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FARMLAND PRESERVATION CREDIT

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Question
FARMLAND PRESERVATION CREDIT

Answer

The farmland preservation credit program provides an income tax credit to Wisconsin residents who own farmland in Wisconsin. If you claim homestead credit or the veterans and surviving spouses property tax credit, you are not eligible for farmland preservation credit. For more information about farmland preservation credit, contact our Farmland Preservation Unit in Madison at (608) 266‑2442 or visit any department office. See page 10 for information on obtaining Schedule FC or FC‑A, which you must complete to apply for the credit.

 

The total amount of farmland preservation credit from Schedule FC that you received during 2019 must be reported as income. Fill in as an addition any portion of your farmland preservation credit which was not included as income on your federal tax return.

 

If you are claiming farmland preservation credit, include a completed Schedule FC or FC‑A with your Form 1. Fill in on line 37a of Form 1 the amount from line 17 of your Schedule FC. Fill in on line 37b of Form 1 the amount from line 13 of Schedule FC‑A.

Note: For a description of the farmland preservation credit program, see the Special Instructions on page 9. You cannot claim farmland preservation credit if you (or your spouse, if married) claim the veterans and surviving spouses property tax credit or homestead credit.

If you recklessly or fraudulently claim a false credit, you may be ineligible to claim this credit and any other refundable credit for up to 10 years and could also owe a penalty


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Article Details
Views: 1854 Created on: Jun 15, 2013
Date updated: Dec 06, 2019
Posted in: States, Wisconsin

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