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SB70,1447 10Section 1447. 71.22 (4m) of the statutes is repealed and recreated to read:
SB70,908,1311 71.22 (4m) For corporations that are subject to a tax on unrelated business
12income under s. 71.26 (1) (a), “Internal Revenue Code" has the meaning given in s.
1371.99.
SB70,1448 14Section 1448. 71.22 (5) of the statutes is repealed.
SB70,1449 15Section 1449. 71.22 (5g) of the statutes is repealed.
SB70,1450 16Section 1450. 71.22 (5m) of the statutes is repealed.
SB70,1451 17Section 1451. 71.26 (1) (b) of the statutes is amended to read:
SB70,908,2218 71.26 (1) (b) Political units. Income received by the United States, the state
19and all counties, cities, villages, towns, school districts, technical college districts,
20joint local water authorities created under s. 66.0823, transit authorities created
21under s. 66.1039,
long-term care districts under s. 46.2895 or other political units
22of this state.
SB70,1452 23Section 1452. 71.26 (2) (a) 4. of the statutes is amended to read:
SB70,909,424 71.26 (2) (a) 4. Plus the amount of the credit computed under s. 71.28 (1dm),
25(1dx), (1dy), (3g), (3h), (3n), (3q), (3t), (3w), (3wm), (3y), (5e), (5g), (5i), (5j), (5k), (5r),

1(5rm), (6n), (8m), and (10) and not passed through by a partnership, limited liability
2company, or tax-option corporation that has added that amount to the partnership's,
3limited liability company's, or tax-option corporation's income under s. 71.21 (4) or
471.34 (1k) (g).
SB70,1453 5Section 1453. 71.26 (2) (b) of the statutes is repealed and recreated to read:
SB70,909,156 71.26 (2) (b) Regulated investment companies, real estate mortgage investment
7conduits, real estate investment trusts, and financial asset securitization investment
8trusts
. For a corporation, conduit, or common law trust that qualifies as a regulated
9investment company, real estate mortgage investment conduit, real estate
10investment trust, or financial asset securitization investment trust under the
11Internal Revenue Code, “net income" means the federal regulated investment
12company taxable income, federal real estate mortgage investment conduit taxable
13income, federal real estate investment trust taxable income, or financial asset
14securitization investment trust taxable income of the corporation, conduit, or trust
15as determined under the Internal Revenue Code.
SB70,1454 16Section 1454. 71.26 (3) (j) of the statutes is amended to read:
SB70,909,2517 71.26 (3) (j) Sections 243, 244, 245, 245A, 246 and 246A are excluded and
18replaced by the rule that corporations may deduct from income dividends received
19from a corporation with respect to its common stock if the corporation receiving the
20dividends owns, directly or indirectly, during the entire taxable year at least 70
21percent of the total combined voting stock of the payor corporation. In this
22paragraph, “dividends received" means gross dividends minus taxes on those
23dividends paid to a foreign nation and claimed as a deduction under this chapter. The
24same dividends may not be deducted more than once and may not be used in the
25determination of a net business loss under ss. 71.26 (4) and 71.45 (4)
.
SB70,1455
1Section 1455. 71.26 (4) (a) of the statutes is amended to read:
SB70,910,192 71.26 (4) (a) Except as provided in par. (b) and s. 71.80 (25), a corporation,
3except a tax-option corporation or an insurer to which s. 71.45 (4) applies, may offset
4against its Wisconsin net business income any Wisconsin net business loss incurred
5in any of the 20 immediately preceding taxable years, if the corporation was subject
6to taxation under this chapter in the taxable year in which the loss was incurred, to
7the extent not offset by other items of Wisconsin income in the loss year and by
8Wisconsin net business income of any year between the loss year and the taxable year
9for which an offset is claimed. For purposes of this subsection, Wisconsin net
10business income or loss shall consist of all the income attributable to the operation
11of a trade or business in this state, less the business expenses allowed as deductions
12in computing net income, except that the dividends received deduction under sub. (3)
13(j) may not be used in the determination of a net business loss
. The Wisconsin net
14business income or loss of corporations engaged in business within and without the
15state shall be determined under s. 71.25 (6) and (10) to (12). Nonapportionable losses
16having a Wisconsin situs under s. 71.25 (5) (b) shall be included in Wisconsin net
17business loss; and nonapportionable income having a Wisconsin situs under s. 71.25
18(5) (b), whether taxable or exempt, shall be included in other items of Wisconsin
19income and Wisconsin net business income for purposes of this subsection.
SB70,1456 20Section 1456. 71.28 (3w) (a) 2m. of the statutes is created to read:
SB70,910,2221 71.28 (3w) (a) 2m. “Contract” means a contract between the claimant and the
22Wisconsin Economic Development Corporation under s. 238.399.
SB70,1457 23Section 1457. 71.28 (3w) (a) 6. of the statutes is renumbered 71.28 (3w) (a) 6.
24a. and amended to read:
SB70,911,4
171.28 (3w) (a) 6. a. “Zone payroll" means the amount of state payroll that is
2attributable to wages paid to full-time employees for services that are performed in
3an enterprise zone. “Zone Except as provided in subd. 6. b., “zone payroll" does not
4include the amount of wages paid to any full-time employees that exceeds $100,000.
SB70,1458 5Section 1458. 71.28 (3w) (a) 6. b. of the statutes is created to read:
SB70,911,86 71.28 (3w) (a) 6. b. For a claimant whose contract is executed after December
731, 2023, “zone payroll" does not include the amount of wages paid to any full-time
8employees that exceeds $141,300.
SB70,1459 9Section 1459. 71.28 (3w) (b) (intro.) of the statutes is amended to read:
SB70,911,1310 71.28 (3w) (b) Filing claims under pre-2024 contracts; payroll. (intro.) Subject
11to the limitations provided in this subsection and s. 238.399 or s. 560.799, 2009 stats.,
12a claimant whose contract is executed prior to January 1, 2024, may claim as a credit
13against the tax imposed under s. 71.23 an amount calculated as follows:
SB70,1460 14Section 1460. 71.28 (3w) (bd) of the statutes is created to read:
SB70,911,1815 71.28 (3w) (bd) Filing claims under post-2023 contracts; payroll. Subject to the
16limitations provided in this subsection and s. 238.399, a claimant whose contract is
17executed after December 31, 2023, may claim as a credit against the tax imposed
18under s. 71.23 an amount calculated as follows:
SB70,911,1919 1. Determine the amount that is the lesser of:
SB70,912,220 a. The number of full-time employees whose annual wages are greater than
21$32,000 in a tier I county or municipality or greater than $42,390 in a tier II county
22or municipality and who the claimant employed in the enterprise zone in the taxable
23year, minus the number of full-time employees whose annual wages were greater
24than $32,000 in a tier I county or municipality or greater than $42,390 in a tier II

1county or municipality and who the claimant employed in the area that comprises
2the enterprise zone in the base year.
SB70,912,83 b. The number of full-time employees whose annual wages are greater than
4$32,000 in a tier I county or municipality or greater than $42,390 in a tier II county
5or municipality and who the claimant employed in the state in the taxable year,
6minus the number of full-time employees whose annual wages were greater than
7$32,000 in a tier I county or municipality or greater than $42,390 in a tier II county
8or municipality and who the claimant employed in the state in the base year.
SB70,912,159 2. Determine the claimant's average zone payroll by dividing total wages for
10full-time employees whose annual wages are greater than $32,000 in a tier I county
11or municipality or greater than $42,390 in a tier II county or municipality and who
12the claimant employed in the enterprise zone in the taxable year by the number of
13full-time employees whose annual wages are greater than $32,000 in a tier I county
14or municipality or greater than $42,390 in a tier II county or municipality and who
15the claimant employed in the enterprise zone in the taxable year.
SB70,912,1816 3. For employees in a tier I county or municipality, subtract $32,000 from the
17amount determined under subd. 2. and for employees in a tier II county or
18municipality, subtract $42,390 from the amount determined under subd. 2.
SB70,912,2019 4. Multiply the amount determined under subd. 3. by the amount determined
20under subd. 1.
SB70,912,2221 5. Multiply the amount determined under subd. 4. by the percentage
22determined under s. 238.399, not to exceed 7 percent.
SB70,1461 23Section 1461. 71.28 (3w) (bm) 1. of the statutes is amended to read:
SB70,913,924 71.28 (3w) (bm) 1. In addition to the credits under par. pars. (b) and (bd) and
25subds. 2., 3., and 4. to 5., and subject to the limitations provided in this subsection

1and s. 238.399 or s. 560.799, 2009 stats., a claimant may claim as a credit against the
2tax imposed under s. 71.23 an amount equal to a percentage, as determined under
3s. 238.399 or s. 560.799, 2009 stats., not to exceed 100 percent, of the amount the
4claimant paid in the taxable year to upgrade or improve the job-related skills of any
5of the claimant's full-time employees, to train any of the claimant's full-time
6employees on the use of job-related new technologies, or to provide job-related
7training to any full-time employee whose employment with the claimant represents
8the employee's first full-time job. This subdivision does not apply to employees who
9do not work in an enterprise zone.
SB70,1462 10Section 1462. 71.28 (3w) (bm) 2. of the statutes is renumbered 71.28 (3w) (bm)
112. (intro.) and amended to read:
SB70,913,1512 71.28 (3w) (bm) 2. (intro.) In addition to the credits under par. pars. (b) and (bd)
13and subds. 1., 3., and 4., and 5., and subject to the limitations provided in this
14subsection and s. 238.399 or s. 560.799, 2009 stats., a claimant may claim as a credit
15against the tax imposed under s. 71.23 one of the following amounts:
SB70,914,2 16a. For a claimant whose contract is executed prior to January 1, 2024, an
17amount equal to the percentage, as determined under s. 238.399 or s. 560.799, 2009
18stats., not to exceed 7 percent, of the claimant's zone payroll paid in the taxable year
19to all of the claimant's full-time employees whose annual wages are greater than the
20amount determined by multiplying 2,080 by 150 percent of the federal minimum
21wage in a tier I county or municipality, not including the wages paid to the employees
22determined under par. (b) 1., or greater than $30,000 in a tier II county or
23municipality, not including the wages paid to the employees determined under par.
24(b) 1., and who the claimant employed in the enterprise zone in the taxable year, if
25the total number of such employees is equal to or greater than the total number of

1such employees in the base year. A claimant may claim a credit under this
2subdivision for no more than 5 consecutive taxable years.
SB70,1463 3Section 1463. 71.28 (3w) (bm) 2. b. of the statutes is created to read:
SB70,914,134 71.28 (3w) (bm) 2. b. For a claimant whose contract is executed after December
531, 2023, an amount equal to the percentage, as determined under s. 238.399, not to
6exceed 7 percent, of the claimant's zone payroll paid in the taxable year to all of the
7claimant's full-time employees whose annual wages are greater than $32,000 in a
8tier I county or municipality, not including the wages paid to the employees
9determined under par. (bd) 1., or greater than $42,390 in a tier II county or
10municipality, not including the wages paid to the employees determined under par.
11(bd) 1., and who the claimant employed in the enterprise zone in the taxable year, if
12the total number of such employees is equal to or greater than the total number of
13such employees in the base year.
SB70,1464 14Section 1464. 71.28 (3w) (bm) 3. of the statutes is amended to read:
SB70,914,2015 71.28 (3w) (bm) 3. In addition to the credits under par. pars. (b) and (bd) and
16subds. 1., 2., and 4., and 5., and subject to the limitations provided in this subsection
17and s. 238.399 or s. 560.799, 2009 stats., for taxable years beginning after December
1831, 2008, a claimant may claim as a credit against the tax imposed under s. 71.23 up
19to 10 percent of the claimant's significant capital expenditures, as determined under
20s. 238.399 (5m) or s. 560.799 (5m), 2009 stats.
SB70,1465 21Section 1465. 71.28 (3w) (bm) 4. of the statutes is amended to read:
SB70,915,522 71.28 (3w) (bm) 4. In addition to the credits under par. pars. (b) and (bd) and
23subds. 1., 2., and 3., and 5., and subject to the limitations provided in this subsection
24and s. 238.399 or s. 560.799, 2009 stats., for taxable years beginning after December
2531, 2009, a claimant may claim as a credit against the tax imposed under s. 71.23,

1up to 1 percent of the amount that the claimant paid in the taxable year to purchase
2tangible personal property, items, property, or goods under s. 77.52 (1) (b), (c), or (d),
3or services from Wisconsin vendors, as determined under s. 238.399 (5) (e) or s.
4560.799 (5) (e), 2009 stats., except that the claimant may not claim the credit under
5this subdivision and subd. 3. for the same expenditures.
SB70,1466 6Section 1466. 71.28 (3w) (bm) 5. of the statutes is renumbered 71.28 (3w) (bm)
75. (intro.) and amended to read:
SB70,915,138 71.28 (3w) (bm) 5. (intro.) In addition to the credits under par. pars. (b) and (bd)
9and subds. 1. to 4., and subject to the limitations provided in this subsection and s.
10238.399 or s. 560.799, 2009 stats., a claimant that has retained the minimum number
11of full-time employees determined under s. 238.399 (5) (f) and maintained average
12zone payroll for the taxable year equal to or greater than the base year may claim
13as a credit against the tax imposed under s. 71.23 one of the following amounts:
SB70,915,23 14a. For a claimant whose contract is executed prior to January 1, 2024, an
15amount equal to the percentage, as determined by the Wisconsin Economic
16Development Corporation, of the claimant's zone payroll paid in the 12 months prior
17to the certification date to the claimant's full-time employees in the enterprise zone
18whose annual wages are greater than the amount determined by multiplying 2,080
19by 150 percent of the federal minimum wage in a tier I county or municipality or
20greater than $30,000 in a tier II county or municipality. The amount that the
21claimant may claim as credit under this subdivision for a taxable year shall not
22exceed $2,000,000. A claimant may claim a credit under this subdivision for no more
23than 5 consecutive taxable years.
SB70,1467 24Section 1467. 71.28 (3w) (bm) 5. b. of the statutes is created to read:
SB70,916,6
171.28 (3w) (bm) 5. b. For a claimant whose contract is executed after December
231, 2023, an amount equal to the percentage, as determined by the Wisconsin
3Economic Development Corporation, of the claimant's zone payroll paid in the 12
4months prior to the certification date to the claimant's full-time employees in the
5enterprise zone whose annual wages are greater than $32,000 in a tier I county or
6municipality or greater than $42,390 in a tier II county or municipality.
SB70,1468 7Section 1468. 71.28 (3w) (c) 5. of the statutes is created to read:
SB70,916,98 71.28 (3w) (c) 5. A claimant may claim a credit under par. (bm) 2. for no more
9than 5 consecutive taxable years.
SB70,1469 10Section 1469. 71.28 (3w) (c) 6. of the statutes is created to read:
SB70,916,1311 71.28 (3w) (c) 6. The amount that a claimant may claim as credit under par.
12(bm) 5. for a taxable year may not exceed $2,000,000. A claimant may claim a credit
13under par. (bm) 5. for no more than 5 consecutive taxable years.
SB70,1470 14Section 1470. 71.28 (3w) (cm) of the statutes is created to read:
SB70,916,2515 71.28 (3w) (cm) Inflation adjustments. For taxable years beginning after
16December 31, 2024, the dollar amounts in pars. (a) 6. b., (bd) 1. a. and b., 2., and 3.,
17and (bm) 2. b. and 5. b. shall be increased each year by a percentage equal to the
18percentage change between the U.S. consumer price index for all urban consumers,
19U.S. city average, for the month of August of the previous year and the U.S. consumer
20price index for all urban consumers, U.S. city average, for the month of August of the
21year before the previous year, as determined by the federal department of labor.
22Each amount that is revised under this paragraph shall be rounded to the nearest
23multiple of $10 if the revised amount is not a multiple of $10 or, if the revised amount
24is a multiple of $5, such an amount shall be increased to the next higher multiple of
25$10.
SB70,1471
1Section 1471. 71.28 (3y) (b) 5. of the statutes is amended to read:
SB70,917,92 71.28 (3y) (b) 5. An For taxable years beginning before January 1, 2023, an
3amount, as determined by the Wisconsin Economic Development Corporation under
4s. 238.308 (4) (a) 5., equal to a percentage of the amount of wages that the claimant
5paid to an eligible employee in the taxable year if the position in which the eligible
6employee was employed was created or retained in connection with the claimant's
7location or retention of the claimant's corporate headquarters in Wisconsin and the
8job duties associated with the eligible employee's position involve the performance
9of corporate headquarters functions.
SB70,1472 10Section 1472. 71.28 (3y) (b) 5m. of the statutes is created to read:
SB70,917,1611 71.28 (3y) (b) 5m. For taxable years beginning after December 31, 2022, an
12amount, as determined by the Wisconsin Economic Development Corporation under
13s. 238.308 (4) (a) 5., equal to a percentage of the amount of wages that the claimant
14paid to an eligible employee in the taxable year if the position in which the eligible
15employee was employed was created or retained in connection with the claimant's
16location or retention of the claimant's corporate headquarters in Wisconsin.
SB70,1473 17Section 1473. 71.28 (3y) (b) 6. of the statutes is created to read:
SB70,917,2218 71.28 (3y) (b) 6. For taxable years beginning after December 31, 2023, an
19amount, as determined by the Wisconsin Economic Development Corporation under
20s. 238.308 (4) (a) 6., equal to a percentage, not to exceed 25 percent, of the claimant's
21energy efficiency or renewable energy project expenditures on real or personal
22property located in this state.
SB70,1474 23Section 1474. 71.28 (4) (k) 1. b. of the statutes is amended to read:
SB70,918,424 71.28 (4) (k) 1. b. For taxable years beginning after December 31, 2020 and
25before January 1, 2024
, the amount of the claim not used to offset the tax due, up to

115 percent of the allowable amount of the claim under par. (ad) 4., 5., or 6., shall be
2certified by the department of revenue to the department of administration for
3payment by check, share draft, or other draft drawn from the appropriation account
4under s. 20.835 (2) (d).
SB70,1475 5Section 1475. 71.28 (4) (k) 1. c. of the statutes is created to read:
SB70,918,116 71.28 (4) (k) 1. c. For taxable years beginning after December 31, 2023, the
7amount of the claim not used to offset the tax due, not to exceed 50 percent of the
8allowable amount of the claim under par. (ad) 4., 5., or 6., shall be certified by the
9department of revenue to the department of administration for payment by check,
10share draft, or other draft drawn from the appropriation account under s. 20.835 (2)
11(d).
SB70,1476 12Section 1476. 71.28 (5n) (a) 5. a. of the statutes is amended to read:
SB70,918,1913 71.28 (5n) (a) 5. a. “Manufacturing property factor" means a fraction, the
14numerator of which is the average value of the claimant's real and personal land and
15depreciable
property assessed under s. 70.995, owned or rented and used in this state
16by the claimant during the taxable year to manufacture qualified production
17property, and the denominator of which is the average value of all the claimant's real
18and personal
land and depreciable property owned or rented during the taxable year
19and used by the claimant to manufacture qualified production property.
SB70,1477 20Section 1477. 71.28 (5n) (a) 5. d. of the statutes is repealed.
SB70,1478 21Section 1478. 71.28 (5n) (a) 9. (intro.) of the statutes is amended to read:
SB70,918,2322 71.28 (5n) (a) 9. (intro.) “Qualified production property" means either any of
23the following:
SB70,1479 24Section 1479. 71.28 (5n) (a) 9. a. of the statutes is amended to read:
SB70,919,7
171.28 (5n) (a) 9. a. Tangible personal property manufactured in whole or in part
2by the claimant on property that is located in this state and assessed as
3manufacturing property under s. 70.995. Tangible personal property manufactured
4in this state may only be qualified production property if it is manufactured on
5property approved to be classified as manufacturing real property for purposes of s.
670.995, even if it is not eligible to be listed on the department's manufacturing roll
7until January 1 of the following year.
SB70,1480 8Section 1480. 71.28 (5n) (a) 9. c. of the statutes is created to read:
SB70,919,189 71.28 (5n) (a) 9. c. Tangible personal property manufactured in whole or in part
10by the claimant with an establishment that is located in this state and classified as
11manufacturing under s. 70.995 (5n). A person wishing to classify the person's
12establishment as manufacturing under this subd. 9. c. shall file an application in the
13form and manner prescribed by the department no later than July 1 of the taxable
14year for which the person wishes to claim the credit under this subsection, pursuant
15to s. 70.995 (5n). The department shall make a determination and provide written
16notice by December 31 of the year in which the application is filed. A determination
17on the classification under this subd. 9. c. may be appealed as provided under s.
1870.995 (5n).
SB70,1481 19Section 1481. 71.28 (5n) (d) 2. of the statutes is amended to read:
SB70,920,320 71.28 (5n) (d) 2. Except as provided in subd. subds. 2m. and 3., for purposes of
21determining a claimant's eligible qualified production activities income under this
22subsection, the claimant shall multiply the claimant's qualified production activities
23income from property manufactured by the claimant by the manufacturing property
24factor and qualified production activities income from property produced, grown, or
25extracted by the claimant by the agriculture property factor. This subdivision does

1not apply if the claimant's entire qualified production activities income results from
2the sale of tangible personal property that was manufactured, produced, grown, or
3extracted wholly in this state by the claimant.
SB70,1482 4Section 1482. 71.28 (5n) (d) 2m. of the statutes is created to read:
SB70,920,135 71.28 (5n) (d) 2m. Except as provided in subd. 3., for taxable years beginning
6after December 31, 2022, for purposes of determining a claimant's eligible qualified
7production activities income from manufacturing under this subsection, the
8claimant shall multiply the claimant's qualified production activities income, not
9exceeding $300,000, from property manufactured by the claimant by the
10manufacturing property factor. This subdivision does not apply if the claimant's
11entire qualified production activities income results from the sale of tangible
12personal property that was manufactured, produced, grown, or extracted wholly in
13this state by the claimant.
SB70,1483 14Section 1483. 71.28 (5n) (d) 3. a. of the statutes is amended to read:
SB70,920,1615 71.28 (5n) (d) 3. a. The eligible qualified production activities income
16determined under subd. 2. or 2m.
SB70,1484 17Section 1484. 71.28 (8b) (a) 5. of the statutes is amended to read:
SB70,920,2218 71.28 (8b) (a) 5. “Credit period” means the period of 6 10 taxable years
19beginning with the taxable year in which a qualified development is placed in
20service. For purposes of this subdivision, if a qualified development consists of more
21than one building, the qualified development is placed in service in the taxable year
22in which the last building of the qualified development is placed in service.
SB70,1485 23Section 1485. 71.28 (8b) (a) 7. of the statutes is amended to read:
SB70,921,824 71.28 (8b) (a) 7. “Qualified development” means a qualified low-income
25housing project under section 42 (g) of the Internal Revenue Code that is financed

1with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4)
2(A)
of the Internal Revenue Code, allocated the credit under section 42 of the Internal
3Revenue Code,
and located in this state; except that the authority may waive, in the
4qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code,
5the requirements of tax-exempt bond financing and federal credit allocation to the
6extent the authority anticipates that sufficient volume cap under section 146 of the
7Internal Revenue Code will not be available to finance low-income housing projects
8in any year
.
SB70,1486 9Section 1486 . 71.28 (8m) of the statutes is created to read:
SB70,921,1110 71.28 (8m) Universal changing station credit. (a) Definitions. In this
11subsection:
SB70,921,1312 1. “Claimant" means a person who files a claim under this subsection and meets
13either of the following conditions during the preceding taxable year:
SB70,921,1414 a. Had gross receipts that did not exceed $1,000,000.
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