2007 WISCONSIN ACT
183
An Act
to amend
560.798 (2) (b), 560.7995 (3) (b), 560.7995 (4) (b) and 560.96 (2) (b); and
to create
560.7995 (2) (d) and 560.7995 (4) (am) of the statutes;
relating to:
the total amount of airport development zone, agricultural development zone, and technology zone tax credits.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1
.
560.798 (2) (b) of the statutes is amended to read:
560.798
(2)
(b) The designation of an area as an agricultural development zone shall be in effect for 10 years from the time that the department first designates the area.
However, not
Not
more than $5,000,000 in tax benefits may be claimed in an agricultural development zone
, except that the department may allocate the amount of unallocated airport development zone tax credits, as provided under s. 560.7995 (3) (b), to agricultural development zones for which the $5,000,000 maximum allocation is insufficient
. The department may change the boundaries of an agricultural development zone during the time that its designation is in effect. A change in the boundaries of an agricultural development zone does not affect the duration of the designation of the area or the maximum tax benefit amount that may be claimed in the agricultural development zone.
Section
2
.
560.7995 (2) (d) of the statutes is created to read:
560.7995
(2)
(d) Notwithstanding pars. (a) to (c), the department shall designate as an airport development zone the area within the boundaries of Adams, Fond du Lac, Green Lake, Juneau, Langlade, Lincoln, Marathon, Marquette, Menominee, Oneida, Portage, Price, Shawano, Taylor, Waupaca, Waushara, Winnebago, Wood, and Vilas counties.
Section
3
.
560.7995 (3) (b) of the statutes is amended to read:
560.7995
(3)
(b) When the department designates an area as an airport development zone, the department shall establish a limit, not to exceed $3,000,000, for tax benefits applicable to the airport development zone
, except that the department shall limit the amount of tax benefits applicable to the airport development zone designated under sub. (2) (d) to $750,000
. The total tax benefits applicable to all airport development zones may not exceed $9,000,000
, less any amount allocated to technology zones under s. 560.96 (2) (b) and to agricultural development zones under s. 560.798 (2) (b), and except that the total amount allocated to all technology zones under s. 560.96 (2) (b) and to all agricultural development zones under s. 560.798 (2) (b), may not exceed $6,000,000
. The department
may not reallocate amounts as provided under this paragraph on or after January 1, 2010, except that the department
may, after 48 months from the month of any designation under this section, evaluate the area designated as an airport development zone and reallocate the amount of available tax benefits.
Section
4
.
560.7995 (4) (am) of the statutes is created to read:
560.7995
(4)
(am) A person that intends to operate a business in the airport development zone designated under sub. (2) (d) may submit to the department an application and a business plan that includes all of the information required under par. (a). In approving business plans submitted under this paragraph, the department shall give higher priority to airport development projects located or proposed to be located in a distressed area, as defined in s. 560.605 (7) (b).
Section
5
.
560.7995 (4) (b) of the statutes is amended to read:
560.7995
(4)
(b) If the department approves a business plan under par. (a)
or (am)
, the department shall certify the person as eligible for tax benefits. The department shall notify the department of revenue within 30 days of certifying a person under this paragraph.
Section
6
.
560.96 (2) (b) of the statutes is amended to read:
560.96
(2)
(b) The designation of an area as a technology zone shall be in effect for 10 years from the time that the department first designates the area.
However,
not
Not
more than $5,000,000 in tax credits may be claimed in a technology zone
, except that the department may allocate the amount of unallocated airport development zone tax credits, as provided under s. 560.7995 (3) (b), to technology zones for which the $5,000,000 maximum allocation is insufficient
. The department may change the boundaries of a technology zone during the time that its designation is in effect. A change in the boundaries of a technology zone does not affect the duration of the designation of the area or the maximum tax credit amount that may be claimed in the technology zone.
