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What are Wisconsin Preservation Credits?

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What are Wisconsin Preservation Credits?

Answer

Farmland Preservation Credit
To qualify for the farmland preservation credit, you must meet all off the following conditions:
1. You or any member of your household must have been the owner of the Wisconsin farmland for which the credit is being claimed, during your taxable year that begins in the tax year.
2. You must have been a resident of Wisconsin for the entire taxable year. The taxable year may be either calendar year or a fiscal year beginning in the tax year, but it must be for the same period covered by your income tax return.
A corporation must have been organized under the laws of Wisconsin.
3. You and your spouse must not claim homestead credit or the veterans and surviving spouses property tax credit.
4. The property taxes for the property on which the claim is based must have been paid in full.
EXCEPTION: This condition may not apply if you compute your credit using the prior year's law method.
5. Your claim must be based on at least 35 acres of farmland.
6. You must be subject to a farmland preservation agreement that was entered into prior to July 1, 2009, and in effect on July 1, 2014. If your agreement expired in 2014, it must have expired on or after July 1, 2014.
7. The farmland on which the claim is based must have produced at least $6,000 of gross farm profits (see definition on page 3) during 2014 or at least a total of $18,000 in gross farm profits for 2012, 2013, and 2014 combined. If you rent out your farm‑ land, the renter’s gross farm profits are used to satisfy this requirement.
EXCEPTION: If at least 35 acres of your farmland were enrolled in the Conservation Reserve Program, you do not have to meet this gross farm profits requirement. This exception may not apply if you compute your credit using the prior yearÆs law method.
 8. You must not have been notified that you are in violation of a soil and water conservation plan or standards for any farmland. However, if you receive a notice of cancellation of the noncompliance before the deadline for filing your claim, you may then file a claim by the deadline, provided the other conditions are met.


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Article Details
Views: 459 Created on: Jun 15, 2013
Date updated: Sep 14, 2015
Posted in: STATES, Wisconsin

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