Wisconsin Manufacturing Investment Credit

Manufacturing Investment Credit
2022 IC-068 Schedule MI Manufacturing Investment Credit and Instructions (fillable)
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Manufacturing Investment Credit

2022

File with Wisconsin Form 1, 1NPR, 2, 3, 4, 4T, 5S, or 6

Wisconsin Department
of Revenue
Name

Identifying Number

Round Amounts to Nearest Dollar
1	 Enter the amount of your manufacturer's sales tax credit carryover that
		 was certified by the former Wisconsin Department of Commerce. . . . . . . . . . 	 1

.00

	 2	 Divide the amount on line 1 by 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 2

.00

	

	 3	 Manufacturing investment credit passed through from tax-option (S)
		 corporations (from Schedule 5K-1, line 13):
	 3a	 Entity Name
Amount 3a

.00

Amount 3b

.00

	 3c	 Total pass through credits from additional schedule. 3c

.00

		 FEIN	
	 3b	 Entity Name
		 FEIN	

	 3d	 Total credits (add lines 3a through 3c)	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 3d

.00

	 4	 Add lines 2 and 3d. This is your 2022 manufacturing investment credit. . . . . 	 4

.00

	 4a	 Fiduciaries - enter the amount of credit allocated to beneficiaries . . . . . . . . . 	 4a

.00

	 4b	 Fiduciaries - subtract line 4a from line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	4b

.00

	 5	 Carryover of unused manufacturing investment credit (see instructions).
	 Include Schedule CF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 5

.00

	 6	 Add lines 4 and 5 (lines 4b and 5 if a fiduciary). This is the available
		 manufacturing investment credit. Include Schedule CF if the credit was not
	 used in full . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6

.00

Instructions for 2022 Schedule MI
Purpose of Schedule MI

Credit is Income

Use Schedule MI to claim the manufacturing investment
credit. In order for the claimant to receive the credit,
the claimant’s business must have been certified by
the former Department of Commerce (DOC), now the
Wisconsin Economic Development Corporation.

The credit computed on line 2 of Schedule MI is income
and must be reported on your Wisconsin franchise or
income tax return in the year computed. (Note: The
amount on line 2 must be included in income for each
taxable year for taxable years beginning in 2008 through
taxable years beginning in 2022.)

Any individual, estate, trust, corporation, or tax-exempt
organization whose business was certified by the DOC
and had a manufacturer’s sales tax credit carryover to
2006 of more than $25,000 may be eligible for the credit.

IC-068 (R. 7-22)

Carryforward of Unused Credits
The manufacturing investment credit is nonrefundable.
If you do not use your 1/15 share of the credit in a tax
year, the unused portion may be carried forward for
up to 15 years.
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2022 Schedule MI

If there is a reorganization of a corporation claiming
the manufacturing investment credit, the limitations
provided by Internal Revenue Code section 383 may
apply to the carryover of any unused credit.

Specific Line Instructions
Line 1. Fill in the amount of your manufacturer’s sales
tax credit carryover shown on the approved copy of
your application to the DOC (this is your certification).
Line 3. Fill in the amount of manufacturing investment
credit passed through from tax-option (S) corporations
which computed the credit based on manufacturer’s
sales tax credit carryover from years when the entity
did not pass the credit through to shareholders. This
is the amount on Schedule 5K-1, line 13.
Line 4. For pass-through entities, special instructions
apply to the amount on line 4.
Tax-option (S) corporations: For the portion of the
amount on line 4 attributable to manufacturer’s sales
tax credit from taxable years beginning prior to January
1, 1998, prorate the credit among the shareholders
based on their ownership interests. For the portion
of the amount on line 4 attributable to manufacturer’s
sales tax credit from taxable years beginning on or
after January 1, 1998, allocate the credit only among
the shareholders that had more than $25,000 in
manufacturer’s sales tax credit carryforward for their
first taxable year beginning after December 31, 2005.
Make this allocation in proportion to each shareholder’s
manufacturer’s sales tax credit carryforward for its first
taxable year beginning after December 31, 2005.
Partnerships and LLCs treated as partnerships:
Allocate the credit only among the partners or members
that had more than $25,000 in manufacturer’s sales tax
credit carryforward for their first taxable year beginning
after December 31, 2005. Make this allocation in
proportion to each partner’s or member’s manufacturer’s
sales tax credit carryforward for its first taxable year
beginning after December 31, 2005.

Applicable Laws and Rules
This document provides statements or interpretations
of the following provisions of Wisconsin Statutes
in effect as of July 11, 2022: Sections 71.07(3t),
71.28(3t), and 71.47(3t), Wis. Stats.
Laws enacted and in effect after July 11, 2022, new
administrative rules, and court decisions may change
the interpretations in this document. Guidance
issued prior to July 11, 2022, that is contrary to the
information in this document is superseded by this
document, according to sec. 73.16(2)(a), Wis. Stats.

Line 4a and 4b. Fiduciaries: Allocate the credit between the estate or trust itself and its beneficiaries in
proportion to their unused manufacturer’s sales tax
credit carryforward for their first taxable year beginning
after December 31, 2005. Do not allocate the credit to
any taxpayer (whether the taxpayer is an estate, trust,
or beneficiary) that had $25,000 or less in unused
manufacturer’s sales tax credit carryforward for its first
taxable year beginning after December 31, 2005. Show
the beneficiaries’ portion of the credit on line 4a. Show
the credit for each applicable beneficiary on Schedule
2K-1. Show only the estate’s or trust’s portion of the
credit on line 4b.
Line 5. Fill in the amount of manufacturing investment
credit you computed in prior years which you could not
use to offset your prior year's tax liability.
Line 6. Enter the amount of manufacturing investment
credit from line 6 on the appropriate line of Schedule
CR. If the claimant is a combined group member, enter
the credit amount on Form 6, Part V, line 1 instead of
Schedule CR.

Required Attachments to Return
Include your completed Schedule MI with your Wisconsin franchise or income tax return. Also include a copy
of your DOC certification to claim the credit.
For any amounts included on lines 3 or 4 which are
attributable to a business that is a tax-option (S) corporation, partnership, limited liability company treated as
a partnership, or a trust, include a copy of the Schedule
5K-1, 3K-1, or 2K-1, as appropriate, with Schedule MI
instead of the certification.

Additional Information
For more information, you may:
•	 Email your questions to
	 [email protected]
•	 Call (608) 266-2772 [TTY: Call the Wisconsin
Telecommunications Relay System at 711. If no
answer, dial 1-800-947-3529]
•	 Send a FAX to (608) 267-0834
•	

Write to the Audit Bureau, Wisconsin Department of
Revenue, Mail Stop 3-107, PO Box 8906, Madison
WI 53708-8906.
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