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 carry over their unused research credits for a longer duration, enabling them to offset their tax liabilities in future years more effectively. The bill also includes various amendments to existing statutes, specifically renumbering and amending sections related to the research credit, ensuring that the new carryover provisions are consistently applied across different subsections.

In addition to the extended carryover period, the bill makes several technical amendments to the language of the statutes, replacing references to the previous section numbers with updated ones. For instance, the bill deletes references to section 71.28 (4) and replaces them with 71.28 (5b) in multiple instances throughout the text. These changes aim to clarify the application of the research income tax credit and ensure that the updated provisions are accurately reflected in the law.

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)