Fillable Schedule Mp - Meat Processing Facility Investment Credit

Instructions for 2013 Schedule MP

General Instructions

Note: The amounts you enter in line 1 should match the amounts

in your application to the Wisconsin DATCP .

Purpose of Schedule MP

Line 3. Enter the amount of credit allocated to you by the

Use Schedule MP to claim the meat processing facility invest-

Wisconsin DATCP based on the amounts you entered above .

ment credit . This credit is for taxpayers who have invested to

modernize or expand meat processing facilities in Wisconsin

Line 4. If applicable, fill in the amount of meat processing

and who have been certified by the Department of Agriculture,

facility investment credit passed through from tax-option (S)

Trade, and Consumer Protection (DATCP) . The credit is avail-

corporations (from Schedule 5K-1), partnerships and LLCs

able for taxable years beginning after December 31, 2008 and

treated as partnerships (from Schedule 3K-1), and estates and

before January 1, 2014.

trusts (from Schedule 2K-1) .

For information on how to become certified by the DATCP, visit the

Line 7. Enter the smaller of line 5 or line 6c on line 7 . Fiduciaries

DATCP web site at www .datcp .wi .gov or write to the Wisconsin

must complete lines 7a and 7b .

DATCP, PO Box 8911, Madison, WI 53708-8911 .

Enter the amount of credit from line 7 on the appropriate line of

Who is Eligible to Claim the Credit

Schedule CR . See the following exceptions:

Any individual, estate, trust, partnership, limited liability company

•

If the claimant is a combined group member, enter the

(LLC), corporation, or tax-exempt organization that has invested

amount of credit on Form 4M instead of Schedule CR .

in modernizing or expanding a meat processing facility in

•

Tax-option (S) corporations, partnerships, and LLCs treated

Wisconsin and is certified by the DATCP may be eligible.

as partnerships should prorate the amount of credit on line

7 among the shareholders, partners, or members based

Tax-option (S) corporations, partnerships, and LLCs treated as

on their ownership interest . Show the credit for each

partnerships cannot claim the credit at the entity level . However,

shareholder on Schedule 5K-1 and for each partner or

the credit attributable to the entity’s business operations passes

member on Schedule 3K-1 .

through to the entity’s shareholders, partners, or members .

Line 7a: Fiduciaries - Prorate the credit from line 7 between the

The maximum meat processing facility investment credit

entity and its beneficiaries in proportion to the income allocable

available to all claimants for taxable years beginning in 2010

to each. Show the beneficiaries’ portion of the credit on line 7a.

and thereafter is $700,000 .

Show the credit for each beneficiary on Schedule 2K-1.

Maximum Credit

Line 7b: Fiduciaries - Show only the entity’s portion of the

The aggregate maximum meat processing facility investment

credit on line 7b . Enter the amount of credit from line 7b on the

credit allowed for all property acquired and placed into service

appropriate line of Schedule CR .

after December 31, 2008 and before January 1, 2014, is

$200,000 .

If the amount of credit exceeds the tax otherwise due, the amount

of the claim not used to offset the tax due will be refunded to

For tax-option (S) corporations, partnerships, and LLCs treated

the claimant .

as partnerships, each shareholder, partner, or member may

claim a credit in proportion to his or her ownership interest, except

Required Attachments to Return

that the aggregate amount of credits claimed by all persons who

File your completed Schedule MP with your Wisconsin franchise

own and operate the facility may not exceed $200,000 .

or income tax return . Also include a copy of your DATCP

certification to claim the credit. Shareholders of tax-option (S)

Caution: Credit is Income

corporations, partners of partnerships, members of LLCs treated

The credit that you compute on Schedule MP is income and must

as partnerships, and beneficiaries of estates or trusts must file

be reported on your Wisconsin franchise or income tax return as

a copy of Schedule 5K-1, 3K-1, or 2K-1, as appropriate, with

income in the year computed .

Schedule MP instead of the certification.

Specific Instructions

Additional Information

Line 1. Fill in on lines 1a through 1j the cost of constructing,

For more information, you may:

improving, or acquiring buildings or facilities, or acquiring

equipment, related to the claimant’s meat processing operation .

•

E-mail your question to corp@revenue .wi .gov

The property must have been acquired and placed in service

•

Call (608) 266-2772 [TTY:

Call the Wisconsin

during the taxable years . The property must be used exclusively

Telecommunications Relay System at 711]

for meat processing .

•

Send a FAX to (608) 267-0834

“Meat processing” means processing livestock into meat

products or processing meat products for sale commercially .

•

Write to the Audit Bureau, Wisconsin Department of

Revenue, Mail Stop 5-144, PO Box 8906, Madison, WI

“Used exclusively” means used to the exclusion of all other uses

53708-8906 .

except for use not exceeding 5 percent of total use .

Schedule Mp - Meat Processing Facility Investment Credit - 2013 Page 2

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