Biodiesel fuel production credit.
(a) Definitions.
(a)Definitions.#
In this subsection: 1. “Biodiesel fuel” has the meaning given in s. 168.14 (2m) (a). 2. “Claimant” means a person who is engaged in the business of producing biodiesel fuel in this state and who files a claim under this subsection.
(a)(1)#
“Biodiesel fuel” has the meaning given in s. 168.14 (2m) (a).
(a)(2)#
“Claimant” means a person who is engaged in the business of producing biodiesel fuel in this state and who files a claim under this subsection.
(b)Filing claims.#
Subject to the limitations provided in this subsection, for taxable years beginning after December 31, 2011, and before January 1, 2014, for a claimant who produces at least 2,500,000 gallons of biodiesel fuel in this state in the taxable year, a claimant may claim as a credit against the tax imposed under s. 71.23, up to the amount of the tax, an amount that is equal to the number of gallons of biodiesel fuel produced by the claimant in this state in the taxable year multiplied by 10 cents.
(c)Limitations.#
1. The maximum amount of the credit that a claimant may claim under this subsection in a taxable year is $1,000,000. 2. 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 biodiesel fuel production, as 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.
(c)(1)#
The maximum amount of the credit that a claimant may claim under this subsection in a taxable year is $1,000,000.
(c)(2)#
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 biodiesel fuel production, as 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.
(d)Administration.#
1. Subsection (5b) (e) to (h) as it applies to the credit under sub. (5b), applies to the credit under this subsection. 2. No credit may be claimed under this subsection for taxable years beginning after December 31, 2013. Credits under this subsection for taxable years that begin before January 1, 2014, may be carried forward to taxable years that begin after December 31, 2013.
(d)(1)#
Subsection (5b) (e) to (h) as it applies to the credit under sub. (5b), applies to the credit under this subsection.
(d)(2)#
No credit may be claimed under this subsection for taxable years beginning after December 31, 2013. Credits under this subsection for taxable years that begin before January 1, 2014, may be carried forward to taxable years that begin after December 31, 2013.