SB45,712,22 (c) Limitations. 1. A claimant may claim the credit under par. (b) 1., if the tangible personal property is purchased after December 31, 2025, and the personal property is used exclusively in the claimant’s business as a film production company.

SB45,713,4 2. A claimant may claim the credit under par. (b) 2. for an amount expended to construct, rehabilitate, remodel, or repair real property, if the claimant began the physical work of construction, rehabilitation, remodeling, or repair, or any demolition or destruction in preparation for the physical work, after December 31, 2025, or if the completed project is placed in service after December 31, 2025.

SB45,713,8 3. A claimant may claim the credit under par. (b) 2. for an amount expended to acquire real property, if the property is not previously owned property and if the claimant acquires the property after December 31, 2025, or if the completed project is placed in service after December 31, 2025

SB45,713,12 4. No claim may be allowed under this subsection unless the department of tourism certifies, in writing, that the credits claimed under this subsection are for expenses related to establishing a film production company in this state and the claimant submits a copy of the certification with the claimant’s return.

SB45,713,20 5. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.

SB45,713,22 (d) Administration. 1. Subsection (4) (e) to (h), as it applies to the credit under sub. (4), applies to the credits under this subsection.

SB45,714,8 2. Any person, including a nonprofit entity described in section 501 (c) (3) of the Internal Revenue Code, may sell or otherwise transfer a credit under this subsection, in whole or in part, to another person who is subject to the taxes imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the transfer, and submits with the notification a copy of the transfer documents, and the department certifies ownership of the credit. The transferee may first use the credit to offset tax of the transferor in the taxable year in which the transfer occurs and may use the credit only to offset tax in taxable years in which the credit is otherwise allowed to be claimed and carried forward by the original claimant.

SB45,1346 Section 1346. 71.28 (5n) (d) 2. of the statutes is renumbered 71.28 (5n) (d) 2. a. and amended to read:

SB45,714,17 71.28 (5n) (d) 2. a. Except as provided in subd. subds. 2. b., c., and d. and 3., for purposes of determining a claimant’s eligible qualified production activities income under this subsection, the claimant shall multiply the claimant’s qualified production activities income from property manufactured by the claimant by the manufacturing property factor and qualified production activities income from property produced, grown, or extracted by the claimant by the agriculture property factor. This subdivision does not apply if

SB45,714,22 b. Except as provided in subds. 2. d. and 3., if the claimant’s entire qualified production activities income results from the sale of tangible personal property that was manufactured, produced, grown, or extracted wholly in this state by the claimant, the claimant’s eligible qualified production activities income shall equal the amount of the claimant’s qualified production activities income.

SB45,1347 Section 1347. 71.28 (5n) (d) 2. c. of the statutes is created to read:

SB45,715,5 71.28 (5n) (d) 2. c. Except as provided in subds. 2. d. and 3., for taxable years beginning after December 31, 2024, for purposes of determining a claimant’s eligible qualified production activities income from manufacturing under this subsection, the claimant shall multiply the claimant’s qualified production activities income, not exceeding $300,000, from property manufactured by the claimant by the manufacturing property factor.

SB45,1348 Section 1348. 71.28 (5n) (d) 2. d. of the statutes is created to read:

SB45,715,13 71.28 (5n) (d) 2. d. Except as provided in subd. 3., for taxable years beginning after December 31, 2024, if a claimant’s entire qualified production activities income results from the sale of tangible personal property that was manufactured, produced, grown, or extracted wholly in this state by the claimant, the claimant’s eligible qualified production activities income from manufacturing under this subsection shall equal the amount of the claimant’s qualified production activities income from property manufactured by the claimant, not exceeding $300,000.

SB45,1349 Section 1349. 71.28 (6) (a) 1m. of the statutes is repealed.

SB45,1350 Section 1350. 71.28 (6) (a) 2m. of the statutes is amended to read:

SB45,715,23 71.28 (6) (a) 2m. For taxable years beginning after December 31, 2013, and before January 1, 2026, any person may claim as a credit against taxes otherwise due under s. 71.23, up to the amount of those taxes, an amount equal to 20 percent of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for certified historic structures on property located in this state, if the cost of the person’s qualified rehabilitation expenditures is at least $50,000 and the rehabilitated property is placed in service after December 31, 2013.

SB45,1351 Section 1351. 71.28 (6) (a) 3. of the statutes is amended to read:

SB45,716,14 71.28 (6) (a) 3. For taxable years beginning after December 31, 2013, and before January 1, 2026, any person may claim as a credit against taxes otherwise due under s. 71.23, up to the amount of those taxes, an amount equal to 20 percent of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for qualified rehabilitated buildings, as defined in section 47 (c) (1) of the Internal Revenue Code, on property located in this state, if the cost of the person’s qualified rehabilitation expenditures is at least $50,000 and the rehabilitated property is placed in service after December 31, 2013, and regardless of whether the rehabilitated property is used for multiple or revenue- producing purposes. No credit may be claimed under this subdivision for property listed as a contributing building in the state register of historic places or in the national register of historic places and no credit may be claimed under this subdivision for nonhistoric, nonresidential property converted into housing if the property has been previously used for housing.

SB45,1352 Section 1352. 71.28 (6) (a) 4. of the statutes is created to read:

SB45,716,21 71.28 (6) (a) 4. For taxable years beginning after December 31, 2025, any person may claim as a credit against taxes otherwise due under s. 71.23, up to the amount of those taxes, an amount equal to 20 percent of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue Code, for property located in this state, if the rehabilitated property is placed in service after December 31, 2025.

SB45,1353 Section 1353. 71.28 (6) (c) (intro.) of the statutes is amended to read:

SB45,717,3 71.28 (6) (c) (intro.) No person may claim the credit under par. (a) 2m. or 4. unless the claimant includes with the claimant’s return a copy of the claimant’s certification under s. 238.17. For certification purposes under s. 238.17, the claimant shall provide to the Wisconsin Economic Development Corporation all of the following:

SB45,1354 Section 1354. 71.28 (6) (cm) of the statutes is amended to read:

SB45,717,6 71.28 (6) (cm) Any credit claimed under this subsection par. (a) 2m. and 3. for Wisconsin purposes shall be claimed at the same time as for federal purposes.

SB45,1355 Section 1355. 71.28 (6) (cn) (intro.) of the statutes is amended to read:

SB45,717,10 71.28 (6) (cn) (intro.) For taxable years beginning after December 31, 2014, and before January 1, 2026, the Wisconsin Economic Development Corporation shall certify a person to claim a credit under par. (a) 3. if all of the following apply:

SB45,1356 Section 1356. 71.28 (6) (f) of the statutes is renumbered 71.28 (6) (f) 1. and amended to read:

SB45,718,13 71.28 (6) (f) 1. A partnership, limited liability company, or tax-option corporation may not claim the credit under this subsection par. (a) 2m. and 3. The partners of a partnership, members of a limited liability company, or shareholders in a tax-option corporation may claim the credit under this subsection par. (a) 2m. and 3. based on eligible costs incurred 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 which may be claimed by each partner, member, or shareholder and shall provide that information to the partner, member, or shareholder. For shareholders of a tax-option corporation, the credit may be allocated in proportion to the ownership interest of each shareholder. Credits computed by a partnership or limited liability company may be claimed in proportion to the ownership interests of the partners or members or allocated to partners or members as provided in a written agreement among the partners or members that is entered into no later than the last day of the taxable year of the partnership or limited liability company, for which the credit is claimed. For a partnership or limited liability company that places property in service after June 29, 2008, and before January 1, 2009, the credit attributable to such property may be allocated, at the election of the partnership or limited liability company, to partners or members for a taxable year of the partnership or limited liability company that ends after June 29, 2008, and before January 1, 2010. Any partner or member who claims the credit as provided under this paragraph shall attach a copy of the agreement, if applicable, to the tax return on which the credit is claimed. A person claiming the credit as provided under this paragraph is solely responsible for any tax liability arising from a dispute with the department of revenue related to claiming the credit.