71.28(2m)(b)1.a.a. Subject to the limitations provided in this subsection and
s. 71.80 (3) and
(3m), a claimant may claim as a credit against Wisconsin income taxes otherwise due, the amount derived under
par. (c). If the allowable amount of claim exceeds the income taxes otherwise due on the claimant's income or if there are no Wisconsin income taxes due on the claimant's income, the amount of the claim not used as an offset against income taxes shall be certified to the department of administration for payment to the claimant by check, share draft or other draft paid from the appropriations under
s. 20.835 (2) (ka) and
(q).
71.28(2m)(b)1.b.
b. Every claimant under this subsection shall supply, at the request of the department, in support of the claim, a copy of the property tax bill relating to the farmland and certification by the claimant that all taxes owed by the claimant on the property for which the claim is made for the year before the year for which the claim is made have been paid.
71.28(2m)(b)2.
2. `Ineligible claims.' No credit may be allowed under this subsection:
71.28(2m)(b)2.b.
b. If the department determines that ownership of the farmland has been transferred to the claimant for the purpose of maximizing benefits under this subsection.
71.28(2m)(c)1.1. Any claimant may claim against taxes otherwise due under this chapter a percentage, as determined by the department under
subd. 3., of the property taxes accrued in the taxable year to which the claim relates, up to a maximum claim of $1,500, except that the credit under this subsection plus the credit under
subch. IX may not exceed 95 percent of the property taxes accrued on the farm.
71.28(2m)(c)2.
2. Any claimant may claim against taxes otherwise due under this chapter, on an income or franchise tax return that includes the levy date, an additional one-time credit of 4.2 percent of the property taxes accrued, that are levied in December 1989, up to a maximum of $420.
71.28(2m)(c)3.
3. The department shall annually adjust the percentage that is used to determine the amount of a claim under
subd. 1. based on the estimated number of claims and the amount estimated to be expended from the appropriation under
s. 20.835 (2) (q), as determined under
s. 79.13. The department shall incorporate the annually adjusted percentage into the income tax forms and instructions.
71.28(2m)(d)
(d)
General provisions. Section 71.61 (1) to
(4) as it applies to the credit under
subch. IX applies to the credit under this subsection.
71.28(2m)(e)
(e)
Sunset. No new claim may be filed under this subsection for a taxable year that begins after December 31, 2009.
71.28(3)
(3) Manufacturing sales tax credit. 71.28(3)(a)2.
2. “Sales and use tax under
ch. 77 paid by the corporation" includes use taxes paid directly by the corporation and sales and use taxes paid by the corporation's supplier and passed on to the corporation whether separately stated on the invoice or included in the total price.
71.28(3)(b)
(b) The tax imposed upon or measured by corporation Wisconsin net income under
s. 71.23 (1) or
(2) shall be reduced by an amount equal to the sales and use tax under
ch. 77 paid by the corporation in such taxable year on fuel and electricity consumed in manufacturing tangible personal property in this state. Shareholders of a tax-option corporation and partners may claim the credit under this subsection, based on eligible sales and use taxes paid by the tax-option corporation or partnership, in proportion to the ownership interest of each shareholder or partner. The tax-option corporation or partnership shall calculate the amount of the credit that may be claimed by each shareholder or partner and shall provide that information to the shareholder or partner.
71.28(3)(c)1.1. Except as provided in
subd. 7., if the credit computed under
par. (b) is not entirely offset against Wisconsin income or franchise taxes otherwise due, the unused balance shall be carried forward and credited against Wisconsin income or franchise taxes otherwise due for the following 20 taxable years to the extent not offset by these taxes otherwise due in all intervening years between the year in which the expense was incurred and the year in which the carry-forward credit is claimed.
71.28(3)(c)2.
2. For shareholders in a tax-option corporation, the credit may be offset only against the tax imposed on the shareholder's prorated share of the tax-option corporation's income.
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 Cross-reference
Cross-reference: See also s.
Tax 2.11, Wis. adm. code.
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: