Schedule Di - Wisconsin Dairy And Livestock Farm Investment Credit - 2012 Page 2
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2012 Schedule DI
Page
property for dairy farm or livestock farm modernization or expan-
The terms “dairy farm modernization or expansion” and “live-
sion may be eligible for the credit.
stock farm modernization or expansion” do not include the pur-
chase of equipment used for raising crops for sale or vehicles
Partnerships, LLCs treated as partnerships, and tax-option (S)
licensed for highway use, snowmobiles, or all-terrain vehicles.
corporations cannot claim the credit; instead, the credit flows
“Used exclusively” related to dairy animals, livestock, or both,
through to the partners, members, or shareholders based on
means used to the exclusion of all other uses except for other
their ownership interests.
uses not exceeding 5% of total use.
Estates and trusts share the credit with their beneficiaries in
Line 4: Fill in the amount of dairy and livestock farm investment
proportion to the income allocable to each.
credit passed through from tax-option (S) corporations, partner-
ships, LLCs treated as partnerships, estates, and trusts. The
Credit Is Income
pass-through credit is shown on Schedule 5K-1 for shareholders
of tax-option (S) corporations, Schedule 3K-1 for partners and
The credit that you compute on Schedule DI is income and must
LLC members, and Schedule 2K-1 for beneficiaries of estates
be reported on your Wisconsin franchise or income tax return in
and trusts.
the year computed. This is true even if you cannot use the full
amount of a credit computed this year to offset tax liability for
Line 6: Caution - If your 2012 credit is based on costs incurred
this year and must carry part or all of it forward to future years.
prior to May 27, 2010, the maximum credit is $50,000 instead
of $75,000.
Carryover of Unused Credit
Line 7: Fill in the smaller of line 5 or line 6c. This is the total
The dairy and livestock farm investment credit is nonrefundable.
current year dairy and livestock farm investment credit.
Any unused credit may be carried forward for 15 years. If there
is a reorganization of a corporation claiming the dairy and live-
Fiduciaries - Complete lines 7a and 7b.
stock farm investment credit, the limitations provided by Internal
Revenue Code section 383 may apply to the carryover of any
Line 7a: Fiduciaries - Prorate the credit from line 7 between the
unused Wisconsin dairy and livestock farm investment credit.
entity and its beneficiaries in proportion to the income allocable
to each. Show the beneficiaries’ portion of the credit on line 7a.
Specific Instructions
Show the credit for each beneficiary on Schedule 2K-1.
Line 1: Fill in on lines 1a to 1p the cost of depreciable property
acquired for dairy farm modernization or expansion or livestock
Line 7b: Fiduciaries - Subtract line 7a from line 7. This is the
farm modernization or expansion. The property must have been
estate’s or trust’s portion of the credit.
acquired and placed in service in the taxable year beginning in
2012. The property must be used exclusively related to dairy
Line 9: Enter the amount of credit from line 9 on the appropriate
animals, livestock, or both, in Wisconsin.
line of Schedule CR. See the following exceptions:
•
If the claimant is a combined group member, enter the
“Dairy farm modernization or expansion” means the construction,
the improvement, or the acquisition of buildings or facilities, or
amount of credit on Form 4M instead of Schedule CR.
the acquisition of equipment, for dairy animal housing, confine-
•
Tax-option (S) corporations, partnerships, and LLCs treated
ment, animal feeding, milk production, or waste management, if
exclusively related to dairy animals on the claimant’s dairy farm
as partnerships should prorate the amount of credit on line
and if acquired and placed in service in Wisconsin.
7 among the shareholders, partners, or members based on
their ownership interest. Show the credit for each share-
“Milk production” means the activity of producing and handling
holder on Schedule 5K-1 and for each partner or member
milk on the claimant’s dairy farm in Wisconsin for human con-
on Schedule 3K-1.
sumption. It does not include activities such as transporting,
Additional Information
pasteurizing, or homogenizing milk or making butter, cheese,
ice cream, or other dairy products.
For more information, you may:
“Dairy farm” includes a facility in Wisconsin used to raise heifers
• E-mail your questions to corp@revenue.wi.gov
as replacement dairy animals. “Dairy animals” include heifers
• Call (608) 266-2772 [TTY: Call the Wisconsin
raised as replacement dairy animals.
Telecommunications Relay System at 711. If no answer,
dial 1-800-947-3529]
“Livestock farm modernization or expansion” means the con-
struction, the improvement, or the acquisition of buildings or
• Send a FAX to (608) 267-0834
facilities, or the acquisition of equipment, for livestock housing,
confinement, feeding, or waste management, if used exclusively
• Write to the Audit Bureau, Wisconsin Department of
related to livestock on the claimant’s livestock farm and if ac-
Revenue, Mail Stop 5-144, PO Box 8906, Madison WI
quired and placed in service in Wisconsin.
53708-8906
“Livestock” means cattle, not including dairy animals; swine;
poultry, including farm-raised pheasants, but not including
other farm-raised game birds or ratites (such as emu, ostrich,
and rhea); fish that are raised in aquaculture facilities; sheep;
and goats.
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