71.47(5r)(a)4.
4. "Managing employee" means an individual who wholly or partially exercises operational or managerial control over, or who directly or indirectly conducts, the operation of the claimant's business.
71.47(5r)(a)5.
5. "Paid or incurred" includes any amount paid by the claimant to reimburse an individual for the tuition that the individual paid or incurred.
71.47(5r)(a)6.
6. "Qualified postsecondary institution" means all of the following:
71.47(5r)(a)6.a.
a. A University of Wisconsin System institution, a technical college system institution, or a regionally accredited 4-year nonprofit college or university having its regional headquarters and principal place of business in this state.
71.47(5r)(b)
(b)
Filing claims. Subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under
s. 71.43 an amount equal to the following:
71.47(5r)(b)1.
1. Twenty-five percent of the tuition that the claimant paid or incurred for an individual to participate in an education program of a qualified postsecondary institution, if the individual was enrolled in a course of instruction and eligible for a grant from the Federal Pell Grant Program.
71.47(5r)(b)2.
2. Thirty percent of the tuition that the claimant paid or incurred for an individual to participate in an education program of a qualified postsecondary institution, if the individual was enrolled in a course of instruction that relates to a projected worker shortage in this state, as determined by the local workforce development boards established under
29 USC 2832, and if the individual was eligible for a grant from the Federal Pell Grant Program.
71.47(5r)(c)1.1. No credit may be allowed under
par. (b) unless the claimant certifies to the department of revenue that the claimant will not be reimbursed for any amount of tuition for which the claimant claims a credit under
par. (b).
71.47(5r)(c)2.
2. A claimant may not claim the credit under
par. (b) for any tuition amounts that the individual described under
par. (b) excluded under section
127 of the Internal Revenue Code.
71.47(5r)(c)3.
3. A claimant may not claim the credit under
par. (b) for any tuition amounts that the claimant paid or incurred for a family member of a managing employee unless all of the following apply:
71.47(5r)(c)3.a.
a. The family member was employed an average of at least 20 hours per week as an employee of the claimant, or the claimant's business, during the one-year period prior to commencing participation in the education program in connection with which the claimant claims a credit under
par. (b).
71.47(5r)(c)3.b.
b. The family member is enrolled in a course of instruction that is substantially related to the claimant's business.
71.47(5r)(c)3m.
3m. A claimant may not claim the credit under
par. (b) for any tuition amounts that the claimant paid or incurred for an individual who is not a resident of this state.
71.47(5r)(c)4.
4. The claimant shall claim the credit for the taxable year in which the individual graduates from a course of instruction in an amount equal to the total amount the claimant paid or incurred under
par. (b) for all taxable years in which the claimant paid or incurred such amounts related to that individual.
71.47(5r)(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 tuition 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(5rm)(a)2.
2. "Claimant" means a person who files a claim under this subsection, who is an industrial customer of a municipal water utility that is located in a federal renewal community zone in this state, and whose average annual water consumption from that utility for a 24-month period exceeds 1,000,000 Ccf.
71.47(5rm)(b)
(b)
Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2009, and before January 1, 2020, a claimant may claim as a credit against the tax imposed under
s. 71.43, up to the amount of the tax, the amount determined as follows, except that the maximum amount that a claimant may claim in a taxable year under this subsection is $300,000:
71.47(5rm)(b)1.
1. Subtract the claimant's 2009 water usage costs from the claimant's water usage costs for the taxable year.
71.47(5rm)(b)2.
2. If the amount determined under
subd. 1. is a positive number, multiply that amount by 0.50.
71.47(5rm)(c)
(c)
Limitations. 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.
71.47(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 recommended by the state historic preservation officer for approval by the secretary of the interior under
36 CFR 67.6 before the physical work of construction, or destruction in preparation for construction, began and that the rehabilitation was approved by the secretary of the interior under
36 CFR 67.6.
71.47(6)(cm)
(cm) Any credit claimed under this subsection for Wisconsin purposes shall be claimed at the same time as for federal purposes.
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 partners of a partnership, 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. 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. For shareholders of a tax-option corporation, the credit may be allocated in proportion to the ownership interest of each shareholder. Credits computed by a partnership or limited liability company may be claimed in proportion to the ownership interests of the partners or members or allocated to partners or members as provided in a written agreement among the partners or members that is entered into no later than the last day of the taxable year of the partnership or limited liability company, for which the credit is claimed. For a partnership or limited liability company that places property in service after June 29, 2008, and before January 1, 2009, the credit attributable to such property may be allocated, at the election of the partnership or limited liability company, to partners or members for a taxable year of the partnership or limited liability company that ends after June 29, 2008, and before January 1, 2010. Any partner or member who claims the credit as provided under this paragraph shall attach a copy of the agreement, if applicable, to the tax return on which the credit is claimed. A person claiming the credit as provided under this paragraph is solely responsible for any tax liability arising from a dispute with the department of revenue related to claiming the credit.
71.47(6)(g)1.1. If a person who claims the credit under this subsection elects to claim the credit based on claiming amounts for expenditures as the expenditures are paid, rather than when the rehabilitation work is completed, the person shall file an election form with the department, in the manner prescribed by the department.
71.47(6)(g)2.
2. Notwithstanding
s. 71.77, the department may adjust or disallow the credit claimed under this subsection within 4 years after the date that the state historical society notifies the department that the expenditures for which the credit was claimed do not comply with the standards for certification promulgated under
s. 44.02 (24).
71.47(8r)
(8r) Beginning farmer and farm asset owner tax credit. 71.47(8r)(a)1.
1. "Agricultural assets" means machinery, equipment, facilities, or livestock that is used in farming.
71.47(8r)(a)3.
3. "Claimant" means an established farmer who files a claim under this subsection.
71.47(8r)(a)5.
5. "Farming" has the meaning given in section
464 (e) (1) of the Internal Revenue Code.
71.47(8r)(a)6.
6. "Lease amount" is the amount of the cash payment paid by a beginning farmer to an established farmer each year for leasing the established farmer's agricultural assets.
71.47(8r)(b)
(b)
Filing claims. For taxable years beginning after December 31, 2010, and subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under
s. 71.43 an amount equal to 15 percent of the lease amount received by the claimant in the taxable year. If the allowable amount of the claim exceeds the taxes otherwise due on the claimant's income, the amount of the claim not used as an offset against those taxes shall be certified by the department of revenue to the department of administration for payment to the claimant by check, share draft, or other draft from the appropriation under
s. 20.835 (2) (en).
71.47(8r)(c)1.1. A claimant may only claim the credit under this subsection for the first 3 years of any lease of the claimant's agricultural assets to a beginning farmer.
71.47(8r)(c)2.
2. Along with a claimant's income tax return, a claimant shall submit to the department a certificate of eligibility provided under
s. 93.53 (5) (c).
71.47(8r)(c)3.
3. 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 amounts received by the entities 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.
71.47(8r)(d)
(d)
Administration. Subsection (4) (e),
(g), and
(h), as it applies to the credit under that
sub. (4), applies to the credit under this subsection.
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;
2005 a. 25,
74,
97,
361,
387,
452,
479,
483,
487;
2007 a. 20,
96,
97,
100;
2009 a. 2,
11,
28,
180,
185,
265,
267,
269,
276,
294,
295,
332,
401; s. 13.92 (1) (bm) 2.
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:
71.49(1)(f)
(f) The total of farmland preservation credit under
subch. IX, farmland tax relief credit under
s. 71.47 (2m), dairy manufacturing facility investment credit under
s. 71.47 (3p), jobs credit under
s. 71.47 (3q), meat processing facility investment credit under
s. 71.47 (3r), woody biomass harvesting and processing credit under
s. 71.47 (3rm), food processing plant and food warehouse investment credit under
s. 71.47 (3rn), enterprise zone jobs credit under
s. 71.47 (3w), film production services credit under
s. 71.47 (5f), film production company investment credit under
s. 71.47 (5h), beginning farmer and farm asset owner tax credit under
s. 71.47 (8r), and estimated tax payments under
s. 71.48.
71.49 Note
NOTE: Par. (f) is shown as affected by 2 acts of the 2009 Wisconsin Legislature and as merged by the legislative reference bureau under s. 13.92 (2) (i). The cross-reference to s. 71.47 (3rn) was changed from s. 71.47 (3rm) by the legislative reference bureau under s. 13.92 (1) (bm) 2. to reflect the renumbering under s. 13.92 (1) (bm) 2. of s. 71.47 (3rm), as created by
2009 Wis. Act 295.
71.49(2)
(2) Elections under internal revenue code. Elections authorized by and made in accordance with the internal revenue code, except an election to file consolidated returns or to claim a credit against federal tax liability rather than a deduction from income, shall be deemed elections for the purpose of applying this chapter.
