Schedule Wc - Water Consumption Credit - 2012
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1
2Schedule
WC
Water Consumption Credit
2012
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 2012 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 2012 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 2012 Schedule WC
Purpose of Schedule WC
Credit is Income
Use Schedule WC to claim the water consumption credit .
The credit you compute on Schedule WC is income and
This credit is available for taxable years beginning after
must be reported on your Wisconsin franchise or income
December 31, 2009, and before January 1, 2020 .
tax return in the year computed .
Who is Eligible to Claim the Credit
Carryover of Unused Credits
The credit is available to an industrial customer of a
Any unused credit may be carried forward for 15 years .
municipal water utility that is located in a federal renewal
If there is a reorganization of a corporation claiming the
community zone in Wisconsin, and whose average annual
credit, the limitations provided by Internal Revenue Code
water consumption from the utility for a 24-month period
sec . 383 may apply to the carryover of the unused credit .
exceeds 1,000,000 Ccf . “Ccf” means 100 cubic feet .
Specific Line Instructions
Partnerships, LLCs treated as partnerships, and tax-
option (S) corporations cannot claim the credit, but the
Line 1: Enter the amount of water usage costs for the
credit attributable to the entity’s business operations
taxable year beginning in 2012 .
passes through to the partners, members or shareholders .
A partnership, limited liability company, or tax-option (S)
Line 2: Enter the amount of water usage costs for the
corporation shall compute the amount of credit that each
taxable year beginning in 2009 .
of its partners, members, or shareholders may claim and
provide that information to each of them .
Line 3: Subtract the amount on line 2 from the amount
on line 1 and enter the result on line 3 . However, if the
The credit must be claimed within four years of the
amount on line 2 is more than the amount on line 1, enter
unextended due date of the return .
-0- and do not complete the rest of the form . You do not
qualify for the credit .
IC-069
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