AB68-SSA1,1388
17Section
1388. 71.28 (5n) (d) 3. a. of the statutes is amended to read:
AB68-SSA1,705,1918
71.28
(5n) (d) 3. a. The eligible qualified production activities income
19determined under subd. 2.
or 2m.
AB68-SSA1,1389
20Section
1389. 71.28 (8b) (a) 5. of the statutes is amended to read:
AB68-SSA1,705,2521
71.28
(8b) (a) 5. “Credit period” means the period of
6 10 taxable years
22beginning with the taxable year in which a qualified development is placed in
23service. For purposes of this subdivision, if a qualified development consists of more
24than one building, the qualified development is placed in service in the taxable year
25in which the last building of the qualified development is placed in service.
AB68-SSA1,1390
1Section
1390. 71.28 (8b) (a) 7. of the statutes is amended to read:
AB68-SSA1,706,112
71.28
(8b) (a) 7. “Qualified development” means a qualified low-income
3housing project under section
42 (g) of the Internal Revenue Code that is financed
4with tax-exempt bonds
, pursuant to section 42 (i) (2) described in section 42 (h) (4)
5(A) of the Internal Revenue Code,
allocated the credit under section 42 of the Internal
6Revenue Code, and located in this state
; except that the authority may waive, in the
7qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code,
8the requirements of tax-exempt bond financing and federal credit allocation to the
9extent the authority anticipates that sufficient volume cap under section 146 of the
10Internal Revenue Code will not be available to finance low-income housing projects
11in any year.
AB68-SSA1,1391
12Section 1391
. 71.30 (3) (ct) of the statutes is created to read:
AB68-SSA1,706,1313
71.30
(3) (ct) Work opportunity tax credit under s. 71.28 (4t).
AB68-SSA1,1392
14Section
1392. 71.45 (4) (a) of the statutes is amended to read:
AB68-SSA1,707,215
71.45
(4) (a) Except as provided in par. (b) and s. 71.80 (25), insurers computing
16tax under this subchapter may subtract from Wisconsin net income any Wisconsin
17net business loss incurred in any of the 20 immediately preceding taxable years, if
18the insurer was subject to taxation under this chapter in the taxable year in which
19the loss was incurred, to the extent not offset by Wisconsin net business income of
20any year between the loss year and the taxable year for which an offset is claimed
21and computed without regard to sub. (2) (a) 8. and 9. and this subsection and limited
22to the amount of net income, but no loss incurred for a taxable year before taxable
23year 1987 by a nonprofit service plan of sickness care under ch. 148, or dental care
24under s. 447.13 may be treated as a net business loss of the successor service insurer
25under ch. 613 operating by virtue of s. 148.03 or 447.13.
For purposes of this
1paragraph, the dividends received deduction under s. 71.26 (3) (j) may not be used
2in the determination of a net business loss.
AB68-SSA1,1393
3Section
1393. 71.47 (3q) (c) 1. of the statutes is renumbered 71.47 (3q) (c) 1.
4a. and amended to read:
AB68-SSA1,707,135
71.47
(3q) (c) 1. a.
Partnerships
Except as provided in subd. 1. b., partnerships,
6limited liability companies, and tax-option corporations may not claim the credit
7under this subsection, but the eligibility for, and the amount of, the credit are based
8on their payment of amounts under par. (b). A partnership, limited liability company,
9or tax-option corporation shall compute the amount of credit that each of its
10partners, members, or shareholders may claim and shall provide that information
11to each of them. Partners, members of limited liability companies, and shareholders
12of tax-option corporations may claim the credit in proportion to their ownership
13interests.
AB68-SSA1,1394
14Section
1394. 71.47 (3q) (c) 1. b. of the statutes is created to read:
AB68-SSA1,708,215
71.47
(3q) (c) 1. b. For taxable years beginning after December 31, 2020,
16partnerships, limited liability companies, and tax-option corporations may elect to
17claim the credit under this subsection, if the credit results from a contract entered
18into with the Wisconsin Economic Development Corporation before December 22,
192017. A partnership, limited liability company, or tax-option corporation that
20wishes to make the election under this subd. 1. b. shall make the election for each
21taxable year on its original return and may not subsequently make or revoke the
22election. If a partnership, limited liability company, or tax-option corporation elects
23to claim the credit under this subsection, the partners, members, and shareholders
24may not claim the credit under this subsection. The credit may not be claimed under
25this subd. 1. b. if one or more partners, members, or shareholders have claimed the
1credit under this subsection for the same taxable year for which the credit is claimed
2under this subd. 1. b.
AB68-SSA1,1395
3Section
1395. 71.47 (3w) (a) 1. of the statutes is renumbered 71.47 (3w) (a) 1.
4a. and amended to read:
AB68-SSA1,708,75
71.47
(3w) (a) 1. a.
“Base
Except as provided in subd. 1. b., “base year" means
6the taxable year beginning during the calendar year prior to the calendar year in
7which the enterprise zone in which the claimant is located takes effect.
AB68-SSA1,1396
8Section
1396. 71.47 (3w) (a) 1. b. of the statutes is created to read:
AB68-SSA1,708,119
71.47
(3w) (a) 1. b. For a claimant whose award under s. 238.399 is certified
10after December 31, 2020, “base year” means the 12-month period prior to the date
11on which the claimant was certified under s. 238.399 (5).
AB68-SSA1,1397
12Section
1397. 71.47 (3w) (a) 6. of the statutes is renumbered 71.47 (3w) (a) 6.
13a. and amended to read:
AB68-SSA1,708,1714
71.47
(3w) (a) 6. a. “Zone payroll" means the amount of state payroll that is
15attributable to wages paid to full-time employees for services that are performed in
16an enterprise zone.
“Zone Except as provided in subd. 6. b., “zone payroll" does not
17include the amount of wages paid to any full-time employees that exceeds $100,000.
AB68-SSA1,1398
18Section
1398. 71.47 (3w) (a) 6. b. of the statutes is created to read:
AB68-SSA1,708,2119
71.47
(3w) (a) 6. b. For a claimant whose award under s. 238.399 is certified
20after December 31, 2020, “zone payroll" does not include the amount of wages paid
21to any full-time employees that exceeds $123,000.
AB68-SSA1,1399
22Section
1399. 71.47 (3w) (b) (intro.) of the statutes is amended to read:
AB68-SSA1,709,223
71.47
(3w) (b)
Filing claims under pre-2022 award certifications; payroll. 24(intro.) Subject to the limitations provided in this subsection and s. 238.399 or s.
25560.799, 2009 stats., a claimant
whose award is certified prior to January 1, 2022,
1may claim as a credit against the tax imposed under s. 71.43 an amount calculated
2as follows:
AB68-SSA1,1400
3Section
1400. 71.47 (3w) (bd) of the statutes is created to read:
AB68-SSA1,709,74
71.47
(3w) (bd)
Filing claims under post-2021 award certifications; payroll. 5Subject to the limitations provided in this subsection and s. 238.399, a claimant
6whose award is certified after December 31, 2020, may claim as a credit against the
7tax imposed under s. 71.43 an amount calculated as follows:
AB68-SSA1,709,88
1. Determine the amount that is the lesser of:
AB68-SSA1,709,159
a. The number of full-time employees whose annual wages are greater than
10$27,900 in a tier I county or municipality or greater than $37,000 in a tier II county
11or municipality and who the claimant employed in the enterprise zone in the taxable
12year, minus the number of full-time employees whose annual wages were greater
13than $27,900 in a tier I county or municipality or greater than $37,000 in a tier II
14county or municipality and who the claimant employed in the area that comprises
15the enterprise zone in the base year.
AB68-SSA1,709,2116
b. The number of full-time employees whose annual wages are greater than
17$27,900 in a tier I county or municipality or greater than $37,000 in a tier II county
18or municipality and who the claimant employed in the state in the taxable year,
19minus the number of full-time employees whose annual wages were greater than
20$27,900 in a tier I county or municipality or greater than $37,000 in a tier II county
21or municipality and who the claimant employed in the state in the base year.