Senate Bill 482 proposes significant changes to the research income tax credit in Wisconsin by extending the carryover period for unused research credits from 15 years to 50 years. This change allows claimants to utilize their unused research credits to offset tax liabilities for a much longer duration, potentially benefiting businesses that invest in research and development. The bill also includes various amendments to existing statutes to align with this extended carryover period, specifically renumbering and amending sections related to the research credit.

In addition to the extended carryover period, the bill makes several technical amendments to ensure consistency across different sections of the tax code. Notably, it repeals certain provisions and renumbers others, specifically changing references from section 71.28 (4) to 71.28 (5b) in multiple instances throughout the bill. These changes aim to streamline the application of the research income tax credit and clarify the rules governing its use, ultimately encouraging more businesses to engage in research activities within the state.

Statutes affected:
Bill Text: 71.07(2dm)(h), 71.07, 71.07(2dx)(e)1, 71.07(2dy)(d)1, 71.07(3g)(c), 71.07(3h)(d)1, 71.07(3n)(f), 71.07(4k)(e)2.b, 71.07(5b)(d)1, 71.07(5d)(d)2, 71.07(5g)(d)1, 71.07(5i)(d), 71.07(5j)(d)1, 71.07(5k)(d), 71.07(5n)(d)1, 71.07(5r)(d)1, 71.07(5rm)(d)1, 71.07(6n)(d)1, 71.07(8b)(e), 71.07(9m)(e), 71.07(9r)(g), 71.07(10)(d)