AB65,6,43 3. Subsection (4) (e) and (f), to the extent that it applies to the credit under that
4subsection, applies to the credit under this subsection.

AB65,6,65 (d) Administration. Subsection (4) (g), to the extent that it applies to the credit
6under that subsection, applies to the credit under this subsection.

AB65,6,98 71.30 (3) (dn) The Wisconsin Health and Educational Facilities Authority
9educational facility bond credit under s. 71.28 (6f).

AB65,6,1411 71.34 (1) (g) An addition shall be made for credits computed by a tax-option
12corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx), (3), (3g),
13(3n), (3t), (3w), (5b), (5e), (5f), (5g), and (5h) , and (6f) and passed through to
14shareholders.

AB65,6,2116 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
17computed under s. 71.47 (1dd) to (1dx), (3n), (3w), (5b), (5e), (5f), (5g), and (5h), and
18(6f) and not passed through by a partnership, limited liability company, or tax-option
19corporation that has added that amount to the partnership's, limited liability
20company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) and
21the amount of credit computed under s. 71.47 (1), (3), (3t), (4), and (5).

AB65,6,2423 71.47 (6f) WHEFA educational facility bond tax credit. (a) Definitions. In
24this subsection:

AB65,7,4

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11. "Bond" means a bond or note issued by the Wisconsin Health and
2Educational Facilities Authority under s. 231.03 (6), on or after the effective date of
3this subdivision .... [revisor inserts date], to finance any project undertaken for an
4educational facility.

AB65,7,65 2. "Claimant" means a corporation that owns a bond and that files a claim
6under this subsection.

AB65,7,107 (b) Filing claims. Subject to the limitations provided in this subsection, a
8claimant may claim as a credit against the tax imposed under s. 71.43, up to the
9amount of those taxes, 7.9 percent of the interest received from a bond in the taxable
10year to which the claim under this subsection relates.

AB65,7,1211 (c) Limitations. 1. No credit may be allowed under this subsection unless it
12is claimed within the time period under s. 71.75 (2).

AB65,7,1913 2. Partnerships, limited liability companies, and tax-option corporations may
14not claim the credit under this subsection, but the eligibility for, and the amount of,
15the credit that may be claimed by each of their partners, members, or shareholders
16are based on their receipt of interest under par. (b). A partnership, limited liability
17company, or tax-option corporation shall compute the amount of interest income that
18each of its partners, members, or shareholders may claim, based on the proportions
19of their ownership interest, and shall provide that information to each of them.

AB65,7,2120 3. Section 71.28 (4) (e) and (f), to the extent that it applies to the credit under
21that section, applies to the credit under this subsection.

AB65,7,2322 (d) Administration. Section 71.28 (4) (g), to the extent that it applies to the
23credit under that section, applies to the credit under this subsection.

AB65,8,2

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171.49 (1) (dn) The Wisconsin Health and Educational Facilities Authority
2educational facility bond credit under s. 71.47 (6f).

AB65,8,184 77.92 (4) "Net business income," with respect to a partnership, means taxable
5income as calculated under section 703 of the Internal Revenue Code; plus the items
6of income and gain under section 702 of the Internal Revenue Code, including taxable
7state and municipal bond interest and excluding nontaxable interest income or
8dividend income from federal government obligations; minus the items of loss and
9deduction under section 702 of the Internal Revenue Code, except items that are not
10deductible under s. 71.21; plus guaranteed payments to partners under section 707
11(c) of the Internal Revenue Code; plus the credits claimed under s. 71.07 (2dd), (2de),
12(2di), (2dj), (2dL), (2dm), (2dr), (2ds), (2dx), (3g), (3s), (3n), (3t), (3w), (5b), (5e), (5f),
13(5g), and (5h), and (6f); and plus or minus, as appropriate, transitional adjustments,
14depreciation differences, and basis differences under s. 71.05 (13), (15), (16), (17), and
15(19); but excluding income, gain, loss, and deductions from farming. "Net business
16income," with respect to a natural person, estate, or trust, means profit from a trade
17or business for federal income tax purposes and includes net income derived as an
18employee as defined in section 3121 (d) (3) of the Internal Revenue Code.

AB65,8,2020 231.01 (4m) (intro.) "Educational facility" means a any of the following:

AB65,8,24 21(am) A facility used for education by a private institution that is described in
22section 501 (c) (3) of the Internal Revenue Code, as defined in s. 71.22 (4), and that
23is exempt from federal taxation under section 501 (a) of the Internal Revenue Code,
24and that satisfies any of the following:

AB65,9,64 231.01 (4m) (bm) An institution, place, building, or other structure used by the
5Wisconsin Association of Independent Colleges and Universities solely for providing
6one or more supporting services to one or more institutions specified in par. (am).

AB65,9,148 231.01 (5w) "Participating educational institution" means the Wisconsin
9Association of Independent Colleges and Universities or a corporation, agency, or
10association which that is authorized by state law to provide or operate an educational
11facility and which, if the Wisconsin Association of Independent Colleges and
12Universities or the corporation, agency, or association undertakes the financing and
13construction or acquisition of a project or undertakes the refunding or refinancing
14of obligations or of a mortgage or of advances as provided in this chapter.