SB45,131312Section 1313. 71.10 (4) (fs) of the statutes is created to read: SB45,695,131371.10 (4) (fs) Film production company investment credit under s. 71.07 (5h). SB45,131414Section 1314. 71.10 (4) (ft) of the statutes is created to read: SB45,695,151571.10 (4) (ft) Film production services credit under s. 71.07 (5f) (b) 1. and 3. SB45,131516Section 1315. 71.10 (4) (ha) of the statutes is created to read: SB45,695,171771.10 (4) (ha) Universal changing station credit under s. 71.07 (8m). SB45,131618Section 1316. 71.10 (4) (hg) of the statutes is created to read: SB45,695,191971.10 (4) (hg) Flood insurance premiums credit under s. 71.07 (8s). SB45,131720Section 1317. 71.10 (4) (i) of the statutes is amended to read: SB45,696,72171.10 (4) (i) The total of claim of right credit under s. 71.07 (1), farmland 22preservation credit under ss. 71.57 to 71.61, farmland preservation credit, 2010 and 23beyond under s. 71.613, homestead credit property tax and rent rebate under subch.
1VIII, jobs tax credit under s. 71.07 (3q), business development credit under s. 71.07 2(3y), research credit under s. 71.07 (4k) (e) 2. a., film production services credit 3under s. 71.07 (5f) (b) 2., veterans and surviving spouses property tax credit under 4s. 71.07 (6e), enterprise zone jobs credit under s. 71.07 (3w), electronics and 5information technology manufacturing zone credit under s. 71.07 (3wm), earned 6income tax credit under s. 71.07 (9e), estimated tax payments under s. 71.09, and 7taxes withheld under subch. X. SB45,13188Section 1318. 71.125 (1) of the statutes is amended to read: SB45,696,12971.125 (1) Except as provided in sub. (2), the tax imposed by this chapter on 10individuals and the rates under s. 71.06 (1), (1m), (1n), (1p), (1q), (1r), and (2) shall 11apply to the Wisconsin taxable income of estates or trusts, except nuclear 12decommissioning trust or reserve funds, and that tax shall be paid by the fiduciary. SB45,131913Section 1319. 71.125 (2) of the statutes is amended to read: SB45,696,181471.125 (2) Each electing small business trust, as defined in section 1361 (e) 15(1) of the Internal Revenue Code, is subject to tax at the highest rate under s. 71.06 16(1), (1m), (1n), (1p), or (1q), or (1r), whichever taxable year is applicable, on its 17income as computed under section 641 of the Internal Revenue Code, as modified by 18s. 71.05 (6) to (12), (19) and (20). SB45,132019Section 1320. 71.17 (6) of the statutes is amended to read: SB45,696,232071.17 (6) Funeral trusts. If a qualified funeral trust makes the election 21under section 685 of the Internal Revenue Code for federal income tax purposes, 22that election applies for purposes of this chapter and each trust shall compute its 23own tax and shall apply the rates under s. 71.06 (1), (1m), (1n), (1p), or (1q), or (1r). SB45,1321
1Section 1321. 71.21 (4) (a) of the statutes is amended to read: SB45,697,5271.21 (4) (a) The amount of the credits computed by a partnership under s. 371.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3q), (3s), (3t), (3w), (3wm), (3y), (4k), (4n), 4(5f), (5g), (5h), (5i), (5j), (5k), (5r), (5rm), (6n), (8m), and (10) and passed through to 5partners shall be added to the partnership’s income. SB45,13226Section 1322. 71.21 (6) (d) 3. of the statutes is amended to read: SB45,697,8771.21 (6) (d) 3. Except as provided in s. 71.07 (7) (b) 3. and (9m) (f) 2. a., the 8tax credits under this chapter may not be claimed by the partnership. SB45,13239Section 1323. 71.26 (1) (b) of the statutes is amended to read: SB45,697,141071.26 (1) (b) Political units. Income received by the United States, the state 11and all counties, cities, villages, towns, school districts, technical college districts, 12joint local water authorities created under s. 66.0823, transit authorities created 13under s. 66.1039, long-term care districts under s. 46.2895 or other political units of 14this state. SB45,132415Section 1324. 71.26 (2) (a) 4. of the statutes is amended to read: SB45,697,211671.26 (2) (a) 4. Plus the amount of the credit computed under s. 71.28 (1dm), 17(1dx), (1dy), (3g), (3h), (3n), (3q), (3t), (3w), (3wm), (3y), (5f), (5g), (5h), (5i), (5j), (5k), 18(5r), (5rm), (6n), (8m), and (10) and not passed through by a partnership, limited 19liability company, or tax-option corporation that has added that amount to the 20partnership’s, limited liability company’s, or tax-option corporation’s income under 21s. 71.21 (4) or 71.34 (1k) (g). SB45,132522Section 1325. 71.26 (3) (j) of the statutes is amended to read: SB45,698,82371.26 (3) (j) Sections 243, 244, 245, 245A, 246 and 246A are excluded and
1replaced by the rule that corporations may deduct from income dividends received 2from a corporation with respect to its common stock if the corporation receiving the 3dividends owns, directly or indirectly, during the entire taxable year at least 70 4percent of the total combined voting stock of the payor corporation. In this 5paragraph, “dividends received” means gross dividends minus taxes on those 6dividends paid to a foreign nation and claimed as a deduction under this chapter. 7The same dividends may not be deducted more than once and may not be used in 8the determination of a net business loss under ss. 71.26 (4) and 71.45 (4). SB45,13269Section 1326. 71.26 (4) (a) of the statutes is amended to read: SB45,699,51071.26 (4) (a) Except as provided in par. (b) and s. 71.80 (25), a corporation, 11except a tax-option corporation or an insurer to which s. 71.45 (4) applies, may offset 12against its Wisconsin net business income any Wisconsin net business loss incurred 13in any of the 20 immediately preceding taxable years, if the corporation was subject 14to taxation under this chapter in the taxable year in which the loss was incurred, to 15the extent not offset by other items of Wisconsin income in the loss year and by 16Wisconsin net business income of any year between the loss year and the taxable 17year for which an offset is claimed. For purposes of this subsection, Wisconsin net 18business income or loss shall consist of all the income attributable to the operation 19of a trade or business in this state, less the business expenses allowed as deductions 20in computing net income, except that the dividends received deduction under sub. 21(3) (j) may not be used in the determination of a net business loss. The Wisconsin 22net business income or loss of corporations engaged in business within and without 23the state shall be determined under s. 71.25 (6) and (10) to (12). Nonapportionable
1losses having a Wisconsin situs under s. 71.25 (5) (b) shall be included in Wisconsin 2net business loss; and nonapportionable income having a Wisconsin situs under s. 371.25 (5) (b), whether taxable or exempt, shall be included in other items of 4Wisconsin income and Wisconsin net business income for purposes of this 5subsection. SB45,13276Section 1327. 71.28 (3w) (a) 2m. of the statutes is created to read: