Wisconsin Wisconsin Jobs Tax Credit
Extracted from PDF file 2020-wisconsin-schedule-jt.pdf, last modified September 2015
Wisconsin Jobs Tax CreditTab to navigate within form. Use mouse to check applicable boxes, press spacebar or press Enter. Schedule JT Wisconsin Department of Revenue Name Save Wisconsin Jobs Tax Credit Clear 2020 File with Wisconsin Form 1, 1NPR, 2, 3, 4, 4T, 5S, or 6 Read instructions before filling in this schedule Print Identifying Number Round Amounts to Nearest Dollar 1 Enter amount of wage tax benefits certified by the Wisconsin Economic Development Corporation. Include copy of WEDC certification/verification . . . . . . . . . . . . . . . . . . . 1 .00 2 Enter amount awarded by the Wisconsin Economic Development Corporation for costs incurred to undertake training activities. Include copy of WEDC certification/verification 2 .00 3 Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .00 4 Jobs tax credit passed through from other entities: 4a Entity Name Amount 4a .00 Amount 4b .00 4c Total pass through credits from additional schedule. 4c .00 FEIN 4b Entity Name FEIN 4d Total credits (add lines 4a through 4c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4d .00 5 Add lines 3 and 4d. This is your 2020 jobs tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 .00 5a Fiduciaries - enter the amount of credit allocated to beneficiaries . . . . . . . . . . . . . . . . . . 5a .00 5b Fiduciaries - subtract line 5a from line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5b .00 Instructions for 2020 Schedule JT Purpose of Schedule JT Use Schedule JT to claim the jobs tax credit, which is available for taxpayers who are certified by the Wisconsin Economic Development Corporation (WEDC). Note: The credit may not be computed for taxable years beginning on or after January 1, 2016; however, if the WEDC has allocated tax benefits to the claimant in a contract executed before December 31, 2015, or in a letter of intent to enter into a contract before that date, the claimant may compute the credit for as long as the contract specifies. Credits are Refundable If the amount of credit exceeds the tax otherwise due, the amount of the claim not used to offset the tax due will be refunded. IC-066 (R. 6-20) Caution: If you recklessly or fraudulently claim a false credit, you may be ineligible to claim it for up to 10 years and you may owe a penalty. See pages 24 and 25 of Wisconsin Tax Bulletin #180 for further details. Who is Eligible to Compute the Credit Any individual, estate, trust, partnership, limited liability company (LLC), tax-option (S) corporation, corporation or tax-exempt organization that is certified by the WEDC is eligible to compute the credit. Go to Page 2 Page 2 of 2 2020 Schedule JT Who is Eligible to Claim the Credit Line 5: This is the total current year jobs tax credit. Individuals and corporations may claim the credit. Estates, trusts, partnerships, LLCs treated as partnerships, and tax-option (S) corporations cannot claim the credit, but the credit amount attributable to the entity’s business operations passes through to the beneficiaries partners, members or shareholders. No credit is allowed unless the claimant satisfies the following requirements: • Enter the amount of credit from line 5 on the appropriate line of Schedule CR. If the claimant is a combined group member, enter the amount of credit on Form 6, Part III, line 13 instead of Schedule CR. Special Instructions for Pass-Through Entities: • Tax-option (S) corporations, partnerships, and LLCs treated as partnerships: Prorate the jobs tax credit on line 5 among the shareholders, partners, or members. Show the credit for each shareholder on Schedule 5K-1 and for each partner or LLC member on Schedule 3K-1. • Fiduciaries: Complete lines 5a and 5b. • The claimant is certified by the WEDC. • The claimant has received from the WEDC notice of eligibility to receive tax benefits that reports the amount of tax benefit for which the claimant is eligible. The credit is based on wages paid to an eligible employee and costs incurred to undertake training activities. Credit is Income The credit you compute on Schedule JT is income and must be reported on your Wisconsin franchise or income tax return in the year computed. Specific Line Instructions Line 1: Enter the amount of wage tax benefits reported on the notice of eligibility received from the WEDC. Line 2: Enter the amount awarded by the WEDC for costs incurred to undertake training activities. Line 4: Enter the amount of jobs tax credit passed through from tax-option (S) corporations, partnerships, LLCs treated as partnerships, estates, or trusts. The pass-through credit is shown on Schedule 5K-1 for shareholders of tax-option (S) corporations, Schedule 3K-1 for partners and LLC members, and Schedule 2K-1 for beneficiaries of estates or trusts. Applicable Laws and Rules This document provides statements or interpretations of the following provisions of Wisconsin Statutes in effect as of June 1, 2020: Sections 71.07(3q), 71.28(3q), and 71.47(3q), Wis. Stats. Laws enacted and in effect after June 1, 2020, new administrative rules, and court decisions may change the interpretations in this document. Guidance issued prior to June 1, 2020, that is contrary to the information in this document is superseded by this document, pursuant to sec. 73.16(2)(a), Wis. Stats. Line 5a: Fiduciaries - Prorate the credit from line 5 between the entity and its beneficiaries in proportion to the income allocable to each. Show the beneficiaries’ portion of the credit on line 5a. Show the credit for each beneficiary on Schedule 2K-1. Line 5b: Fiduciaries - Subtract line 5a from line 5. This is the estate or trusts portion of the credit. Enter the amount of credit from line 5b on the appropriate line of Schedule CR. Required Attachments to Return You must include the following information with your Wisconsin franchise or income tax return: • Schedule JT • A copy of your certification to claim tax benefits issued by WEDC. • Notice of eligibility that reports the amount of tax benefits from WEDC. Exception for shareholders, partners, members, and beneficiaries: If the credit is received from a tax-option (S) corporation, partnership, LLC treated as a partnership, estate, or trust, submit a copy of Schedule 5K-1, 3K-1, or 2K-1 with Schedule JT instead of the certification to claim tax benefits and notice of eligibility. Additional Information For more information, you may: • E-mail your question to [email protected] • Call (608) 266-2772 [TTY: Call the Wisconsin Telecommunications Relay System at 711] • 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. Return to Page 1
2020 IC-066 Schedule JT Wisconsin Jobs Tax Credit and Instructions (fillable)
More about the Wisconsin Schedule JT Corporate Income Tax Tax Credit TY 2020
We last updated the Wisconsin Jobs Tax Credit in March 2021, so this is the latest version of Schedule JT, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule JT directly from TaxFormFinder. You can print other Wisconsin tax forms here.
Other Wisconsin Corporate Income Tax Forms:
Wisconsin usually releases forms for the current tax year between January and April. We last updated Wisconsin Schedule JT from the Department of Revenue in March 2021.
Schedule JT is a Wisconsin Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Wisconsin Schedule JT
We have a total of nine past-year versions of Schedule JT in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2020 IC-066 Schedule JT Wisconsin Jobs Tax Credit and Instructions (fillable)
2019 IC-066 Schedule JT Wisconsin Jobs Tax Credit and Instructions (fillable)
2018 IC-066 Schedule JT Wisconsin Jobs Tax Credit and Instructions
2017 IC-066 Schedule JT Wisconsin Jobs Tax Credit and Instructions
2016 IC-066 Schedule JT Wisconsin Jobs Tax Credit and Instructions
2015 IC-066 Schedule JT Wisconsin Jobs Tax Credit and Instructions (fillable)
2013 IC-066 Schedule JT Wisconsin Jobs Tax Credit
2012 IC-066 Schedule JT Wisconsin Jobs Tax Credit
2011 IC-066 Schedule JT Wisconsin Jobs Tax Credit (pdf fillable format)
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