Limitations.
1.
(1)#
No credit may be claimed under this subsection for any qualified short line railroad maintenance expenditures that are used to claim a tax credit under federal law or that are funded by a federal or state grant.
(2)#
No claimant may use an expenditure to claim both a credit under this subsection and a credit under sub. (8t).
(3)#
The total amount of the credits under this subsection and ss. 71.07 (8v) and 71.28 (8v) for a claimant for a taxable year may not exceed an amount equal to $5,000 multiplied by the number of miles of railroad track owned or leased by the claimant in this state on December 31 of the taxable year to which the claim applies.
(4)#
No credit may be allowed under this subsection unless the claimant submits an application under s. 238.309 and includes with the claimant’s return a copy of the claimant’s verification under s. 238.309.
(5)#
Partnerships, tax-option corporations, and limited liability companies may not claim a credit under this subsection, but the eligibility for, and the amount of, the credit are based on their expenditures made under par. (b). A partnership, tax-option corporation, or limited liability company shall compute the amount of the credit that each of its partners, shareholders, or members may claim and shall provide that information to each of them. Partners of a partnership, shareholders of tax-option corporations, and members of limited liability companies may claim the credit in proportion to their ownership interest.