Wisconsin Statutes 238.368 – Limits on tax benefit to certified person
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Terms Used In Wisconsin Statutes 238.368
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Population: means that shown by the most recent regular or special federal census. See Wisconsin Statutes 990.01
(1)
(a) The corporation shall establish a limit on the maximum amount of tax benefits a person certified under s. 238.365 (3) may claim while an area is designated as a development zone.
(b) When establishing a limit on tax benefits under par. (a), the corporation shall do all of the following:
1. Consider all of the criteria described in s. 238.365 (3) (a) to (e).
2. Establish a limit which does not greatly exceed a recommended limit, established under rules adopted by the corporation based on the cost, number and types of full-time jobs that will be created, retained, or upgraded, including full-time jobs available to members of the targeted population, as a result of the economic activity of the person certified under s. 238.365 (3).
(2) The corporation may, upon request, increase a limit on tax benefits established under sub. (1) if the corporation does all of the following:
(a) Complies with sub. (1) (b) with respect to the proposed increase.
(b) Revises the certification required under s. 238.365 (5) and provides a copy of the revised form to the department of revenue and the person whose limit is increased under this subsection.
(3)
(a) The corporation may reduce a limit established under sub. (1) or (2) if the corporation determines that any of the following applies:
1. The limit is not consistent with the criteria listed under s. 238.365 (3) (a) to (e).
2. The information on which the limit is based was inaccurate or significantly misestimated.
(b) The corporation shall notify the department of revenue and the person whose limit on tax benefits is reduced under par. (a) and provide a written explanation to the person of the reasons for reducing the limit.