Wisconsin Act 20, signed into law recently extends the benefits of the current Wisconsin Research Expense Credit to individuals, S – Corporations, partnerships, and certain limited liability companies. The expansion is effective for taxable periods beginning January 1, 2013.
Wisconsin credit details include:
- 5% credit for companies using the regular credit calculation method
- 2.65% to 3.75% tiered credit system for companies electing the Alternative Incremental Credit method
- Unused credit can be carried forward up the 15 years and applied to Wisconsin income or franchise taxes