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Tax Deductions Blog

Wisconsin Extends Net Operating Loss Carryforwards to 20 Years and Allows Additional Credits Against Alternative Minimum Tax

Authored by Amy E. Ebeling
Posted on March 15, 2014
Filed under Tax Deductions

Recently enacted Wisconsin legislation contained a number of significant changes to our state's corporation franchise and income tax laws that may affect your business's tax liability. For instance, among other important changes, net business loss, carry forwards under the corporation franchise, and income taxes were extended from 15 years to 20 years, applicable to tax years beginning after 2013.

The new legislation also allows the following credits to be claimed against the alternative minimum tax (AMT), manufacturing and agriculture credit (for tax years beginning after 2012), the historic rehabilitation credit (for tax years beginning after 2013), and the research credit (for tax years beginning after 2013).

In addition, provisions concerning the job's tax credit were amended to clarify that a business must increase employment in Wisconsin in order to be eligible for the credit. Previously, the law did not specify that the increase to employment had to be within the state.

As always, our office is available to help you understand the changes in the law as they apply to your business. Please reach out to your preferred Ruder Ware attorney or tax accountant to discuss potential planning strategies that can help you take advantage of the changes and minimize any possible tax increases.