Free 2008 IC-029 Schedule TC - Wisconsin Technology Zone Credit - Wisconsin

Schedule

TC
Name

WisconsinTechnologyZoneCredit
FilewithWisconsinForm1,1NPR,2,3,4,4I,4T,5,or5S
IdentifyingNumber

WisconsinDepartment ofRevenue

2008

1 EnterthecreditforWisconsinrealandpersonalpropertytaxespaid . . . . . . . . . . . . . . . . . . . . . 1 2 Enterthecreditforcapitalinvestmentsmadeinatechnologyzone . . . . . . . . . . . . . . . . . . . . . . 2 3 Enterthecreditforwagespaidforjobscreatedinatechnologyzone . . . . . . . . . . . . . . . . . . . . 3 . 4 Addlines1,2,and3 .Thisisthetechnologyzonecreditbeforepass-throughcredits . . . . . . . . 4 5 Entertechnologyzonecreditpassedthroughfromotherentities . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Addlines4and5 .Thisisyour2008credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Carryoverofunusedtechnologyzonecredit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Addlines6and7 .Thisistheavailabletechnologyzonecredit . . . . . . . . . . . . . . . . . . . . . . . . . . 8

InstructionsforScheduleTC
GeneralInstructions
PurposeofScheduleTC Use Schedule TC to claim the tax credit that may be available to persons doing business in Wisconsin technologyzones .Thecreditisapercentage,determinedby theDepartmentofCommerce,oftheWisconsinrealand personalpropertytaxespaid,10%ofthecapitalinvestments made, and 15% of the amount spent for the first 12 months of wages for each job created after certification forthetaxableyearbeginningin2008 . TheDepartmentofCommercehasdesignatedeightareas ofthestateastechnologyzones .Apersonlocatedinor planningtobelocatedinatechnologyzonemustsubmitan applicationtothelocaltechnologyzonerepresentativeand be certified by the Department of Commerce to claim tax benefits. A person may be eligible for tax benefits if (1) the person's business is new or expanding, (2) the person's business is a high-technology business, and (3) the local technologyzonerepresentativerecommendstheperson's business for certification. The Department of Commerce will establish a tax benefit limit for certified businesses. Foramapandadditionalinformationaboutthetechnology zones,visittheDepartmentofCommercewebsiteatwww . commerce .wi .govorwritetotheWisconsinDepartmentof Commerce,POBox7970,MadisonWI53707-7970 . WhoIsEligibletoClaimtheCredit Any individual, estate, trust, partnership, limited liability company (LLC), corporation, tax-option (S) corporation, insurance company, or tax-exempt organization that is conductingatradeorbusinessinatechnologyzoneand has been certified by the Department of Commerce may beeligibleforthetaxcredit . Partnerships, LLCs treated as partnerships, and tax-option (S) corporations cannot claim the credit, but the credit attributable to the entity's business operations passes throughtothepartners,members,orshareholders . Estatesortrustssharethecreditamongthemselvesand their beneficiaries in proportion to the income allocable toeach . CreditIsIncome ThecreditthatyoucomputeonScheduleTCisincomeand mustbereportedonyourWisconsinfranchiseorincome taxreturnintheyearcomputed .Thisistrueevenifyou cannotusethefullamountofacreditcomputedthisyear tooffsettaxliabilityforthisyearandmustcarrypartorall ofitforwardtofutureyears . CarryoverofUnusedCredits Thetechnologyzonecreditisnonrefundable .Anyunused credit maybe carried forward for 15 years . Ifthere isa reorganizationofacorporationclaimingatechnologyzone credit,thelimitationsprovidedbyInternalRevenueCode section 383 may apply to the carryover of any unused Wisconsintechnologyzonecredit .

IC-029

Information Formoreinformationaboutclaimingthecredit,youmay: · E-mailyourquestiontocorp@revenue .wi .gov · · Send a FAX to (608) 267-0834 Call (608) 266-2772 [TTY (608) 267-1049]

Line6.Addlines4and5 .Thisisthetotal2008technology zonecredit .Entertheamountonline6asanadditionto incomeontheappropriatelineofyourWisconsinfranchise orincometaxreturn . Specialinstructionsapplytopass-throughentities: · Tax-option(S)corporations,partnerships,andLLCs treatedaspartnerships:Proratethetechnologyzone creditonline6amongtheshareholders,partners,or membersbasedontheirownershipinterests .Showonly thecreditforeachshareholderonSchedule5K-1and for each partner or LLC member on Schedule 3K-1. · Estatesandtrusts:Proratethetechnologyzonecredit thatotherwisewouldbeenteredonline6betweenthe estate or trust itself and its beneficiaries in proportion totheincomeallocabletoeach .Showonlytheestate's or trust's portion of the credit on line 6 . Show the beneficiaries' portion of the credit to the left of line 6. Label it "Beneficiaries' portion" and show the credit for each beneficiary on Schedule 2K-1. Line7.Enteranyunusedtechnologyzonecreditcarried overfromprioryears . Line8.Addlines6and7 .Thisistheavailabletechnology zonecredit . Individuals (including tax-option (S) corporation shareholders, partners, members of LLCs treated as partnerships, and beneficiaries of estates or trusts) should refer to the WisconsinForm1or1NPRinstructionsforclaimingthe credit . Corporations, except tax-option (S) corporations, should seetheForm4,4I,4T,or5instructionsforclaimingthe credit . RequiredAttachmentstoScheduleTC To claim the technology zone credit, you must file the followingwithScheduleTC: · A copy of your certification for tax benefits issued by theDepartmentofCommerce .

· Write to theAudit Bureau, Wisconsin Department of Revenue,MailStop5-144,POBox8906,MadisonWI 53708-8906

Specific Instructions
Line1.Enter the 2008 credit from the Department of Commerce verification form for Wisconsin real and personalpropertytaxespaidduringthetaxableyearthat beganin2008 . Line2.Enter the 2008 credit from the Department of Commerce verification form based on 10% of the capital investmentsyoumadeinatechnologyzoneforthetaxable yearbeginningin2008 .Capitalinvestmentsincludethe following: · Thepurchasepriceofdepreciable,tangiblepersonal property . · Theamountexpendedtoacquire,construct,rehabilitate,remodel,orrepairrealpropertyinatechnology zone . Note:Capitalinvestmentscannotbeusedtocalculatethe technologyzonecreditineitherofthefollowingcases: · Theyareusedtocalculateanyothertaxcredit,such asadevelopmentzonecreditoraresearchcredit . · Theyarenotretainedforuseinthetechnologyzone for the period during which your business is certified fortaxcredits . Line3.Enter the 2008 credit from the Department of Commerce verification form based on 15% of the amount spent for the first 12 months of wages for each job that is created in a technology zone after certification. Line 5. Enter the amount of technology zone credit passed through from tax-option (S) corporations, partnerships, LLCs treated as partnerships, estates, and trusts. The pass-through credit is shown on Schedule5K-1 for shareholders of tax-option (S) corporations, Schedule 3K-1 for partners and LLC members, and Schedule 2K-1 for beneficiaries of estates and trusts.

· A statement from the Department of Commerce verifyingtheamountofyourcreditsforpropertytaxes paid, capital investments made, and wages paid for jobscreatedinatechnologyzone . If the technology zone credit is passed through from a tax-option (S) corporation, partnership, LLC treated as a partnership, estate, or trust, file a copy of your Schedule5K-1,3K-1,or2K-1withScheduleTCinstead oftheaboveinformation .