Schedule Fl - Beginning Farmer And Farm Asset Owner Credit - 2013 Page 2
Download a blank fillable Schedule Fl - Beginning Farmer And Farm Asset Owner Credit - 2013 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Schedule Fl - Beginning Farmer And Farm Asset Owner Credit - 2013 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2To be eligible for the credit, both the beginning farmer and the
Part II – Established Farmers
established farmer must have a certificate of eligibility from
the Wisconsin Department of Agriculture, Trade and Consumer
Complete Part II to claim the farm asset owner credit. You
Protection (DATCP). For information on the application
may claim this credit for the first 3 years of the lease of the
requirements, you may contact DATCP at the Wisconsin
agricultural assets to the beginning farmer.
Farm Center at 1-800-942-2474 or by e-mail at: farmcenter@
wisconsin.gov.
Line 6 Enter the amount of credit from line 6 on line 37 of
Schedule CR. See the following exceptions:
Definitions
• If the claimant is a combined group member, enter the amount
“Beginning farmer” is an individual who: has a net worth of less
of credit on Form 4M instead of Schedule CR.
than $200,000; has farmed for fewer than 10 years out of the
preceding 15 years; has entered into a lease for a term of at least
• Tax-option (S) corporations, partnerships, and LLCs treated
3 years with an established farmer for the use of the established
as partnerships should prorate the amount of credit on line 6
farmer’s agricultural assets; and uses the leased agricultural
among the shareholders, partners, or members based on their
assets in farming.
ownership interest. Show the credit for each shareholder
“Established farmer” is a person that has engaged in farming
on Schedule 5K-1 and for each partner or member on
for a total of at least 10 years; owns agricultural assets; and
Schedule 3K-1.
has entered into a lease for a term of at least 3 years with a
• Fiduciaries – Complete lines 6a and 6b.
beginning farmer for the use of the person’s agricultural assets.
“Financial management program” means a course in farm
Line 6a Fiduciaries – Prorate the credit from line 6 between the
financial management that is offered by an educational
entity and its beneficiaries in proportion to the income allocable
institution.
to each. Show the beneficiaries’ portion of the credit on line 6a.
Show the credit for each beneficiary on Schedule 2K-1.
“Educational institution” means the Wisconsin Technical
College System, the University of Wisconsin-Extension, the
Line 6b Subtract line 6a from line 6. This is the estate’s or
University of Wisconsin-Madison, or any other institution that
trust’s portion of the credit. Fill in here and on line 37 of Sched-
is approved by DATCP.
ule CR.
“Agricultural assets” means machinery, equipment, facilities,
or livestock that is used in farming.
Required Attachments to Return
“Farming” means the cultivation of land or the raising or
File your completed Schedule FL with your Wisconsin franchise
harvesting of any agricultural or horticultural commodity
or income tax return. Include a copy of your certificate of
including the raising, shearing, feeding, caring for, training, and
eligibility from DATCP. Shareholders of tax-option (S)
management of animals. Trees (other than trees bearing fruit
corporations, partners of partnerships, members of LLCs treated
or nuts) shall not be treated as an agricultural or horticultural
as partnerships, and beneficiaries of estates or trusts must file
commodity.
a copy of Schedule 5K-1, 3K-1, or 2K-1, as appropriate, with
Schedule FL instead of the certificate of eligibility.
Credit is Income
The credit that you compute on Schedule FL is income and must
be reported on your Wisconsin franchise or income tax return in
Additional Information
the year computed.
For more information, you may contact any Department of
Revenue office or:
Credits are refundable
If the amount of credit exceeds the tax otherwise due, the amount
Call (608) 266-2486
of the claim not used to offset the tax due will be refunded.
Email your question to: income@revenue.wi.gov.
SPECIFIC INSTRUCTIONS
Part I – Beginning Farmers
Complete Part I of Schedule FL to claim the beginning farmer
credit.
This is a one-time credit. If you previously claimed the credit in
a prior year, you may not claim it for 2013.
Wisconsin Department of Revenue
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial