SB45,737,6 (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.

SB45,737,11 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.

SB45,737,15 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.

SB45,737,19 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.

SB45,738,4 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.

SB45,738,6 (d) Administration. 1. Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies to the credits under this subsection.

SB45,738,15 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.

SB45,1390 Section 1390. 71.47 (6) (a) 1m. of the statutes is repealed.

SB45,1391 Section 1391. 71.47 (6) (a) 2m. of the statutes is amended to read:

SB45,739,2 71.47 (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. 71.43, 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.

SB45,1392 Section 1392. 71.47 (6) (a) 3. of the statutes is amended to read:

SB45,739,17 71.47 (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. 71.43, 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- providing 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.

SB45,1393 Section 1393. 71.47 (6) (a) 4. of the statutes is created to read:

SB45,739,24 71.47 (6) (a) 4. For taxable years beginning after December 31, 2025, any person may claim as a credit against taxes otherwise due under s. 71.43, 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.

SB45,1394 Section 1394. 71.47 (6) (c) (intro.) of the statutes is amended to read:

SB45,740,6 71.47 (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:

SB45,1395 Section 1395. 71.47 (6) (cn) (intro.) of the statutes is amended to read:

SB45,740,10 71.47 (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:

SB45,1396 Section 1396. 71.47 (6) (f) of the statutes is renumbered 71.47 (6) (f) 1. and amended to read:

SB45,741,13 71.47 (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.

SB45,1397 Section 1397. 71.47 (6) (f) 2. of the statutes is created to read:

SB45,741,18 71.47 (6) (f) 2. a. A partnership, limited liability company, or tax-option corporation may make an election under s. 71.21 (6) (a) or 71.365 (4m) (a) to claim the credit under par. (a) 4. against the net income or franchise tax otherwise payable to this state on income of the same year.

SB45,741,20 b. A partnership’s partners, limited liability company’s members, and tax- option corporation’s shareholders may not claim the credit under par. (a) 4.

SB45,1398 Section 1398. 71.47 (6) (g) 1. of the statutes is amended to read:

SB45,742,2 71.47 (6) (g) 1. If Except as provided in subd. 1m., if a person who claims the credit under this subsection elects to claim the credit based on claiming amounts for expenditures as the expenditures are paid, rather than when the rehabilitation work is completed, the person shall file an election form with the department, in the manner prescribed by the department.

SB45,1399 Section 1399. 71.47 (6) (g) 1m. of the statutes is created to read:

SB45,742,6 71.47 (6) (g) 1m. No person may claim the credit under par. (a) 4. unless the person claims the credit for the taxable year in which the rehabilitation work is completed.

SB45,1400 Section 1400. 71.47 (6) (h) of the statutes is amended to read:

SB45,742,19 71.47 (6) (h) Any person, including a nonprofit entity described in section 501 (c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under par. (a) 2m. or, 3., or 4., 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 with each transfer. The transferor may file a claim for more than one taxable year on a form prescribed by the department to compute all years of the credit under par. (a) 2m. or, 3., or 4., at the time of the transfer request. The transferee may first use the credit to offset tax in the taxable year of the transferor in which the transfer occurs, and may use the credit only to offset tax in taxable years otherwise allowed to be claimed and carried forward by the original claimant.