2009 WISCONSIN ACT
294
An Act
to repeal
71.07 (3n) (a) 6. c., 71.28 (3n) (a) 6. c. and 71.47 (3n) (a) 6. c.; and
to amend
71.07 (3n) (a) 2. (intro.), 71.07 (3n) (a) 6. b., 71.07 (3n) (b) 1., 71.07 (3n) (d), 71.07 (3n) (e) 1., 71.07 (3n) (e) 2., 71.28 (3n) (a) 2. (intro.), 71.28 (3n) (a) 6. b., 71.28 (3n) (b) 1., 71.28 (3n) (d), 71.28 (3n) (e) 1., 71.28 (3n) (e) 2., 71.47 (3n) (a) 2. (intro.), 71.47 (3n) (a) 6. b., 71.47 (3n) (b) 1., 71.47 (3n) (d), 71.47 (3n) (e) 1. and 71.47 (3n) (e) 2. of the statutes;
relating to:
the dairy and livestock investment tax credits.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1
.
71.07 (3n) (a) 2. (intro.) of the statutes is amended to read:
71.07
(3n)
(a) 2. (intro.) "Dairy farm modernization or expansion" means the construction, the improvement, or the acquisition of buildings or facilities, or the acquisition of equipment, for dairy animal housing, confinement, animal feeding, milk production, or waste management, including the following, if used exclusively related to dairy animals and if acquired and placed in service in this state during taxable years that begin after December 31, 2003, and before January 1,
2010
2012
:
Section
2
.
71.07 (3n) (a) 6. b. of the statutes is amended to read:
71.07
(3n)
(a) 6. b. For taxable years that begin after December 31, 2005, and before January 1,
2010
2012
, "used exclusively," related to livestock, dairy animals, or both, means used to the exclusion of all other uses except for use not exceeding 5 percent of total use.
Section
3
.
71.07 (3n) (a) 6. c. of the statutes is repealed.
Section
4
.
71.07 (3n) (b) 1. of the statutes is amended to read:
71.07
(3n)
(b) 1. Subject to the limitations provided in this subsection, for taxable years that begin after December 31, 2003, and before January 1,
2010
2012
, a claimant may claim as a credit against the tax imposed under ss. 71.02 and 71.08 an amount equal to 10% of the amount the claimant paid in the taxable year for dairy farm modernization or expansion related to the operation of the claimant's dairy farm.
Section
5
.
71.07 (3n) (d) of the statutes is amended to read:
71.07
(3n)
(d) The aggregate amount of credits that a claimant may claim under this subsection is
$50,000
$75,000, except that no more than $50,000 of this amount may be based on costs incurred prior to the effective date of this paragraph .... [LRB inserts date]
.
Section
6
.
71.07 (3n) (e) 1. of the statutes is amended to read:
71.07
(3n)
(e) 1. 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 expenses under par. (b), except that the aggregate amount of credits that the entity may compute shall not exceed
$50,000
the limitation under par. (d)
. 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 interest.
Section
7
.
71.07 (3n) (e) 2. of the statutes is amended to read:
71.07
(3n)
(e) 2. If 2 or more persons own and operate the dairy or livestock farm, each person may claim a credit under par. (b) in proportion to his or her ownership interest, except that the aggregate amount of the credits claimed by all persons who own and operate the farm shall not exceed
$50,000
the limitation under par. (d)
.
Section
8
.
71.28 (3n) (a) 2. (intro.) of the statutes is amended to read:
71.28
(3n)
(a) 2. (intro.) "Dairy farm modernization or expansion" means the construction, the improvement, or the acquisition of buildings or facilities, or acquiring equipment, for dairy animal housing, confinement, animal feeding, milk production, or waste management, including the following, if used exclusively related to dairy animals and if acquired and placed in service in this state during taxable years that begin after December 31, 2003, and before January 1,
2010
2012
:
Section
9
.
71.28 (3n) (a) 6. b. of the statutes is amended to read:
71.28
(3n)
(a) 6. b. For taxable years that begin after December 31, 2005, and before January 1,
2010
2012
, "used exclusively," related to livestock, dairy animals, or both, means used to the exclusion of all other uses except for use not exceeding 5 percent of total use.
Section
10
.
71.28 (3n) (a) 6. c. of the statutes is repealed.
Section
11
.
71.28 (3n) (b) 1. of the statutes is amended to read:
71.28
(3n)
(b) 1. Subject to the limitations provided in this subsection, for taxable years that begin after December 31, 2003, and before January 1,
2010
2012
, a claimant may claim as a credit against the tax imposed under s. 71.23 an amount equal to 10% of the amount the claimant paid in the taxable year for dairy farm modernization or expansion related to the operation of the claimant's dairy farm.
Section
12
.
71.28 (3n) (d) of the statutes is amended to read:
71.28
(3n)
(d) The aggregate amount of credits that a claimant may claim under this subsection is
$50,000
$75,000, except that no more than $50,000 of this amount may be based on costs incurred prior to the effective date of this paragraph .... [LRB inserts date]
.
Section
13
.
71.28 (3n) (e) 1. of the statutes is amended to read:
71.28
(3n)
(e) 1. 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 expenses under par. (b), except that the aggregate amount of credits that the entity may compute shall not exceed
$50,000
the limitation under par. (d)
. 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 interest.
Section
14
.
71.28 (3n) (e) 2. of the statutes is amended to read:
71.28
(3n)
(e) 2. If 2 or more persons own and operate the dairy or livestock farm, each person may claim a credit under par. (b) in proportion to his or her ownership interest, except that the aggregate amount of the credits claimed by all persons who own and operate the farm shall not exceed
$50,000
the limitation under par. (d)
.
Section
15
.
71.47 (3n) (a) 2. (intro.) of the statutes is amended to read:
71.47
(3n)
(a) 2. (intro.) "Dairy farm modernization or expansion" means the construction, the improvement, or the acquisition of buildings or facilities, or the acquisition of equipment, for dairy animal housing, confinement, animal feeding, milk production, or waste management, including the following, if used exclusively related to dairy animals and if acquired and placed in service in this state during taxable years that begin after December 31, 2003, and before January 1,
2010
2012
:
Section
16
.
71.47 (3n) (a) 6. b. of the statutes is amended to read:
71.47
(3n)
(a) 6. b. For taxable years that begin after December 31, 2005, and before January 1,
2010
2012
, "used exclusively," related to livestock, dairy animals, or both, means used to the exclusion of all other uses except for use not exceeding 5 percent of total use.
Section
17
.
71.47 (3n) (a) 6. c. of the statutes is repealed.
Section
18
.
71.47 (3n) (b) 1. of the statutes is amended to read:
71.47
(3n)
(b) 1. Subject to the limitations provided in this subsection, for taxable years that begin after December 31, 2003, and before January 1,
2010
2012
, a claimant may claim as a credit against the tax imposed under s. 71.43 an amount equal to 10% of the amount the claimant paid in the taxable year for dairy farm modernization or expansion related to the operation of the claimant's dairy farm.
Section
19
.
71.47 (3n) (d) of the statutes is amended to read:
71.47
(3n)
(d) The aggregate amount of credits that a claimant may claim under this subsection is
$50,000
$75,000, except that no more than $50,000 of this amount may be based on costs incurred prior to the effective date of this paragraph .... [LRB inserts date]
.
Section
20
.
71.47 (3n) (e) 1. of the statutes is amended to read:
71.47
(3n)
(e) 1. 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 expenses under par. (b), except that the aggregate amount of credits that the entity may compute shall not exceed
$50,000
the limitation under par. (d)
. 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 interest.
Section
21
.
71.47 (3n) (e) 2. of the statutes is amended to read:
71.47
(3n)
(e) 2. If 2 or more persons own and operate the dairy or livestock farm, each person may claim a credit under par. (b) in proportion to his or her ownership interest, except that the aggregate amount of the credits claimed by all persons who own and operate the farm shall not exceed
$50,000
the limitation under par. (d)
.
Section
21m
.
Nonstatutory provisions.
(1)
Required general fund balance.
Section 20.003 (4) of the statutes does not apply to the action of the legislature in enacting this act.
