SB45,682,15 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.

SB45,682,19 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.

SB45,683,4 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.

SB45,683,6 (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.

SB45,683,15 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.

SB45,1284 Section 1284. 71.07 (5m) (a) 3. of the statutes is amended to read:

SB45,683,18 71.07 (5m) (a) 3. “Household” means a claimant and an individual related to the claimant as husband or wife his or her spouse.

SB45,1285 Section 1285. 71.07 (5n) (d) 2. of the statutes is renumbered 71.07 (5n) (d) 2. a. and amended to read:

SB45,684,3 71.07 (5n) (d) 2. a. For Except as provided in subd. 2. b., c., and d., 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

SB45,684,8 b. Except as provided in subd. 2. d., 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.

SB45,1286 Section 1286. 71.07 (5n) (d) 2. c. of the statutes is created to read:

SB45,684,15 71.07 (5n) (d) 2. c. Except as provided in subd. 2. d., 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.

SB45,1287 Section 1287. 71.07 (5n) (d) 2. d. of the statutes is created to read:

SB45,684,23 71.07 (5n) (d) 2. d. 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.

SB45,1288 Section 1288. 71.07 (6e) (a) 2. b. of the statutes is amended to read:

SB45,685,8 71.07 (6e) (a) 2. b. An individual who had served on active duty under honorable conditions in the U.S. armed forces or in forces incorporated as part of the U.S. armed forces; who was a resident of this state at the time of entry into that active service or who had been a resident of this state for any consecutive 5-year period after entry into that active duty service; who was a resident of this state at the time of his or her death; and who had either a service-connected disability rating of 100 at least 70 percent under 38 USC 1114 or 1134 or a 100 percent disability rating based on individual unemployability.

SB45,1289 Section 1289. 71.07 (6e) (a) 3. d. of the statutes is amended to read:

SB45,685,12 71.07 (6e) (a) 3. d. Has either a service-connected disability rating of 100 at least 70 percent under 38 USC 1114 or 1134 or a 100 percent disability rating based on individual unemployability.

SB45,1290 Section 1290. 71.07 (6e) (a) 6. of the statutes is created to read:

SB45,685,15 71.07 (6e) (a) 6. “Rent constituting property taxes” has the meaning given in sub. (9) (a) 4.

SB45,1291 Section 1291. 71.07 (6e) (b) of the statutes is amended to read:

SB45,686,2 71.07 (6e) (b) Filing claims. Subject to the limitations provided in this subsection, a claimant may claim as a credit against the tax imposed under s. 71.02 the amount of the claimant’s property taxes or rent constituting property taxes. If the allowable amount of the claim exceeds the income taxes otherwise due on the claimant’s income, the amount of the claim not used as an offset against those taxes shall be certified by the department of revenue to the department of administration for payment to the claimant by check, share draft, or other draft from the appropriation under s. 20.835 (2) (em).

SB45,1292 Section 1292. 71.07 (6e) (c) 3. of the statutes is amended to read:

SB45,686,9 71.07 (6e) (c) 3. If an eligible veteran and an eligible spouse file separate returns, each spouse may claim a credit under this subsection for property taxes based on their respective ownership interest in the eligible veteran’s principal dwelling or for rent constituting property taxes based on 50 percent of the total rent constituting property taxes paid during the taxable year for the eligible veteran’s principal dwelling.

SB45,1293 Section 1293. 71.07 (6e) (c) 4. of the statutes is created to read:

SB45,686,13 71.07 (6e) (c) 4. If a service-connected disability rating is less than 100 percent, the amount that the claimant may claim under this subsection shall be multiplied by a percentage that equals that service-connected disability rating.

SB45,1294 Section 1294. 71.07 (8b) (a) 7. of the statutes is amended to read:

SB45,687,2 71.07 (8b) (a) 7. “Qualified development” means a qualified low-income housing project under section 42 (g) of the Internal Revenue Code that is financed with tax-exempt bonds, pursuant to section 42 (i) (2) described in section 42 (h) (4) (A) of the Internal Revenue Code, allocated the credit under section 42 of the Internal Revenue Code, and located in this state; except that the authority may waive, in the qualified allocation plan under section 42 (m) (1) (B) of the Internal Revenue Code, the requirements of tax-exempt bond financing and federal credit allocation to the extent the authority anticipates that sufficient volume cap under section 146 of the Internal Revenue Code will not be available to finance low-income housing projects in any year.

SB45,1295 Section 1295. 71.07 (8m) of the statutes is created to read: