AB1113,28,7 (b) Filing claims. Subject to the limitations provided in this subsection, a claimant may claim as a credit against the taxes imposed under s. 71.43, up to the amount of the tax, $500.

AB1113,28,13 (c) Limitations. 1. The credit under this subsection may be claimed only for 3 consecutive taxable years beginning with the first taxable year for which the claimant includes an eligible automatic contribution arrangement in a qualified employer plan that is sponsored by the claimant, except that no credit may be claimed in a taxable year if an eligible automatic contribution arrangement is not included in the qualified employer plan for that taxable year.

AB1113,28,23 2. A partnership, limited liability company, or tax-option corporation may not claim the credit under this subsection, but the partners, members, and shareholders may claim the credit based on the inclusion by the partnership, limited liability company, or tax-option corporation of an eligible automatic contribution arrangement in a qualified employer plan that is sponsored 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 that may be claimed by each partner, member, or shareholder and shall provide that information to each of them. The partners, members, and shareholders may claim the credit in proportion to their ownership interests.

AB1113,28,25 (d) Administration. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credit under this subsection.

AB1113,21 Section 21. 71.49 (1) (ct) and (cu) of the statutes are created to read:

AB1113,29,2 71.49 (1) (ct) Start-up retirement plan costs tax credit under s. 71.47 (4s).

AB1113,29,3 (cu) Auto-enrollment tax credit under s. 71.47 (4w).

AB1113,22 Section 22. 230.08 (2) (en) of the statutes is created to read:

AB1113,29,5 230.08 (2) (en) State treasurer; WisEARNS board: executive director and staff.

AB1113,23 Section 23 . Initial applicability.

AB1113,29,13 (1) Tax credits. The treatment of ss. 71.05 (6) (a) 15., 71.07 (4s) and (4w), 71.10 (4) (ct) and (cu), 71.21 (4) (a), 71.26 (2) (a) 4., 71.28 (4s) and (4w), 71.30 (3) (ct) and (cu), 71.34 (1k) (g), 71.45 (2) (a) 10., 71.47 (4s) and (4w), and 71.49 (1) (ct) and (cu) first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31, this act first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

AB1113,29,14 (End)