Sections 71.07(5f)(b)3., 71.28(5f)(b)3., and 71.47(5f)(b)3., Wis. Stats. (2005-06), provide, for tax years beginning after December 31, 2007, a nonrefundable credit against the claimant's income or franchise tax liability. The amount of the credit is equal to the taxes imposed under secs. 77.52 and 77.53, Wis. Stats., that the claimant paid in the taxable year on the purchase of tangible personal property and taxable services that are used directly in producing an accredited production in this state, including all stages from the final script stage to the distribution of the finished production. The credit applies only to the 5% state sales and use tax. It does not apply to any local taxes or fees.
April 17, 2008