Wisconsin Legislature: 2005 Wisconsin Act 487

Date of enactment: May 30, 2006
2005 Senate Bill 136 Date of publication*: June 13, 2006

* Section 991.11, Wisconsin Statutes 2003-04 : Effective date of acts. "Every act and every portion of an act enacted by the legislature over the governor's partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication as designated" by the secretary of state [the date of publication may not be more than 10 working days after the date of enactment].

2005 WISCONSIN ACT 487

An Act to amend 71.07 (2dm) (a) 1., 71.07 (2dm) (a) 3., 71.07 (2dm) (f) 1., 71.07 (2dm) (j), 71.07 (2dm) (k), 71.07 (2dx) (a) 2., 71.07 (2dx) (b) (intro.), 71.07 (2dx) (c), 71.07 (2dx) (d), 71.28 (1dm) (a) 1., 71.28 (1dm) (a) 3., 71.28 (1dm) (f) 1., 71.28 (1dm) (j), 71.28 (1dm) (k), 71.28 (1dx) (a) 2., 71.28 (1dx) (b) (intro.), 71.28 (1dx) (c), 71.28 (1dx) (d), 71.47 (1dm) (a) 1., 71.47 (1dm) (a) 3., 71.47 (1dm) (f) 1., 71.47 (1dm) (j), 71.47 (1dm) (k), 71.47 (1dx) (a) 2., 71.47 (1dx) (b) (intro.), 71.47 (1dx) (c), 71.47 (1dx) (d), 234.03 (2m), 234.03 (11), 234.08 (1), 234.265 (2), 234.40 (4), 234.50 (4), 234.60 (2), 234.61 (1) and 234.66 (3) (b); and to create 234.63 and 560.799 of the statutes; relating to: creating income and franchise tax credits for businesses located in an airport development zone and a loan program for certain construction projects in an airport development zone.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

487,1 Section 1. 71.07 (2dm) (a) 1. of the statutes is amended to read:

71.07 (2dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3) , or 560.799 (4).

487,2 Section 2. 71.07 (2dm) (a) 3. of the statutes is amended to read:

71.07 (2dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.

487,3 Section 3. 71.07 (2dm) (f) 1. of the statutes is amended to read:

71.07 (2dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

487,4 Section 4. 71.07 (2dm) (j) of the statutes is amended to read:

71.07 (2dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.

487,5 Section 5. 71.07 (2dm) (k) of the statutes is amended to read:

71.07 (2dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

487,6 Section 6. 71.07 (2dx) (a) 2. of the statutes is amended to read:

71.07 (2dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795, an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.

487,7 Section 7. 71.07 (2dx) (b) (intro.) of the statutes, as affected by 2005 Wisconsin Act 25, is amended to read:

71.07 (2dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:

487,8 Section 8. 71.07 (2dx) (c) of the statutes is amended to read:

71.07 (2dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

487,9 Section 9. 71.07 (2dx) (d) of the statutes is amended to read:

71.07 (2dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

487,10 Section 10. 71.28 (1dm) (a) 1. of the statutes is amended to read:

71.28 (1dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3) , or 560.799 (4).

487,11 Section 11. 71.28 (1dm) (a) 3. of the statutes is amended to read:

71.28 (1dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.

487,12 Section 12. 71.28 (1dm) (f) 1. of the statutes is amended to read:

71.28 (1dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

487,13 Section 13. 71.28 (1dm) (j) of the statutes is amended to read:

71.28 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.

487,14 Section 14. 71.28 (1dm) (k) of the statutes is amended to read:

71.28 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

487,15 Section 15. 71.28 (1dx) (a) 2. of the statutes is amended to read:

71.28 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795, an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.

487,16 Section 16. 71.28 (1dx) (b) (intro.) of the statutes, as affected by 2005 Wisconsin Act 25, is amended to read:

71.28 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:

487,17 Section 17. 71.28 (1dx) (c) of the statutes is amended to read:

71.28 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

487,18 Section 18. 71.28 (1dx) (d) of the statutes is amended to read:

71.28 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

487,19 Section 19. 71.47 (1dm) (a) 1. of the statutes is amended to read:

71.47 (1dm) (a) 1. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3) , or 560.799 (4).

487,20 Section 20. 71.47 (1dm) (a) 3. of the statutes is amended to read:

71.47 (1dm) (a) 3. "Development zone" means a development opportunity zone under s. 560.795 (1) (e) and (f) or 560.798, or an airport development zone under s. 560.799.

487,21 Section 21. 71.47 (1dm) (f) 1. of the statutes is amended to read:

71.47 (1dm) (f) 1. A copy of a verification from the department of commerce that the claimant may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4).

487,22 Section 22. 71.47 (1dm) (j) of the statutes is amended to read:

71.47 (1dm) (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits becomes ineligible for such tax benefits, or if a person's certification under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) is revoked, that person may claim no credits under this subsection for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years, and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which the person becomes ineligible for tax benefits, the taxable year that includes the day on which the certification is revoked, or succeeding taxable years.

487,23 Section 23. 71.47 (1dm) (k) of the statutes is amended to read:

71.47 (1dm) (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits or certified under s. 560.795 (5) or, 560.798 (3), or 560.799 (4) ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.

487,24 Section 24. 71.47 (1dx) (a) 2. of the statutes is amended to read:

71.47 (1dx) (a) 2. "Development zone" means a development zone under s. 560.70, a development opportunity zone under s. 560.795 or an enterprise development zone under s. 560.797, or an agricultural development zone under s. 560.798, or an airport development zone under s. 560.799.

487,25 Section 25. 71.47 (1dx) (b) (intro.) of the statutes, as affected by 2005 Wisconsin Act 25, is amended to read:

71.47 (1dx) (b) Credit. (intro.) Except as provided in pars. (be) and (bg) and in s. 73.03 (35), and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4), any person may claim as a credit against the taxes otherwise due under this chapter the following amounts:

487,26 Section 26. 71.47 (1dx) (c) of the statutes is amended to read:

71.47 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.

487,27 Section 27. 71.47 (1dx) (d) of the statutes is amended to read:

71.47 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3), 560.797 (4) or, 560.798 (3), or 560.799 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.