This credit is available to businesses that have qualified production activities income from property located in Wisconsin that is assessed as either manufacturing or agricultural.
An individual, estate, trust, partnership, limited liability company (LLC), or corporation can compute this credit.
The credit is a percentage of eligible qualified production activities income. It is calculated by multiplying eligible qualified production activities income by one of the following percentages:
– For taxable years beginning after December 31, 2012, and before January 1, 2014, 1.875 percent
– For taxable years beginning after December 31, 2013, and before January 1, 2015, 3.750 percent
There is no maximum dollar limit; however, the maximum amount of credit that may be claimed is up to the gross tax computed from the business operations that were used to claim the credit on the corporate income tax return.