AB50,690,12113. If the individual has 3 or more qualifying children who have the same 12principal place of abode as the individual, 34 percent. AB50,129913Section 1299. 71.07 (9e) (b) of the statutes is amended to read: AB50,690,181471.07 (9e) (b) No credit may be allowed under this subsection to married 15persons, except married persons living apart who are treated as single under 16section 7703 (b) of the internal revenue code Internal Revenue Code, if the husband 17and wife spouses report their income on separate income tax returns for the taxable 18year. AB50,130019Section 1300. 71.07 (9m) (a) 1m. of the statutes is repealed. AB50,130120Section 1301. 71.07 (9m) (a) 2m. of the statutes is amended to read: AB50,691,42171.07 (9m) (a) 2m. For taxable years beginning after December 31, 2013, and 22before January 1, 2026, any person may claim as a credit against taxes otherwise 23due under s. 71.02, up to the amount of those taxes, an amount equal to 20 percent 24of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of
1the Internal Revenue Code, for certified historic structures on property located in 2this state, if the cost of the person’s qualified rehabilitation expenditures is at least 3$50,000 and the rehabilitated property is placed in service after December 31, 42013. AB50,13025Section 1302. 71.07 (9m) (a) 3. of the statutes is amended to read: AB50,691,19671.07 (9m) (a) 3. For taxable years beginning after December 31, 2013, and 7before January 1, 2026, any person may claim as a credit against taxes otherwise 8due under s. 71.02, up to the amount of those taxes, an amount equal to 20 percent 9of the costs of qualified rehabilitation expenditures, as defined in section 47 (c) (2) of 10the Internal Revenue Code, for qualified rehabilitated buildings, as defined in 11section 47 (c) (1) of the Internal Revenue Code, on property located in this state, if 12the cost of the person’s qualified rehabilitation expenditures is at least $50,000 and 13the rehabilitated property is placed in service after December 31, 2013, and 14regardless of whether the rehabilitated property is used for multiple or revenue-15producing purposes. No credit may be claimed under this subdivision for property 16listed as a contributing building in the state register of historic places or in the 17national register of historic places and no credit may be claimed under this 18subdivision for nonhistoric, nonresidential property converted into housing if the 19property has been previously used for housing. AB50,130320Section 1303. 71.07 (9m) (a) 4. of the statutes is created to read: AB50,692,22171.07 (9m) (a) 4. For taxable years beginning after December 31, 2025, any 22person may claim as a credit against taxes otherwise due under s. 71.02, up to the 23amount of those taxes, an amount equal to 20 percent of the costs of qualified 24rehabilitation expenditures, as defined in section 47 (c) (2) of the Internal Revenue
1Code, for property located in this state, if the rehabilitated property is placed in 2service after December 31, 2025. AB50,13043Section 1304. 71.07 (9m) (c) (intro.) of the statutes is amended to read: AB50,692,8471.07 (9m) (c) (intro.) No person may claim the credit under par. (a) 2m. or 4. 5unless the claimant includes with the claimant’s return a copy of the claimant’s 6certification under s. 238.17. For certification purposes under s. 238.17, the 7claimant shall provide to the Wisconsin Economic Development Corporation all of 8the following: AB50,13059Section 1305. 71.07 (9m) (cm) of the statutes is amended to read: AB50,692,111071.07 (9m) (cm) Any credit claimed under this subsection par. (a) 2m. and 3. 11for Wisconsin purposes shall be claimed at the same time as for federal purposes. AB50,130612Section 1306. 71.07 (9m) (cn) (intro.) of the statutes is amended to read: AB50,692,151371.07 (9m) (cn) (intro.) For taxable years beginning after December 31, 2014, 14and before January 1, 2026, the Wisconsin Economic Development Corporation 15shall certify a person to claim a credit under par. (a) 3. if all of the following apply: AB50,130716Section 1307. 71.07 (9m) (f) of the statutes is renumbered 71.07 (9m) (f) 1. 17and amended to read: AB50,693,181871.07 (9m) (f) 1. A partnership, limited liability company, or tax-option 19corporation may not claim the credit under this subsection par. (a) 2m. and 3. The 20partners of a partnership, members of a limited liability company, or shareholders 21in a tax-option corporation may claim the credit under this subsection par. (a) 2m. 22and 3. based on eligible costs incurred by the partnership, company, or tax-option 23corporation. The partnership, limited liability company, or tax-option corporation 24shall calculate the amount of the credit which may be claimed by each partner,
1member, or shareholder and shall provide that information to the partner, member, 2or shareholder. For shareholders of a tax-option corporation, the credit may be 3allocated in proportion to the ownership interest of each shareholder. Credits 4computed by a partnership or limited liability company may be claimed in 5proportion to the ownership interests of the partners or members or allocated to 6partners or members as provided in a written agreement among the partners or 7members that is entered into no later than the last day of the taxable year of the 8partnership or limited liability company, for which the credit is claimed. For a 9partnership or limited liability company that places property in service after June 1029, 2008, and before January 1, 2009, the credit attributable to such property may 11be allocated, at the election of the partnership or limited liability company, to 12partners or members for a taxable year of the partnership or limited liability 13company that ends after June 29, 2008, and before January 1, 2010. Any partner or 14member who claims the credit as provided under this paragraph shall attach a copy 15of the agreement, if applicable, to the tax return on which the credit is claimed. A 16person claiming the credit as provided under this paragraph is solely responsible 17for any tax liability arising from a dispute with the department of revenue related 18to claiming the credit. AB50,130819Section 1308. 71.07 (9m) (f) 2. of the statutes is created to read: AB50,693,232071.07 (9m) (f) 2. a. A partnership, limited liability company, or tax-option 21corporation may make an election under s. 71.21 (6) (a) or 71.365 (4m) (a) to claim 22the credit under par. (a) 4. against the net income or franchise tax otherwise 23payable to this state on income of the same year. AB50,694,2
1b. A partnership’s partners, limited liability company’s members, and tax-2option corporation’s shareholders may not claim the credit under par. (a) 4. AB50,13093Section 1309. 71.07 (9m) (g) 1. of the statutes is amended to read: AB50,694,8471.07 (9m) (g) 1. If Except as provided in subd. 1m., if a person who claims the 5credit under this subsection elects to claim the credit based on claiming amounts for 6expenditures as the expenditures are paid, rather than when the rehabilitation 7work is completed, the person shall file an election form with the department, in the 8manner prescribed by the department. AB50,13109Section 1310. 71.07 (9m) (g) 1m. of the statutes is created to read: AB50,694,121071.07 (9m) (g) 1m. No person may claim the credit under par. (a) 4. unless the 11person claims the credit for the taxable year in which the rehabilitation work is 12completed. AB50,131113Section 1311. 71.07 (9m) (h) of the statutes is amended to read: AB50,695,21471.07 (9m) (h) Any person, including a nonprofit entity described in section 15501 (c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit 16under par. (a) 2m. or, 3., or 4., in whole or in part, to another person who is subject 17to the taxes imposed under s. 71.02, 71.23, or 71.43, if the person notifies the 18department of the transfer, and submits with the notification a copy of the transfer 19documents, and the department certifies ownership of the credit with each transfer. 20The transferor may file a claim for more than one taxable year on a form prescribed 21by the department to compute all years of the credit under par. (a) 2m. or, 3., or 4., 22at the time of the transfer request. The transferee may first use the credit to offset 23tax in the taxable year of the transferor in which the transfer occurs and may use
1the credit only to offset tax in taxable years otherwise allowed to be claimed and 2carried forward by the original claimant. AB50,13123Section 1312. 71.09 (13) (a) 2. of the statutes is amended to read: AB50,695,11471.09 (13) (a) 2. The tax shown on the return for the preceding year. If a 5husband and wife spouses who filed separate returns for the preceding taxable year 6file a joint return, the tax shown on the return for the preceding year is the sum of 7the taxes shown on the separate returns of the husband and wife spouses. If a 8husband and wife spouses who filed a joint return for the preceding taxable year file 9separate returns, the tax shown on the return for the preceding year is the 10husband’s or wife’s each spouse’s proportion of that tax based on what their 11respective tax liabilities for that year would have been had they filed separately.