Section 71.61. General provisions.

 

(1)   Department may apply credit against any tax liability. The amount of any claim otherwise payable under ss. 71.57 to 71.61 may be applied by the department against any amount certified to the department under s. 71.93 or 71.935 or may be credited under s. 71.80 (3) or (3m) .

(2)   Credits are income. All amounts allowed as credits under ss. 71.57 to 71.61 constitute income for income and franchise tax purposes and are reportable as such in the year of receipt.

(3)   Interest not allowed. No interest may be allowed on any payment made to a claimant under ss. 71.57 to 71.61 .

(3m)   Administration. The income tax provisions in this chapter relating to assessments, refunds, appeals and collection apply to the credit under ss. 71.57 to 71.61 .

(4)   Penalties. Unless specifically provided in ss. 71.57 to 71.61 , the penalties under subch. XIII apply for failure to comply with ss. 71.57 to 71.61 unless the context requires otherwise.

(5)   Table prepared by department. The department shall prepare a table under which claims under ss. 71.57 to 71.61 shall be determined.

(6)   Prohibition of new claims. For taxable years beginning after December 31, 2009, no new claims for a credit may be filed under ss. 71.57 to 71.61 , but if an otherwise eligible claimant is subject to a farmland preservation agreement, as defined in s. 91.01 (7) , 2007 stats., that is in effect on July 1, 2010, the claimant may continue to file a claim for the credit under ss. 71.57 to 71.61 until the farmland preservation agreement expires, except that no claimant who files a claim under ss. 71.57 to 71.61 may file a claim under s. 71.613 .

1987 a. 312 ; 1989 a. 31 ; 1991 a. 39 ; 1995 a. 27 ; 2009 a. 28 .