SB834,5,15 c. An Internet site based in this state that is meant to inform users of news and events in a local community in this state.

SB834,5,20 (b) Filing claims. For taxable years beginning after December 31, 2021, and before January 1, 2027, a claimant may claim as a credit against the taxes imposed under s. 71.43, up to the amount of the tax, an amount equal to 50 percent of the expenditures paid or incurred in the taxable year by the claimant in the ordinary course of a trade or business for advertising in a local media outlet.

SB834,5,22 (c) Limitations. 1. The maximum amount of expenditures that may be taken into account under par. (b) in a taxable year is $10,000.

SB834,6,4 2. 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. The partners, members, and shareholders may claim the credit in proportion to their ownership interests.

SB834,6,7 3. No credit may be claimed under this subsection unless the claimant makes the adjustment under s. 71.45 (2) (a) 24. in the taxable year to which the claim relates.

SB834,6,9 (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.

SB834,9 Section 9 . 71.49 (1) (ct) of the statutes is created to read:

SB834,6,11 71.49 (1) (ct) Local media advertising tax credit under s. 71.47 (4t).

SB834,6,12 (End)