560.703 Limits on tax benefits and claiming tax benefits. - Wisconsin Statutes

560.703

560.703 Limits on tax benefits and claiming tax benefits.

560.703(1)

(1) Limits.

560.703(1)(a)

(a) Except as provided in par. (b), and subject to a reallocation by the department pursuant to rules promulgated under s. 560.205 (3) (d), the total tax benefits available to be allocated by the department under ss. 560.701 to 560.706 may not exceed the sum of the tax benefits remaining to be allocated under ss. 560.71 to 560.785, 560.797, 560.798, 560.7995, and 560.96 on March 6, 2009.

560.703(1)(b)

(b) The department may submit to the joint committee on finance a request in writing to exceed the total tax benefits specified in par. (a). The department shall submit with its request a justification for seeking an increase under this paragraph. The joint committee on finance, following its review, may approve or disapprove an increase in the total tax benefits available to be allocated under ss. 560.701 to 560.706.

560.703(2)

(2) Authority to claim tax benefits. The department may authorize a person certified under s. 560.701 (2) to claim tax benefits only after the person has submitted a report to the department that documents to the satisfaction of the department that the person has complied with the terms of the contract under s. 560.701 (3) and the requirements of any applicable rules promulgated under s. 560.706 (2).

560.703(3)

(3) Notice of eligibility. The department shall provide to the person and to the department of revenue a notice of eligibility to receive tax benefits that reports the amount of tax benefits for which the person is eligible.

560.703 - ANNOT.

History: 2009 a. 2, 265.