the preceding year.
71.29(9)(b)
(b) Paragraph (a) 2. does not apply if the preceding taxable year was less than 12 months or if the corporation did not file a return for the preceding year.
71.29(9)(c)
(c) If 22.5% for the first installment, 45% for the 2nd installment, 67.5% for the 3rd installment and 90% for the 4th installment of the tax for the taxable year computed by annualizing, under methods prescribed by the department of revenue, the corporation's income, or the virtually exempt entity's unrelated business taxable income, for the months in the taxable year ending before the installment's due date is less than the installment required under
par. (a), the corporation or virtually exempt entity may pay the amount under this paragraph rather than the amount under
par. (a). For purposes of computing annualized income under this paragraph, the apportionment percentage computed under
s. 71.25 (6) and
(10) to
(12) from the return filed for the previous taxable year may be used if that return was filed with the department of revenue on or before the due date of the installment for which the income is being annualized and if the apportionment percentage on that previous year's return was greater than zero. For purposes of computing annualized income of corporations that are subject to a tax under this chapter on unrelated business taxable income, as defined under section
512 of the internal revenue code, and virtually exempt entities, the taxpayer's income for the months in the taxable year ending before the date one month before the due date for the installment shall be used. Any corporation or virtually exempt entity that pays an amount calculated under this paragraph shall increase the next installment computed under
par. (a) by an amount equal to the difference between the amount paid under this paragraph and the amount that would have been paid under
par. (a).
71.29(10)
(10) Installment amounts; income of $250,000 or more. 71.29(10)(a)(a) Except as provided in
par. (c), for corporations or virtually exempt entities that have Wisconsin net incomes of $250,000 or more, the amount of each installment required under
sub. (8) is 25% of the amount under
par. (b).
71.29(10)(b)
(b) Ninety percent of the tax shown on the return for the taxable year or, if no return is filed, 90% of the tax for the taxable year.
71.29(10)(c)
(c) If 22.5% for the first installment, 45% for the 2nd installment, 67.5% for the 3rd installment and 90% for the 4th installment of the tax for the taxable year computed by annualizing, under methods prescribed by the department of revenue, the corporation's income, or the virtually exempt entity's unrelated business taxable income, for the months in the taxable year ending before the installment's due date is less than the installment required under
par. (a), the corporation or virtually exempt entity may pay the amount under this paragraph rather than the amount under
par. (a). For purposes of computing annualized income under this paragraph, the apportionment percentage computed under
s. 71.25 (6) and
(10) to
(12) from the return filed for the previous taxable year may be used if that return is filed with the department of revenue on or before the due date of the installment for which the income is being annualized and the apportionment percentage on that previous year's return is greater than zero or may be used if that return is filed with the department of revenue on or before the due date of the 3rd installment, the apportionment percentage on that previous year's return is greater than zero and the apportionment percentage used in the computation of the first 2 installments is not less than the apportionment percentage on that previous year's return. For purposes of computing annualized income of corporations that are subject to a tax under this chapter on unrelated business taxable income, as defined under section
512 of the internal revenue code, and virtually exempt entities, the taxpayer's income for the months in the taxable year ending before the date one month before the due date for the installment shall be used. Any corporation or virtually exempt entity that pays an amount calculated under this paragraph shall increase the next installment computed under
par. (a) by an amount equal to the difference between the amount paid under this paragraph and the amount that would have been paid under
par. (a).
71.29(11)
(11) Exception to final installment. If a corporation or virtually exempt entity files a return for a calendar year on or before January 31 of the succeeding calendar year (or if a corporation or virtually exempt entity on a fiscal year basis files a return on or before the last day of the first month immediately succeeding the close of such fiscal year) and pays in full at the time of such filing the amount computed on the return as payable, then, if estimated taxes are not required to be paid on or before the 15th day of the 9th month of the taxable year but are required to be paid on or before the 15th day of the 12th month of the taxable year, such return shall be considered as payment.
71.30
71.30
General provisions. 71.30(1)(a)(a) A corporation shall use a method of accounting authorized under the internal revenue code and shall use the same method used for federal income tax purposes if that method is authorized under the internal revenue code.
71.30(1)(b)
(b) A corporation that changes its method of accounting while subject to taxation under this chapter shall make the adjustments required under the internal revenue code, except that in the last year that a corporation is subject to taxation under this chapter it shall take into account all of the remaining adjustments required by this chapter because of a change in method of accounting.
71.30(2)
(2) Allocation of gross income, deductions, credits between 2 or more businesses. In any case of 2 or more organizations, trades or businesses (whether or not incorporated, whether or not organized in the United States and whether or not affiliated) owned or controlled directly or indirectly by the same interests, the secretary or his or her delegate may distribute, apportion or allocate gross income, deductions, credits or allowances between or among such organizations, trades or businesses, if he or she determines that such distribution, apportionment or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades or businesses.
71.30(3)
(3) Computations order. Notwithstanding any other provisions in this chapter, corporations computing liability for the tax under
s. 71.23 (1) or
(2) shall make computations in the following order:
