Section 166.40. Certifications for applicants, and allocation of tax credits.

 

(1)  After receipt of an application submitted under s. ATCP 166.30 , the department shall issue a certification for an applicant that has met the criteria in s. ATCP 166.30 .

(2)  In conjunction with issuing a certification for an applicant, the department shall determine the maximum amount of tax credit that the applicant may either claim or distribute to its partners, members, or shareholders.

(3)  

(a) Due to the $900,000 maximum total established in s. 93.547 (2) , Stats., for allocations in each fiscal year, the department may allocate the tax credits in a manner that the department believes is most likely to promote economic development.

(b) In determining the allocation of tax credits under par. (a) , the department shall consider all of the following:

1. The jobs created by the project.

2. The salaries, wages, and other employee benefits of the jobs created by the project.

3. The amount of new, eligible capital investment in the project.

(c) The department may prorate some or all of the allocations in order to broaden the potential for promoting economic development and to address the criteria in par. (b) .

CR 11-010 : cr. Register November 2011 No. 671 , eff. 12-1-11; correction in (1) made under s. 13.92 (4) (b) 7. , Stats., Register November 2011 No. 671 .

Note

Under chapter 71 of the Statutes, the aggregate amount of credits that a taxpayer may claim under this chapter is $100,000; except that partnerships, limited liability companies, tax-option corporations, and other multiple-owner entities are limited to an aggregate of $100,000 for an entity. Microsoft Windows NT 6.1.7601 Service Pack 1 Section 93.547 (2) of the Statutes requires the department to annually "allocate $450,000 in tax credits to businesses that, individually, have no more than $5,000,000 in gross receipts from doing business in this state for the taxable year in which the credit is claimed." Microsoft Windows NT 6.1.7601 Service Pack 1