Section 2.99. Dairy and livestock farm investment credit.

 

(1)   Purpose. This section clarifies certain terms as they apply to the dairy and livestock farm investment credit under ss. 71.07 (3n) , 71.28 (3n) , and 71.47 (3n) , Stats.

(2)   Definitions. In this section and in ss. 71.07 (3n) , 71.28 (3n) , and 71.47 (3n) , Stats.:

(a) "Amount the claimant paid in the taxable year" means the purchase price of facilities or equipment acquired and first placed in service in this state during taxable years that begin after December 31, 2003, and before January 1, 2017.

(b) "Dairy farm modernization or expansion" has the meaning as given in ss. 71.07 (3n) , 71.28 (3n) , and 71.47 (3n) , Stats. "Dairy farm modernization or expansion" refers only to those facilities or equipment in this state used exclusively on the claimant's dairy farm related to the dairy animals located on the claimant's dairy farm. "Dairy farm modernization or expansion" does not include the purchase of:

1. Equipment used for raising crops for sale.

2. Vehicles licensed for highway use, snowmobiles, and all-terrain vehicles.

(c) "First placed in service" has the meaning as given under Treas. Reg. section 1.167 (a)-11 (e) (1) (i) for purposes of computing depreciation.

(d) "Milk production" means the activity of producing and handling milk on the claimant's dairy farm in this state for human consumption, but does not include activities such as transporting, pasteurizing, or homogenizing milk or making butter, cheese, ice cream or other dairy products.

(e) "Used exclusively related to dairy animals" means used in this state on the claimant's dairy farm to the exclusion of all other uses except for other uses not exceeding 5% of total use.

Emerg. cr. eff. 9-17-04; CR 04-115 : cr. Register March 2005 No. 591 , eff. 4-1-05; CR 12-011 : am. (title), (1), (2) (a) Register July 2012 No. 679 , eff. 1-8-12.

Note

Sections 71.07 (3n) , 71.28 (3n) , and 71.47 (3n) , Stats., were revised by 2013 Wis. Act 20 to provide the credit under this section may not be claimed for taxable years beginning on or after January 1, 2014. Microsoft Windows NT 6.1.7601 Service Pack 1 2005 Wis. Act 25 renamed the "dairy investment credit" the "dairy and livestock farm investment credit," effective for taxable years beginning on or after January 1, 2006. The term "dairy and livestock farm investment credit" as used in this section refers to the "dairy investment credit" for taxable years prior to January 1, 2006. Microsoft Windows NT 6.1.7601 Service Pack 1 Treas. Reg. s. 1.167 (a)-11 (e) (1) (i) provides, in part, that property is first placed in service when first placed in a condition or state of readiness and availability for a specifically assigned function. Microsoft Windows NT 6.1.7601 Service Pack 1 Section Tax 2.99 interprets ss. 71.07 (3n) , 71.28 (3n) , and 71.47 (3n) , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1 Sections 71.07 (3n) , 71.28 (3n) , and 71.47 (3n) , Stats., were created by 2003 Wis. Act 135 , effective for taxable years that begin after December 31, 2003, and before January 1, 2010. Microsoft Windows NT 6.1.7601 Service Pack 1