Enacted Wisconsin budget bill benefits combined return filers, creates new credit

Enacted Wisconsin tax legislation incorporated into the 2011-2013 biennial budget repeals statutory provisions that grant the Wisconsin Department of Revenue the authority to disregard a combined report "controlled group election"; allows certain net business loss carryforwards generated by one combined group member to be used by other group members; and authorizes a domestic production activities credit for qualifying manufacturers and agricultural businesses. In addition, the legislation modifies the taxation of capital gains for personal income tax purposes and provides a sales and use tax exemption for purchases of certain promotional goods. [A.B. 40, enacted 6/26/11, pending publication as 2011 Wisc. Act 32]

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