Schedule
WC
Water Consumption Credit
2013
File with Wisconsin Form 1, 1NPR, 2, 3, 4, 4T, 5 or 5S
Wisconsin Department
Read instructions before filling in this schedule
of Revenue
Name
Identifying Number
1
Enter the amount of your water usage costs for the 2013 taxable year . . . . . . . . . . . . . . . . . 1
2
Enter your water usage costs for the 2009 taxable year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Subtract line 2 from line 1. (If line 2 is more than line 1, fill in -0- and do not complete the
3
rest of the form – you do not qualify for the credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4
Multiply the amount on line 3 by 0 .50 (50%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5
Enter water consumption credit passed through from other entities . . . . . . . . . . . . . . . . . . . 5
6
Add lines 4 and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
$300,000
7
Maximum credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8
Enter the smaller of line 6 or line 7 (see instructions) . This is your 2013 water
consumption credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
8a Fiduciaries - Enter amount of credit from line 8 allocated to beneficiaries . . . . . . . . . . . . . . . 8a
8b Fiduciaries - Subtract line 8a from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8b
9
Carryover of unused water consumption credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Add lines 8 and 9 (lines 8b and 9 if fiduciary) but do not enter more than $300,000.
10
This is the available water consumption credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Instructions for 2013 Schedule WC
Purpose of Schedule WC
members, or shareholders may claim and provide
that information to each of them .
Use Schedule WC to claim the water consumption
The credit must be claimed within four years of the
credit . This credit is available for taxable years
unextended due date of the return .
beginning after December 31, 2009, and before
January 1, 2014.
Credit is Income
Who is Eligible to Claim the Credit
The credit you compute on Schedule WC is income
and must be reported on your Wisconsin franchise
The credit is available to an industrial customer of
or income tax return in the year computed .
a municipal water utility that is located in a federal
renewal community zone in Wisconsin, and whose
Carryover of Unused Credits
average annual water consumption from the utility
for a 24-month period exceeds 1,000,000 Ccf . “Ccf”
Any unused credit may be carried forward for 15
means 100 cubic feet .
years . If there is a reorganization of a corporation
claiming the credit, the limitations provided by
Partnerships, LLCs treated as partnerships, and
Internal Revenue Code sec . 383 may apply to the
tax-option (S) corporations cannot claim the credit,
carryover of the unused credit .
but the credit attributable to the entity’s business
operations passes through to the partners, members
Credits computed but not used prior to the credits
or shareholders . A partnership, limited liability
expiring January 1, 2014 may be carried forward
company, or tax-option (S) corporation shall compute
subject to the 15 year carry forward limitation .
the amount of credit that each of its partners,
IC-069