AB245-ASA2,90
20Section 90
. 70.995 (7) (b) of the statutes is amended to read:
AB245-ASA2,36,2421
70.995
(7) (b) Each 5 years, or more frequently if the department of revenue's
22workload permits and if in the department's judgment it is desirable, the department
23of revenue shall complete a field investigation or on-site appraisal at full value under
24ss. s. 70.32 (1)
and 70.34 of all manufacturing
real property in this state.
AB245-ASA2,91
25Section 91
. 70.995 (8) (b) 1. of the statutes is amended to read:
AB245-ASA2,37,19
170.995
(8) (b) 1. The department of revenue shall annually notify each
2manufacturer assessed under this section and the municipality in which the
3manufacturing property is located of the full value of all real
and personal property
4owned by the manufacturer. The notice shall be in writing and shall be sent by 1st
5class mail or electronic mail. In addition, the notice shall specify that objections to
6valuation, amount, or taxability must be filed with the state board of assessors no
7later than 60 days after the date of the notice of assessment, that objections to a
8change from assessment under this section to assessment under s. 70.32 (1) must be
9filed no later than 60 days after the date of the notice, that the fee under par. (c) 1.
10or (d) must be paid and that the objection is not filed until the fee is paid. For
11purposes of this subdivision, an objection is considered timely filed if received by the
12state board of assessors no later than 60 days after the date of the notice or sent to
13the state board of assessors by certified mail in a properly addressed envelope, with
14postage paid, that is postmarked before midnight of the last day for filing. A
15statement shall be attached to the assessment roll indicating that the notices
16required by this section have been mailed and failure to receive the notice does not
17affect the validity of the assessments, the resulting tax on real
or personal property,
18the procedures of the tax appeals commission or of the state board of assessors, or
19the enforcement of delinquent taxes by statutory means.
AB245-ASA2,92
20Section 92
. 70.995 (12) (a) of the statutes is amended to read:
AB245-ASA2,38,1821
70.995
(12) (a) The department of revenue shall prescribe a standard
22manufacturing property report form that shall be submitted annually for each real
23estate parcel
and each personal property account on or before March 1 by all
24manufacturers whose property is assessed under this section. The report form shall
25contain all information considered necessary by the department and shall include,
1without limitation, income and operating statements, fixed asset schedules
, and a
2report of new construction or demolition. Failure to submit the report shall result
3in denial of any right of redetermination by the state board of assessors or the tax
4appeals commission. If any property is omitted or understated in the
manufacturing
5real estate assessment roll in any of the next 5 previous years,
or in a manufacturing
6personal property assessment roll made before January 1, 2024, the assessor shall
7enter the value of the omitted or understated property once for each previous year
8of the omission or understatement. The assessor shall affix a just valuation to each
9entry for a former year as it should have been assessed according to the assessor's
10best judgment. Taxes shall be apportioned and collected on the tax roll for each entry,
11on the basis of the net tax rate for the year of the omission, taking into account credits
12under s. 79.10. In the case of omitted property, interest shall be added at the rate of
130.0267 percent per day for the period of time between the date when the form is
14required to be submitted and the date when the assessor affixes the just valuation.
15In the case of underpayments determined after an objection under sub. (8) (d),
16interest shall be added at the average annual discount interest rate determined by
17the last auction of 6-month U.S. treasury bills before the objection per day for the
18period of time between the date when the tax was due and the date when it is paid.
AB245-ASA2,93
19Section
93. 71.07 (5n) (a) 5. a. of the statutes is amended to read:
AB245-ASA2,39,220
71.07
(5n) (a) 5. a. “Manufacturing property factor" means a fraction, the
21numerator of which is the average value of the claimant's
real and personal property
22assessed under s. 70.995 land and depreciable property, owned or rented and used
23in this state by the claimant during the taxable year to manufacture qualified
24production property, and the denominator of which is the average value of all the
25claimant's
real and personal land and depreciable property owned or rented during
1the taxable year and used by the claimant to manufacture qualified production
2property.
AB245-ASA2,94
3Section 94
. 71.07 (5n) (a) 5. d. of the statutes is repealed.
AB245-ASA2,95
4Section 95
. 71.07 (5n) (a) 9. (intro.) of the statutes is amended to read:
AB245-ASA2,39,65
71.07
(5n) (a) 9. (intro.) “Qualified production property" means
either any of
6the following:
AB245-ASA2,96
7Section 96
. 71.07 (5n) (a) 9. a. of the statutes is amended to read:
AB245-ASA2,39,148
71.07
(5n) (a) 9. a. Tangible personal property manufactured in whole or in part
9by the claimant on property that is
located in this state and assessed as
10manufacturing property under s. 70.995.
Tangible personal property manufactured
11in this state may only be qualified production property if it is manufactured on
12property approved to be classified as manufacturing real property for purposes of s.
1370.995, even if it is not eligible to be listed on the department's manufacturing roll
14until January 1 of the following year.
AB245-ASA2,97
15Section 97
. 71.07 (5n) (a) 9. c. of the statutes is created to read:
AB245-ASA2,39,2516
71.07
(5n) (a) 9. c. Tangible personal property manufactured in whole or in part
17by the claimant at an establishment that is located in this state and classified as
18manufacturing under s. 70.995 (5n). A person wishing to classify the person's
19establishment as manufacturing under this subd. 9. c. shall file an application in the
20form and manner prescribed by the department no later than July 1 of the taxable
21year for which the person wishes to claim the credit under this subsection, pursuant
22to s. 70.995 (5n). The department shall make a determination and provide written
23notice by December 31 of the year in which the application is filed. A determination
24on the classification under this subd. 9. c. may be appealed as provided under s.
2570.995 (5n).
AB245-ASA2,98
1Section
98. 71.07 (5n) (d) 2. of the statutes is amended to read:
AB245-ASA2,40,102
71.07
(5n) (d) 2. For purposes of determining a claimant's eligible qualified
3production activities income under this subsection, the claimant shall multiply the
4claimant's qualified production activities income from property manufactured by the
5claimant by the manufacturing property factor and qualified production activities
6income from property produced, grown, or extracted by the claimant by the
7agriculture property factor.
This subdivision does not apply if the claimant's entire
8qualified production activities income results from the sale of tangible personal
9property that was manufactured, produced, grown, or extracted wholly in this state
10by the claimant.
AB245-ASA2,99
11Section
99. 71.07 (6e) (a) 5. of the statutes is amended to read:
AB245-ASA2,41,312
71.07
(6e) (a) 5. “Property taxes" means real
and personal property taxes,
13exclusive of special assessments, delinquent interest, and charges for service, paid
14by a claimant, and the claimant's spouse if filing a joint return, on the eligible
15veteran's or unremarried surviving spouse's principal dwelling in this state during
16the taxable year for which credit under this subsection is claimed, less any property
17taxes paid which are properly includable as a trade or business expense under
18section
162 of the Internal Revenue Code. If the principal dwelling on which the
19taxes were paid is owned by 2 or more persons or entities as joint tenants or tenants
20in common or is owned by spouses as marital property, “property taxes" is that part
21of property taxes paid that reflects the ownership percentage of the claimant, except
22that this limitation does not apply to spouses who file a joint return. If the principal
23dwelling is sold during the taxable year, the “property taxes" for the seller and buyer
24shall be the amount of the tax prorated to each in the closing agreement pertaining
25to the sale or, if not so provided for in the closing agreement, the tax shall be prorated
1between the seller and buyer in proportion to months of their respective ownership.
2“Property taxes" includes monthly municipal permit fees in respect to a principal
3dwelling collected under s. 66.0435 (3) (c).
AB245-ASA2,100
4Section
100. 71.07 (9) (a) 3. of the statutes is amended to read:
AB245-ASA2,41,195
71.07
(9) (a) 3. “Property taxes" means real
and personal property taxes,
6exclusive of special assessments, delinquent interest and charges for service, paid by
7a claimant on the claimant's principal dwelling during the taxable year for which
8credit under this subsection is claimed, less any property taxes paid which are
9properly includable as a trade or business expense under section
162 of the Internal
10Revenue Code. If the principal dwelling on which the taxes were paid is owned by
112 or more persons or entities as joint tenants or tenants in common or is owned by
12spouses as marital property, “property taxes" is that part of property taxes paid that
13reflects the ownership percentage of the claimant. If the principal dwelling is sold
14during the taxable year the “property taxes" for the seller and buyer shall be the
15amount of the tax prorated to each in the closing agreement pertaining to the sale
16or, if not so provided for in the closing agreement, the tax shall be prorated between
17the seller and buyer in proportion to months of their respective ownership. “
Property
18taxes" includes monthly municipal permit fees in respect to a principal dwelling
19collected under s. 66.0435 (3) (c).
AB245-ASA2,101
20Section 101
. 71.17 (2) of the statutes is amended to read:
AB245-ASA2,42,321
71.17
(2) Lien on trust estate; income taxes levied against beneficiary. All
22income taxes levied against the income of beneficiaries shall be a lien on that portion
23of the trust estate or interest therein from which the income taxed is derived, and
24such taxes shall be paid by the fiduciary, if not paid by the distributee, before the
25same become delinquent. Every person who, as a fiduciary under the provisions of
1this subchapter, pays an income tax shall have all the rights and remedies of
2reimbursement for any taxes assessed against him or her or paid by him or her in
3such capacity, as provided in s. 70.19 (1)
, 2021 stats., and
s. 70.19 (2)
, 2021 stats.
AB245-ASA2,102
4Section
102. 71.28 (5n) (a) 5. a. of the statutes is amended to read:
AB245-ASA2,42,125
71.28
(5n) (a) 5. a. “Manufacturing property factor" means a fraction, the
6numerator of which is the average value of the claimant's
real and personal property
7assessed under s. 70.995 land and depreciable property, owned or rented and used
8in this state by the claimant during the taxable year to manufacture qualified
9production property, and the denominator of which is the average value of all the
10claimant's
real and personal land and depreciable property owned or rented during
11the taxable year and used by the claimant to manufacture qualified production
12property.
AB245-ASA2,103
13Section 103
. 71.28 (5n) (a) 5. d. of the statutes is repealed.
AB245-ASA2,104
14Section 104
. 71.28 (5n) (a) 9. (intro.) of the statutes is amended to read:
AB245-ASA2,42,1615
71.28
(5n) (a) 9. (intro.) “Qualified production property" means
either any of
16the following:
AB245-ASA2,105
17Section 105
. 71.28 (5n) (a) 9. a. of the statutes is amended to read: