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Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Wisconsin Statutes Economic Development (Ch. 238) § 238.115. Tax credit reporting - last updated January 01, 2025 | https://codes.findlaw.com/wi/wisconsin-economic-development-ch-238/wi-st-238-115/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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