Limitations.
1.
(1)#
Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their share of the income described under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interests.
(2)#
The credit under par. (b), including any credits carried over, may be offset only against the amount of the tax imposed upon or measured by the business operations of the claimant on which the credit is computed.
(3)#
For shareholders of a tax-option corporation, the credit may be offset only against the tax imposed on the shareholder’s prorated share of the tax-option corporation’s income.
(4)#
For partners of a partnership, the credit may be offset only against the tax imposed on the partner’s distributive share of partnership income.
(5)#
For members of a limited liability company, the credit may be offset only against the tax imposed on the member’s distributive share of the limited liability company’s income.