SB45,127621Section 1276. 71.07 (3y) (b) 7. of the statutes is created to read: SB45,674,22271.07 (3y) (b) 7. For taxable years beginning after December 31, 2024, the 23amount of the investment in workforce housing, as defined in s. 234.66 (1) (i), for 24employees, including contributions made by the person to a 3rd party responsible
1for building or rehabilitating workforce housing, including contributions made to a 2local revolving loan fund program, not to exceed 15 percent of such investment. SB45,12773Section 1277. 71.07 (4) of the statutes is amended to read: SB45,674,6471.07 (4) Homestead credit Property tax and rent rebate. The 5homestead credit property tax and rent rebate under subch. VIII may be claimed by 6individuals against taxes otherwise due. SB45,12787Section 1278. 71.07 (4k) (b) 4. a. of the statutes is amended to read: SB45,674,22871.07 (4k) (b) 4. a. Except as provided in subds. 5. and, 6., and 7., for taxable 9years beginning after December 31, 2014, an individual, a partner of a partnership, 10a shareholder of a tax-option corporation, or a member of a limited liability 11company may claim a credit against the tax imposed under s. 71.02, as allocated 12under par. (d), an amount equal to 5.75 percent of the amount by which the 13individual’s, partnership’s, tax-option corporation’s, or limited liability company’s 14qualified research expenses for the taxable year exceed 50 percent of the average 15qualified research expenses for the 3 taxable years immediately preceding the 16taxable year for which the claimant claims the credit. If the individual, 17partnership, tax-option corporation, or limited liability company had no qualified 18research expenses in any of the 3 taxable years immediately preceding the taxable 19year for which the claimant claims the credit, the claimant may claim an amount 20equal to 2.875 percent of the individual’s, partnership’s, tax-option corporation’s, or 21limited liability company’s qualified research expenses for the taxable year for 22which the claimant claims the credit. SB45,127923Section 1279. 71.07 (4k) (b) 7. of the statutes is created to read: SB45,675,132471.07 (4k) (b) 7. a. For taxable years beginning after December 31, 2024, an
1individual, a partner of a partnership, a shareholder of a tax-option corporation, or 2a member of a limited liability company may claim a credit against the tax imposed 3under s. 71.02, as allocated under par. (d), an amount equal to 11.5 percent of the 4amount by which the individual’s, partnership’s, tax-option corporation’s, or 5limited liability company’s qualified research expenses for the taxable year exceed 650 percent of the average qualified research expenses for the 3 taxable years 7immediately preceding the taxable year for which the claimant claims the credit. If 8the individual, partnership, tax-option corporation, or limited liability company had 9no qualified research expenses in any of the 3 taxable years immediately preceding 10the taxable year for which the claimant claims the credit, the claimant may claim 11an amount equal to 5.75 percent of the individual’s, partnership’s, tax-option 12corporation’s, or limited liability company’s qualified research expenses for the 13taxable year for which the claimant claims the credit. SB45,675,2114b. For purposes of subd. 7. a., “qualified research expenses” means qualified 15research expenses as defined in section 41 of the Internal Revenue Code, except 16that “qualified research expenses” includes only expenses incurred by the 17individual, partnership, tax-option corporation, or limited liability company for 18research related to nuclear power, incurred for research conducted in this state, for 19the taxable year and does not include compensation used in computing the credit 20under sub. (2dx). Section 41 (f) (1), (2), (5), and (6) and (h) of the Internal Revenue 21Code does not apply to the credit under this subdivision. SB45,128022Section 1280. 71.07 (4k) (e) 2. (intro.) of the statutes is amended to read: SB45,676,32371.07 (4k) (e) 2. (intro.) For taxable years beginning after December 31, 2017, 24s. 71.28 (4) (b) to (e), (g), and (h), as it applies to the credit under s. 71.28 (4), applies
1to the credits under this subsection. For taxable years beginning after December 231, 2017, if the allowable amount of the claim under par. (b) 4., 5., or 6., or 7. exceeds 3the tax otherwise due under s. 71.02 or 71.08, all of the following apply: SB45,12814Section 1281. 71.07 (4k) (e) 2. ad. of the statutes is amended to read: SB45,676,10571.07 (4k) (e) 2. ad. For taxable years beginning after December 31, 2023, the 6amount of the claim not used to offset the tax due, not to exceed 25 percent of the 7allowable amount of the claim under par. (b) 4., 5., or 6., or 7., shall be certified by 8the department of revenue to the department of administration for payment by 9check, share draft, or other draft drawn from the appropriation account under s. 1020.835 (2) (d). SB45,128211Section 1282. 71.07 (5f) of the statutes is created to read: SB45,676,131271.07 (5f) Film production services credit. (a) Definitions. In this 13subsection: SB45,676,20141. “Accredited production” means a film, video, broadcast advertisement, or 15television production, as approved by the department of tourism, for which the 16aggregate salary and wages included in the cost of the production for the period 17ending 12 months after the month in which the principal filming or taping of the 18production begins exceeds $100,000 for a production that is 30 minutes or longer or 19$50,000 for a production that is less than 30 minutes. “Accredited production” does 20not include any of the following, regardless of the production costs: SB45,676,2221a. News, current events, or public programming or a program that includes 22weather or market reports. SB45,676,2323b. A talk show. SB45,676,2424c. A production with respect to a questionnaire or contest. SB45,677,1
1d. A sports event or sports activity. SB45,677,22e. A gala presentation or awards show. SB45,677,33f. A finished production that solicits funds. SB45,677,64g. A production for which the production company is required under 18 USC 52257 to maintain records with respect to a performer portrayed in a single media or 6multimedia program. SB45,677,87h. A production produced primarily for industrial, corporate, or institutional 8purposes. SB45,677,1492. “Claimant” means a film production company, as defined in sub. (5h) (a) 2., 10that operates an accredited production in this state, if the company owns the 11copyright in the accredited production or has contracted directly with the copyright 12owner or a person acting on the owner’s behalf and if the company has a viable plan, 13as determined by the department of tourism, for the commercial distribution of the 14finished production. SB45,677,19153. “Commercial domicile” means the location from which a trade or business 16is principally managed and directed, based on any factors the department of 17tourism determines are appropriate, including the location where the greatest 18number of employees of the trade or business work, the trade or business has its 19office or base of operations, or from which the employees are directed or controlled. SB45,678,12204. “Production expenditures” means any expenditure that is incurred in this 21state and directly used to produce an accredited production, including expenditures 22for writing, budgeting, casting, location scouts, set construction and operation, 23wardrobes, makeup, clothing accessories, photography, sound recording, sound
1synchronization, sound mixing, lighting, editing, film processing, film transferring, 2special effects, visual effects, renting or leasing facilities or equipment, renting or 3leasing motor vehicles, food, lodging, and any other similar pre-production, 4production, and post-production expenditure as determined by the department of 5tourism. “Production expenditures” includes expenditures for music that is 6performed, composed, or recorded by a musician who is a resident of this state or 7published or distributed by an entity that has its commercial domicile in this state; 8air travel that is purchased from a travel agency or company that has its commercial 9domicile in this state; and insurance that is purchased from an insurance agency or 10company that has its commercial domicile in this state. “Production expenditures” 11does not include salary or wages or expenditures for the marketing and distribution 12of an accredited production. SB45,678,1513(b) Filing claims. Subject to the limitations provided in this subsection, for 14taxable years beginning after December 31, 2025, a claimant may claim as a credit 15against the tax imposed under s. 71.02 any of the following amounts: SB45,678,19161. An amount equal to 25 percent of the salary or wages paid by the claimant 17to the claimant’s employees in the taxable year for services rendered in this state to 18produce an accredited production and paid to employees who were residents of this 19state at the time that they were paid.