71.28(6)(c)2.c.
c. The costs are not incurred to acquire any building or interest in a building or to enlarge an existing building.
71.28(6)(c)2.d.
d. The costs were not incurred before the state historical society approved the proposed preservation or rehabilitation plan.
71.28(6)(cm)
(cm) Any credit claimed under this subsection for Wisconsin purposes shall be claimed at the same time as for federal purposes.
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 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.
71.28(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.
71.28(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). If the department adjusts or disallows, in whole or in part, a credit transferred under
par. (h), only the person who originally transferred the credit to another person is liable to repay the adjusted or disallowed amount.
71.28(6)(h)
(h) Any person, including a nonprofit entity described in section
501 (c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
par. (a) 2m. or
3., in whole or in part, to another person who is subject to the taxes imposed under
s. 71.02,
71.08,
71.23, or
71.43, if the person notifies the department of the transfer, and submits with the notification a copy of the transfer documents, and the department certifies ownership of the credit with each transfer.
71.28(6n)(a)1.
1. "Claimant" means a person who files a claim under this subsection.
71.28(6n)(a)2.
2. "Disabled veteran" means a veteran who is verified by the department of veteran affairs to have a service-connected disability rating of at least 50 percent under
38 USC 1114 or
1134.
71.28(6n)(a)3.
3. "Full-time job" means a regular, nonseasonal full-time position in which an individual, as a condition of employment, is required to work at least 2,080 hours per year, including paid leave and holidays.
71.28(6n)(a)4.
4. "Part-time job" means a regular, nonseasonal part-time position in which an individual, as a condition of employment, is required to work fewer than 2,080 hours per year, including paid leave and holidays.
71.28(6n)(a)5.
5. "Veteran" means a person who is verified by the department of veteran affairs to have served on active duty under honorable conditions in the U.S. armed forces, in forces incorporated as part of the U.S. armed forces, in the national guard, or in a reserve component of the U.S. armed forces.
71.28(6n)(b)
(b)
Filing claims. Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2011, a claimant may claim as a credit against the tax imposed under
s. 71.23, up to the amount of the tax, an amount equal to any of the following:
71.28(6n)(b)1.
1. For each disabled veteran the claimant hires in the taxable year to work a full-time job at the claimant's business in this state, $4,000 in the taxable year in which the disabled veteran is hired and $2,000 in each of the 3 taxable years following the taxable year in which the disabled veteran is hired.
71.28(6n)(b)2.
2. Subject to
par. (c) 4., for each disabled veteran the claimant hires in the taxable year to work a part-time job at the claimant's business in this state, $2,000 in the taxable year in which the disabled veteran is hired and $1,000 in each of the 3 taxable years following the taxable year in which the disabled veteran is hired.
71.28(6n)(c)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 hiring of disabled veterans, 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.
71.28(6n)(c)2.
2. No credit may be claimed under this subsection in any taxable year in which the disabled veteran voluntarily or involuntarily leaves his or her employment with the claimant.
71.28(6n)(c)3.
3. A claimant may claim a credit under this subsection only for hiring a disabled veteran who has received unemployment compensation benefits for at least one week prior to being hired by the claimant, who was receiving such benefits at the time that he or she was hired by the claimant, and who was eligible to receive such benefits at the time the benefits were paid.
71.28(6n)(c)4.
4. With regard to a credit claimed under
par. (b) 2., the amount that the claimant may claim is determined as follows:
71.28(6n)(c)4.a.
a. Divide the number of hours that the disabled veteran worked for the claimant during the taxable year by 2,080.
71.28(6n)(d)2.
2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2012. Credits under this subsection for taxable years that begin before January 1, 2013, may be carried forward to taxable years that begin after December 31, 2012.
71.28(8r)
(8r) Beginning farmer and farm asset owner tax credit. 71.28(8r)(a)1.
1. "Agricultural assets" means machinery, equipment, facilities, or livestock that is used in farming.
71.28(8r)(a)3.
3. "Claimant" means an established farmer who files a claim under this subsection.
71.28(8r)(a)5.
5. "Farming" has the meaning given in section
464 (e) (1) of the Internal Revenue Code.
71.28(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.
71.28(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. 71.23 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).
71.28(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.
71.28(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).
71.28(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.
71.28(8r)(d)2.
2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2013.
71.28(9s)(a)1.
1. "Claimant" means a person who files a claim under this subsection.
71.28(9s)(a)2.
2. "Locates to this state" means moving either 51 percent or more of the workforce payroll of the business or at least $200,000 of wages, as defined in section
3121 of the Internal Revenue Code, paid to such workforce to Wisconsin during the first taxable year to which a credit under this subsection relates.
71.28(9s)(b)
(b)
Filing claims. Subject to the limitations provided under this subsection, for taxable years beginning after December 31, 2010, and before January 1, 2014, for 2 consecutive taxable years beginning with the taxable year in which the claimant's business locates to this state from another state or another country and begins doing business in this state, a claimant may claim as a credit against the taxes imposed under
s. 71.23, up to the amount of the taxes, the amount of the claimant's tax liability under this subchapter after applying all other allowable credits, deductions, and exclusions.
71.28(9s)(c)1.1. No person may claim a credit under this subsection if the person has done business in this state during any of the 2 taxable years preceding the first taxable year in which the person would otherwise be eligible to claim a credit under
par. (b).
71.28(9s)(c)2.
2. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection.
71.28(9s)(d)2.
2. The department shall promulgate rules to administer this subsection.
71.28 Cross-reference
Cross-reference: See also s.
Tax 2.957, Wis. adm. code.
71.28(9s)(d)3.
3. No credit may be claimed under this subsection for taxable years beginning after December 31, 2013, except that a claimant who is first eligible to claim a credit under this subsection for taxable years beginning after December 31, 2012, and before January 1, 2014, may claim the credit in the following taxable year.
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;
2007 a. 20,
96,
97,
100;
2009 a. 2,
11,
28,
180,
185,
265,
267,
269,
276,
294,
295,
332,
401;
2011 a. 3,
15,
32,
67,
212,
213,
232,
237;
2011 a. 260 s.
80;
2013 a. 20,
54,
62,
116,
145,
165;
2013 a. 166 ss.
26,
77.
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 Cross-reference
Cross-reference: See also s.
Tax 2.89, Wis. adm. code.
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(7)(c)
(c) For taxable years beginning after December 31, 2008, the taxpayer qualifies for a federal extension of time to file under
26 USC 7508A due to a presidentially declared disaster or terroristic or military action.
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).
