Senate Bill 9 passed the Senate on February 2, 2011 with a vote of 19-0.
The Assembly passed SB 9 on April 12, 2011 with a vote of 92-1.
The bill was signed into law by Governor Walker at a Dane County dairy farm on April 19. It is now known as 2011 Wisconsin Act 15.
2011 Wisconsin Act 15 provides an extension to claim an income and franchise tax credit for amounts paid in the areas of dairy or livestock modernization and expansion until December 31, 2017.
The claimant may claim as a credit, an amount equal to 10% of the amount paid within the taxable year, for dairy farm modernization or expansion related to the operation of the claimant’s dairy farm.
Current law states that this credit can only be claimed through December 31, 2011.
“Dairy farm modernization or expansion” means the construction, improvement, or the acquisition of buildings or facilities, or acquiring equipment, for dairy animal housing, confinement, animal feeding, milk production, or waste management, including the following, if used exclusively related to dairy animals and if acquired and placed in service in this state during taxable years that begin after December 31, 2003, and before January 1, 2012.
“Used exclusively” is related to livestock, dairy animals, or both, means used to the exclusion of all other uses except for use not exceeding 5 percent of total use for taxable years that begin after December 31, 2005 and before January 1, 2010.
The Wisconsin Farm Bureau Federation is a strong supporter of the Dairy & Livestock Investment Tax Credit. Modernization and expansion of livestock farms produces jobs and spurs economic growth across our state. The Wisconsin Farm Bureau thanks the members of the State Legislature as well as Governor Walker for helping foster growth in Wisconsin's dairy and livestock industries by supporting this legislation.