238.115 Tax credit reporting.
(1) Corporation obligations. No later than the end of the first month following each quarter, the corporation shall provide to the department of revenue all of the following information for the previous quarter:
(a) The identity of each person the corporation certified for tax credits under this chapter and, for each person, the amount certified.
(b) The identity of each person the corporation verified to claim tax credits under this chapter based on the person's satisfaction of all applicable requirements to be eligible to claim the tax credits and, for each person, the amount verified.
(c) The identity of each person, whether an entity or individual, who may claim tax credits as the result of each verification of each person identified under par. (b). The information provided under this paragraph shall specify the taxable year that applies for each of those persons.
(d) The identity of each person, whether an entity or individual, who may claim tax credits as the result of a transfer of tax credits under this chapter and, for each person, the amount transferred. The information provided under this paragraph shall specify the taxable year that applies for each of those persons.
(e) The identity of each person for whom the corporation revoked a certification for tax credits and, for each person, the amount revoked.
(f) The amount of tax credits the corporation determined each person identified under par. (e) was eligible to claim that, if already claimed, must be repaid by the person as the result of the revocation.
(g) Any other information the department of revenue and the corporation agree is necessary to accurately track certification, verification, transfer, and usage of tax credits under this chapter.
(2) Taxpayer obligations. Each person the corporation certifies for tax credits under this chapter shall provide all information necessary for the corporation to comply with the reporting requirements under sub. (1).
(3) Department of revenue's obligation. The department of revenue shall track the amount of all tax credits administered by the corporation that have been claimed or used to offset tax liability and the amount of all available unused tax credits under this chapter.
History: 2015 a. 55; 2019 a. 9.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 238 - Wisconsin economic development corporation.
238.02 - Creation and organization of corporation.
238.045 - Establishment of nonprofit organization.
238.046 - Private interest in public contract.
238.07 - Submission of annual reports to legislature.
238.08 - Records of the corporation.
238.09 - Procurement policies and procedures.
238.10 - Allocation of volume cap on tax-exempt bonds.
238.11 - Employment impact estimates.
238.115 - Tax credit reporting.
238.12 - Repayment of grants, loans, and tax benefits.
238.125 - Notification of position openings; compliance.
238.127 - State main street program.
238.13 - Brownfields grant program.
238.133 - Brownfield site assessment grants.
238.135 - Grants to regional economic development organizations.
238.14 - St. Croix Valley Business Incubator.
238.15 - Early stage business investment program.
238.155 - Talent attraction and retention initiatives.
238.17 - Historic rehabilitation tax credit.
238.25 - Assistance to loan recipients.
238.26 - Report to investment board.
238.28 - Refundable tax credits.
238.301 - Certification for tax benefits.
238.302 - Eligible activities.
238.303 - Limits on tax benefits and claiming tax benefits.
238.3045 - Transferability of tax benefits.
238.305 - Revocation of certification.
238.306 - Responsibilities of the corporation.
238.308 - Business development tax credit.
238.31 - Designation of development zone.
238.315 - Invitation to nominate area.
238.32 - Application by local governing bodies.
238.325 - Evaluation by corporation.
238.335 - Boundaries and size of development zones.
238.34 - Change in boundary and size of development zones.
238.345 - Duration, renewal and expiration.
238.35 - Additional duties of the corporation.
238.363 - Duties of local governing bodies.
238.365 - Certification for tax benefits.
238.368 - Limits on tax benefit to certified person.
238.37 - Revocation of certification.
238.38 - Certification prohibited in certain cases.
238.385 - Rules on eligibility for tax benefits.
238.395 - Development opportunity zones.
238.396 - Electronics and information technology manufacturing zone.
238.397 - Enterprise development zone program.